The Solana Foundation has posted a blog post in which they break down their exposure to the recently bankrupt FTX crypto exchange. This includes 3.24 million FTX Trading LTD common stock shares, 3.43 million FTT tokens, and 134.54 million SRM tokens.
The team explained that the assets were held on FTX.com accounts and continue to be held there as of November 6th, when the exchange stopped withdrawals.
Solana Foundation Had $1M in Cash or Equivalents on FTX
Concerning what other assets were locked in the now-bankrupt crypto exchange, the Solana Foundation outlined that it had approximately $1 million in cash or cash equivalents on FTX.com as of November 6th 2022, when the exchange halted withdrawals.
They explained that this was ‘less than 1% of Solana Foundation’s cash or cash equivalents and as such, the impact on Solana Foundation operations is negligible.’ Furthermore, the Solana Foundation did not have any SOL tokens custodied by FTX.com.
Solana Seems Set to Start Finding a Floor Above $10
Concerning price action, Solana is currently trading at the $14 price zone and remains in bear territory below the 50-day (white), 100-day (yellow) and 200-day (green) moving averages, as seen in the one-day SOL/USDT chart below, courtesy of Tradingview.
Also, from the chart, it can be concluded that the digital asset seems to be working towards some type of consolidation above the recent low of $10.94 caused by the implosion of FTX.
Solana’s daily MFI (green), RSI (red) and MACD all hint at an oversold scenario but do not indicate any considerable buying interest that could propel SOL to higher levels.
Therefore, caution is advised going long on Solana, given that the FTX contagion is yet to conclude fully. But there is some hope as Binance recently announced a $1 billion commitment to their Industry Recovery Initiative to assist crypto projects in financial turmoil rather than letting them collapse like FTX.
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