Pantera Capital has made significant moves in the realm of Solana (SOL) tokens, acquiring more from the bankruptcy estate of FTX, the crypto exchange founded by Sam Bankman-Fried. The acquisition of additional locked SOL tokens comes as part of the aftermath of FTX’s collapse, marking a noteworthy development in the ongoing narrative surrounding the digital asset.
With $5.2 billion in crypto venture capital under its belt, Pantera Capital’s actions in securing further SOL tokens underscore a strategic maneuver in the ever-evolving landscape of digital currencies.
FTX’s bankruptcy estate has been a focal point of attention, particularly due to its substantial holdings of SOL tokens. These tokens, totaling approximately 41 million, have garnered considerable demand, with Pantera Capital and Galaxy Digital emerging as successful buyers in previous transactions. The recent acquisition of additional discounted SOL tokens by Pantera Capital, as reported by Bloomberg, signals continued interest in SOL despite prevailing market conditions.
However, the influx of SOL tokens into the market raises questions about potential supply-side pressure. FTX’s liquidation of its SOL holdings, which currently amount to nearly $6 billion in value, could exert downward pressure on SOL’s price if the purchasing funds decide to sell assets post-release. Such a scenario highlights the delicate balance between demand and supply dynamics in the cryptocurrency market and underscores the need for vigilant monitoring by traders and investors alike.
In terms of price action, SOL has faced challenges in garnering significant upward momentum, despite maintaining consistent uptime following previous downtime issues. The current price of SOL stands at $144.13, with a 24-hour trading volume of $3,458,244,531.
While SOL’s 1-day Relative Strength Index (RSI) suggests potentially oversold conditions, its 1-day Moving Average Convergence Divergence (MACD) indicates continued downward momentum in the short term. Additionally, the 1-Day Average Directional Index (ADX) reflects significant strength in SOL’s current downtrend.
