Solana Bull Run Hurdle: Will FTX Sell-Off Derail the Rally?

Worries have resurfaced within the crypto market regarding the sustainability of Solana’s recent bullish surge, fueled by speculation over potential liquidation risks tied to the troubled FTX exchange.

In the last 24 hours, Solana (SOL) established a new yearly high of $209.33, rallying more than 10% from $188. Over the past seven days, despite Bitcoin dragging down the crypto market, SOL stayed resilient, growing by over 40%.

Notably, Solana was one of the cryptocurrencies that ignited this cycle’s bull run in October 2023, when it doubled in value in under 30 days. The asset maintained the uptrend until January, entering a consolidation phase, ranging between $85 and $120, until this month, when it engineered another breakout. Emphatically, SOL has soared by over 64% from its price of $125 on March 1 to $209 today. 

However, market participants are again apprehensive of Solana’s new surge fading out, specifically seeing FTX as a threat to Solana’s uptrend. In a recent post on X, Bitcoin enthusiast Pledditor claimed that FTX holds a staggering 58 million SOL tokens “to sell.” 

These tokens FTX supposedly …

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