FTX Token Crisis Jumps To This Altcoin: Price Drops!

Solana (SOL), which has gained momentum with the participation and development news in the last days, was worth the attention. The FTX Token (FTT) drama, which has taken the market under its influence, is now having an impact on Solana. Considered a strong Ethereum competitor, the altcoin is at risk of falling from the Top 10.

Crisis around FTX Token spreads to Solana

Koindeks.com Solana (SOL) gained heartwarming momentum with news of its Google subsidiary. However, now that momentum seems to have returned to the trend. SOL has seen a price drop of about 7.5% in the last 24 hours. The cryptocurrency has almost completely lost its gains from the Google Cloud news. In the middle, part of the crypto ecosystem attributes the drop to Binance’s plans to liquidate FTX Token (FTT).

Earlier, Binance announced that it will liquidate the remaining FTX Token (FTT). The stock market exited the stock market led by Sam Bankman-Fried last year. Reportedly, FTT Token worth $584 million was transferred to the Binance exchange. This led to an immediate drop in the price of FTT. According to CoinMarketCap information, the FTT token price is trading at 22.33, down 3.94% in the last 24 hours.

Now, Solana has fallen to 10th place amid the largest cryptocurrencies by market cap. Moreover, he is at risk of falling from the Top 10. According to experts, it is possible for SOL to lose its top spot as a result of the growing drama surrounding the FTX exchange. FTT and SOL tokens were the subject of a sale after the possible bankruptcy of Alameda Research was leaked. The situation around FTT as a native FTX token and a valuable asset in Alameda accounts is clear. However, little is known about Solana for now.

In this middle, according to the data, Alameda keeps the equivalent of $ 1.2 billion SOL on its balance sheets. In this context, experts talk about the risk of selling SOL tokens to increase the solvency of the large holder due to the general situation around Alameda and FTX. Consequently, this puts a pressure on the SOL price.

Will it have a Top 10 change in the crypto league?

Solana is in the middle of the biggest compared to the market price. The latest selling wave threatens this position of Solana. With Polygon’s native blockchain token MATIC, Solana’s ground presence has drastically reduced its mid-SOL range. However, Polygon gains in value if Solana continues to lose cost. MATIC, the 11th cryptocurrency, has gained over 40% in the last seven days. Currently, there is about $650 million difference between Solana and Polygon. If the selling pressure on the SOL continues and MATIC manages to defend its strong rise, a flip is possible.

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