Pantera Capital has obtained a new batch of Solana (SOL) tokens at discounted prices from the FTX bankruptcy estate, according to Bloomberg. The $5.2 billion crypto venture capital firm was one of the successful bidders in the ongoing auction of Solana tokens.
FTX is selling off SOL tokens, with more being offered to winning bidders. Pantera Capital, along with crypto firm Galaxy Digital, also participated in last month’s $1.9 billion SOL auction. The company has now purchased additional tokens from the 2,000 SOL sold by FTX this week.
FTX’s estate held over 41 million locked SOL worth more than $6 billion, and the bankruptcy estate’s approval to sell has attracted the attention of institutional buyers. Pantera Capital has shown interest in buying more SOL and has set aside up to $250 million for this purpose.
In terms of SOL’s price, the cryptocurrency dropped below $10 following FTX’s collapse and bankruptcy filing in November 2022. However, it has since risen significantly, outperforming other cryptocurrencies as former FTX CEO Sam Bankman-Fried faced criminal charges and was ultimately found guilty. Bankman-Fried was sentenced to 25 years in prison in March.
SOL has also benefited from the rise of meme coins on the Solana blockchain, with Bonk and dogwifhat being standout tokens in late 2022 and early 2023. However, SOL’s price has recently declined from its multi-year high of over $200 in March. It is currently trading around $142, down 23% in the past 30 days and 2% in the last 24 hours.
There is potential for SOL’s price to fall to the recent support level of $125 due to supply-side pressure. On the other hand, a bullish turn could push it towards its recent peak.
The article also discusses SOL’s price history and the current market conditions, as well as categories and tags related to the topic.
