- The Solana co-founder briefly commented on Solana’s involvement with FTX.
- Unlocking of staked tokens postponed due to slight increase in price
of Sol The token started falling on November 6th. This may have initially been undone as a normal market move, but the drop has continued for more than two days.
Several theories have been proposed as the decline continues, connection FTX’s impending bankruptcy seemed set to continue. Up to this point, the Solana team has not issued any kind of public comment.
read Solana (SOL) Price Forecast 2022-2023
What the Solana co-founder had to say
co-founder Anatoly Yakovenko responded Briefly on Twitter, Solana said she was holding nothing FTX assets. He went on to say that the company is incorporated in the US (which may be alluding to compliance with regulations), has fewer employees, and has enough cash reserves to continue operations for another 30 months. said.
Huobi Research report Through Alameda, FTX made direct investments in several companies, one of which was Solana. Jakovenko’s brief statement may have fallen short, as it prompted more questions than answers.
The recent SOL token sale and downward trend may have been motivated by concerns over a potential sale of the SOL token FTX claims to hold.
However, on November 9th, there were numerous reports that staked SOL was about to end. releaseAnd then the downtrend continued.
SOL release postponed
Solana was scheduled to unlock on November 10th, but the Solana Foundation recently announced that update that the date was wrong. This equates to approximately 5.4% of the total supply, or his 28.5 million SOL from 250 accounts that were due to be unstaked at the end of Epoch 370.
However, SOL has been re-staked and the unlock has been delayed.
Is SOL recovering?
Looking at the price movement of SOL, it was found that the price fell by more than 60%. The volume indicator shows fluctuating buying and selling pressure over the 6-hour timeframe.
Both recession and excessive volatility were highlighted by the Bollinger Bands.
Source: Trading View
The asset appeared to be up nearly 1% during the trading period seen on the daily timeframe. At the time of this writing, SOL was trying to recover.
The Relative Strength Index data for the same period showed that the asset was still in oversold territory. Moreover, if buying pressure persists, there could be signs of an imminent shift out of the region.
Source: Trading View
Solana’s TVL gives no pleasure
According to DefiLlama, a downward trend was also evident when looking at Solana’s Total Value Locked. TVL was valued at $427 million, down more than 30% from her at the time of this writing.
The numbers represent a clear drop from TVL’s early October valuation of over $1 billion, which was down more than 50%.
Source: Defilama
