Solana’s SOL Jumps 11% in a Day as FTX Estate Kicks Off Third Sale Round

full version at coinedition

SOL token surges 11%, reaching a $59.4B market cap amid FTX sale.
FTX’s third SOL auction moves 1.8M tokens, nets $232M.
Technical indicators suggest SOL may continue a bullish trend.

Solana’s SOL token has experienced over 11% increase in the last 24 hours, coinciding with the commencement of round three of the FTX estate’s SOL sale. Additionally, its market cap has surged by 9.14% today, reaching $59,414,082,134 and securing its position as the fifth-largest cryptocurrency by market cap.

SOL/USD 24-Hour Chart (Source: CoinStats)

This rise occurs as the broader cryptocurrency market sees a downturn, highlighted by Bitcoin falling below the $58,000 mark, testing the Bull Market Support Band Indicator. The commencement of the sale follows the successful conclusion of the previous auction, which involved locked SOL tokens.

FTX Estate Initiates Third SOL Token Auction

FTX Estate’s ongoing disposal of SOL tokens has reached its third phase starting May 1. The recent auction, which concluded the sale of 1.8 million SOL tokens, garnered approximately $232 million for the estate’s liquidators.

According to the Block, bids between $85 and $110 per to…

The post Solana’s SOL Jumps 11% in a Day as FTX Estate Kicks Off Third Sale Round appeared first on Coin Edition.