- The massive staking from FTX estate removes the fear of Solana liquidations anytime soon.
- This action comes as Solana (SOL) experiences a price rally, with the cryptocurrency trading around $22.75 at the time of this development.
In a major development, the FTX estate has decided to stake a staggering 5.5 million of Solana tokens worth $122 million. Defunct crypto exchange FTX has been majorly at the center of SOL price movements over the last year, ever since it went bankrupt.
On-chain data from SolanaFM shows that one of the wallet addresses associated with the FTX estate, which is overseen by a bankruptcy trustee, has delegated its coins to Figment, a network validator for staking. This was initially observed by ‘ashpool,’ an on-chain analyst on X.
The FTX estate encompasses the exchange’s assets and liabilities as of its bankruptcy filing, and the trustee’s role involves recovering and distributing these assets to creditors. The FTX estate has a significant monthly release of SOL tokens based on its vesting schedule, potentially allowing them to be sold.
Previously, there were worries in the crypto community about the estate potentially selling its substantial Solana holdings, especially as more tokens unlocked, which could influence the asset’s market value. However, the recent decision taken by the FTX estate addresses these concerns.
Solana (SOL) Price Rallies
Over the last weekend, the Solana (SOL) price has registered a healthy uptick moving all the way past $22. At press time, SOL is trading 3.72% up at a price of $22.75 and a market cap of $9.4 billion.
Should the SOL coin maintain its position above the 200-day EMA, the likelihood of a continued uptrend reaching the $28 level substantially increases. This upward trajectory might also trigger a golden crossover, setting off a chain reaction of bullish moves to challenge additional resistance levels.
On the other hand, if the downtrend persists, breaching the critical EMAs, it could pose a threat to the prevailing bullish sentiment around the $20 psychological mark. In this scenario, Solana’s trend might undergo a retest, possibly falling to $19.45.
Solana Becomes the Ecosystem Partner for the Dubai Multi Commodities Centre
In another development, on October 15, the Solana Foundation forged an ecosystem partnership with the Dubai Multi Commodities Centre (DMCC), a prominent free economic zone in the United Arab Emirates. Through this collaboration, Solana, leveraging its blockchain platform, will offer technical and business development assistance to members of the DMCC Crypto Centre.
The partnership will also encompass the provision of webinars and educational courses covering diverse Web3 subjects, as well as an extension of the existing grant program at DMCC. As a result, all of Solana’s existing partners will also get special treatment in DMCC. Speaking on the development, DMCC CEO, Ahmed Bin Sulayem said:
“We will provide complimentary setup and business licensing for Solana ecosystem projects whilst our members can access a world-class blockchain platform and dedicated Solana engineering teams that can take their businesses to new heights.”
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