Solana‘s price has plunged remarkably by more than 55% in the past couple of days, dragging the value below $20 at the moment. The platform registered a huge selling volume since the last trading day, which has raised from $2 billion to more than $6 billion at the moment.
The SOL price plunge intensified as the FTX token price dropped amid the tussle with Binance CEO, CZ. The bearish clouds are expected to intensify as more than 18 million SOL may hit the markets in the next 24 hours.
As per Lookonchain, an analytical platform, 18,775,348 SOL tokens may be liquidated as they have been unstaked in epoch 370. When this epoch is over, these tokens will be sold in the market creating huge selling pressure on the asset. According to the platform, whales have stopped staking Solana and may soon withdraw & transfer them out.
Why SOL Price Dropped as the FTT Price Tanked Down?
Solana price is the second largest loser after FTT with a drop of more than 30% in the top 100. According to the Internet Protocol (ICP) founder, Dominic Williams, SBF (Sam Bankman-Fried) FTX CEO, FTX Exchange and Alameda-FTX’s sister trading platform hold billions in SOL.
Moreover, the founder claims FTX representative bought their own tokens heavily to inflate the prices and fake their net worth.
Collectively, the SOL price, which has traded within a deep bearish trend since the time it marked highs above $250, may find new lows, possibly a single-digit figure too. Therefore, until the bears hold a tight grip over the market, the bulls and whales may continue to refrain.