One of the largest layer-1 (L1) blockchains in the crypto and blockchain world. solanacontinues to play an important role in the tokenization of real world assets (RWA) does. This smart contract chain has attracted significant investments by attracting institutional investors to the Web3 space. As a result, SOL price has risen over the last twelve months and traded around $159 in the early Asian session on Wednesday.
Bloomberg: FTX estate plans to auction an unknown number of Solana tokens again this week and adopt a blind auction; the auction deadline is Wednesday and the results will be announced on Thursday. FTX sold approximately $307.6 million in SOL and ZBC tokens in March. Sales…
NEWS CONTINUES BELOW— Wu Blockchain (@WuBlockchain) April 24, 2024
As we reported as Koinfinans.com last month FTXbegan selling $7.5 billion worth of Solana shares away from the traditional sales process. With FTX’s previous leader, Sam Bankman-Fried (SBF), sentenced to 25 years in prison and ordered to pay restitution, current FTX officials are scrambling to repay creditors and customers.
In the latest round, FTX is actively participating in the Solana auctions, working with Figure Markets and forming a Special Purpose Vehicle (SPV) to enable both non-US and accredited US investors to participate in the SOL auction.
Despite the negative sentiment from FTX sources and the recent Solana network congestion and outage, core developers are working on the necessary solutions to enable mass web3 adoption. Additionally, the Solana network has facilitated over $22 billion in bridged TVL and has a stablecoin market cap of more than $3.2 billion.
What to Expect for Solana Price?
Like many other altcoins, Solana’s price has entered a short-term correction after an impressive rise in the first quarter of 2024. Notably, Solana’s price closed last week with a bullish Doji candlestick, indicating that the bulls are trying to start a rally towards a new all-time high.
From a technical perspective, SOL price should consistently close above the support/resistance level near $169 against the US Dollar on a daily basis. Moreover, SOL price must close above the daily 50 Moving Average (MA) and the 50 level of the Relative Strength Index (RSI) to confirm a bullish revival.
