Advertisement
AD

Main navigation

$320 Million in Solana Will Hit Market in 24 Hours, Get Ready

Advertisement
Wed, 9/11/2022 - 10:56
$320 Million in Solana Will Hit Market in 24 Hours, Get Ready
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Contents
Advertisement

The situation around the FTX exchange and Alameda fund caused a catastrophe on the market, but while Ethereum and Bitcoin handled it relatively well, assets like Solana might have more troubles than users expect.

18 million unlocked

More than 18 million coins worth approximately $320 million will hit the cryptocurrency market in the next 24 hours after they are released from staking.

18 million SOL
Source: Solana Explorer

FTX and Alameda fund have acquired SOL back in 2018-2019 via a series of OTC deals. Both entities had their average entry at approximately one-tenth of a dollar, which leaves the company with enormous gains, even if its actions will push Solana's price below the $10 threshold.

However, FTX and other parties related to it were able to push Solana to catastrophic price levels, even without the help of coins that will be unlocked by tomorrow morning. Solana investors saw a 54% plunge in the last three days, with its price diving even further at press time.

1.7 million SOL to get liquidated

In addition to the aforementioned 18 million SOL, the market should be ready for a 1.7 million Solend whale liquidation; the whale borrowed 30 million USDC against his two million SOL collateral. A total of 96.7% of his loan is backed by the cryptocurrency that is rapidly losing value on the market right now.

Related

Technically, liquidation has been triggered already, and the borrow utilization greatly exceeded the liquidation threshold by more than 50%, which makes the liquidation of almost 2 million SOL a question of time and the ability of the Solana network to deal with network congestion.

At press time, Solana supporters are trying to hold the $16.35 price while facing a 30% price drop in the last 24 hours.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD