Solana’s price might continue to be affected by the ongoing bankruptcy proceedings surrounding FTX and its long web of linked companies such as Alameda Research. According to the team at Altcoin Daily, Sam Bankman-Fried’s Alameda Research currently holds 13.25% of all Solana‘s coins in circulation.
Sam Bankman-Fried’s Alameda Research currently holds 13.25% of all #Solana coins in circulation. 🫠
— Altcoin Daily (@AltcoinDailyio) November 27, 2022
Alameda Research Holds 48.6 million Solana (SOL)
Data from Solana Compass shows that Alameda Research currently holds 48,636,772 Solana that are still locked in the platform’s staking contract.
Also worth mentioning is that @Bitboy_Crypto, popularly known as Ben Armstrong, has recently accused Alameda Research of being behind the constant Solana blockchain pauses. Bitboy explained that the team at Alameda paused Solana for their own financial gains.
He said:
Every time the Solana blockchain paused… it was actually Alameda Research laundering money and brute forcing transactions. There are others out there receipts.
And if you think about it… knowing what we know now, does this surprise anyone?
If you are in $SOL, run for hills
Will Solana’s Price Survive the Ongoing Selling?
The news of Alameda Research holding a large bag of Solana and the constant speculation that the trading firm manipulated its price adds to a growing list of speculation about the future of the SOL coin and project. The anxiety has resulted in Solana struggling to fend off continual selling kick-started by the collapse of FTX earlier this month.
The one-day SOL/USDT chart below, courtesy of Tradingview, shows that the digital asset looks set to retest the recent low of $10.94. If Solana fails to defend this support level, SOL could dip into the sub-$10 territory with no clear support level till around $8 or even $4.
Solana’s daily MFI (green), MACD and RSI (red) also point towards a future bearish scenario for Solana.
Consequently, a wait-and-see approach is recommended with Solana until the FTX bankruptcy and contagion have settled down with proper direction on the fate of the earlier mentioned SOL coins owned by Alameda Research.
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