Recently, FTX received $430 million Solana (SOL), drawing attention to this cryptocurrency and its downward trend. According to reports, wallets related to FTX and Alameda Research received approximately 3.033 million Solana units from an unknown address. These transfers have sparked speculations about their potential negative impact on the price of Solana. FTX plans to cash out up to $27 million of its Solana reserves, putting significant selling pressure on the cryptocurrency’s price. The ongoing process of selling part of its assets to settle debts could affect Solana’s price. Furthermore, additional debt payments scheduled for April continue to pose challenges for the exchange. Currently, Solana’s price has dropped by 15.05% in the past 24 hours to $137.5. Despite recent fluctuations, with a decrease of over 52% from its all-time high of $294.33, some analysts remain hopeful about Solana’s future. VanEck predicts that with the growth of decentralized financial ecosystems and the expansion of Solana-based tokens, the cryptocurrency’s price could reach $520 this year. Additionally, the request to create a Solana Exchange-Traded Fund (ETF) can be a significant catalyst for price increase. If approved, institutional acceptance of this cryptocurrency can help Solana’s price return to higher levels.
