Over the weekend, the Solana (SOL) price faced significant selling pressure, dropping below $18.50. This was due to concerns among Solana investors that crypto investors might sell their SOL holdings following the FTX hearing in Delaware Bankruptcy Court on September 13.
FTX is reportedly seeking approval to liquidate $3.4 billion worth of SOL, FTT, BTC, ETH, and other crypto assets. As a major part of its reserves, FTX held a significant amount of Solana, which they sold in large quantities during the exchange crash in November 2022.
However, it is important to note that the current holding of 47.51 million SOL, representing 8.82% of Solana’s total supply, is subject to a lockup schedule. These tokens are not readily tradable and will follow a linear vesting process from 2025 to 2028.
Under the agreement, the SOL tokens will be gradually released on a monthly basis until January 2028. Specific tranches, such as the 7.5 million SOL acquired from Solana Labs by Alameda Research, will only become accessible on March 1, 2025. Another tranche of 61,853 SOL is set to unlock on May 17, 2025.
Therefore, there is no need for investors to panic amidst the fear, uncertainty, and doubt (FUD) surrounding Solana at this time.