Editors News - The FTX trustee staked 5.5 million SOL tokens, with an estimated value of $122 million.
- Despite the recent brief recovery, SOL is down 5.13% in the last 7 days.
From one of the primary wallet addresses on the Solana blockchain, an address controlled by the FTX trustee staked 5.5 million SOL tokens, with an estimated value of $122 million as per Solana block explorer SolanaFM.
Before this change, SOL investors were worried that the FTX trustee may sell the SOL tokens in a manner that would impact the price of the altcoin, leading to a drop in the value of SOL. All of these worries were put to rest by the most recent steps taken by the FTX trustee in reference to the SOL tokens.
Moreover, the Solana Foundation has offered a $400,000 bounty to anybody who can successfully halt the Solana network. There is a $400,000 incentive for anybody who can put the Solana network to a stop, as revealed by Jacob Creech, Developer Relations Lead at the Solana Foundation. The Solana Foundation has established this as part of their bug bounty initiative.
Brief Recovery
At the time of writing, SOL is trading at $22.01, up 2.03% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 21.60%. Despite the recent brief recovery, SOL is down 5.13% in the last 7 days.
If the price manages to go past the $22.36 resistance area then a fresh rally is likely on the cards. On the other hand, if bears make an entry and drive the prices below $21.78 level, then it will likely test $21.07 recent support level. Breaching this level will likely see the SOL price going all the way till $20.3 mark.
