Solana Price Up 3.93% Amidst FTX Estate Sale of SOL

FTX Estate’s 3rd Round of Sales Commences for Locked SOL Tokens
After concluding the second round of the auction for the locked SOL tokens, FTX estate kickstarted the third tranche on May 1.

It was reported that the 1.8 million SOL tokens sold in the second round saw the liquidators fetch approximately $232 million after a multi-week sale. While bids ranged from $85 to $110 per token, the ones that ranged above $95 were largely successful, based on the report, while the ones below $85 were rejected.

Notably, sales going for $95 per token represented a 26% discount rate, while the $110 per token price fetched a 15% discount. The discount was largely attributed to the fact that the tokens are locked, which means their availability for trading is delayed. The tokens acquired are subject to a four-year vesting period. Among those who participated in the second-round auction were Galaxy Trading and Pantera Capital.

In the 1st round of the auction, the FTX estate managed to sell $1.9 billion worth of SOL tokens, which represented nearly two-thirds (2/3) of a larger lot valued at $2.6 billion. This included up to 30 million SOL tokens that were initially priced at $64 each.

Figure Markets CEO Mike Cagney has already confirmed that the firm will participate in round three, adding that they are already developing a special-purpose vehicle to facilitate bids. Specifically, their target is non-US as well as accredited US investors.

Solana ( SOL ) price is up 3.76% despite the selling spree by the FTX Estate management. SOL is battling with the $140 Resistance. The daily price chart shows a start of a "Rising Wedge" but for the pattern to be ascertained it needs to correlates with BTC's movement.

At the time of writing, the Solana price is trading at $139.33.