Early this year, the court approved the FTX crypto exchange repayment, applying pressure on SOL. This led to some serious problems with price. First repayment goes to creditors with less than $50k, started in February with 11.2 million SOL unlock.
On March 1, 2025, FTX liquidated the first batch of SOL, causing the price to nosedive and increasing the circulating supply by 2.3%. Additionally, those with $50k or less comprised more than 98% of all claims. What is the Solana beta play?
Is Crypto Exchange FTX About to Destroy Solana Price?
The first quarter wasn’t perfect for crypto markets. Bitcoin’s loss of important support caused mayhem over every big coin, including Solana. In addition, crypto exchange FTX announced its redistribution plan, causing more harm to SOL.
Why buying $SOL is dangerous
in-depth look at the FTX estate unlock on March 1st:
– it is biggest single unlock
– unlocks 9.75m $SOLPurchase price:
Galaxy $64 ($3b in profit)
Pantera $95 ($1b in profit)
Figure $102 ($150m in profit)While Coffeezilla is investigating, GL https://t.co/EbKaVULk49 pic.twitter.com/yoJ4gd47eh
— RunnerXBT (@RunnerXBT) February 17, 2025
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But not all hopes are dead because, in the end, this is crypto, and we all know how crypto behaves. Usually, one of the best strategies that you can get is to buy when everybody sells. That mindset can lead to the fact that maybe the current SOL news is already priced in.
On April 7th, Solana dipped to ~$105, marking the bottom of the selloff that happened throughout March. Currently, SOL manages to create a comfy support at around ~$150, giving indicators to investors that it could lead to another rally.
Also, Bitcoin managed to regain its key support level at ~$94-5k, furthermore increasing the confidence in traders. Not only that, but also FTX came up with some news about distributing $16 billion in cash to creditors on the 30th of May.
FTX will distribute $16B in cash to creditors on the 30th of May.
This money will flow back into crypto.
YOU ARE NOT BULLISH ENOUGH! pic.twitter.com/dFX0UOhmcF
— Mister Crypto (@misterrcrypto) April 28, 2025
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In the end, not everything looks so gloomy and bad. With institutions looking increasingly into crypto assets like Solana, it can lead to another all-time high. With SOL price stabilization, this can be a good time to look for some beta plays. One is SOLX, the first Layer 2 built on Solana, which optimizes and improves the blockchain.
Jumping to Another Solaxy: Everything to Know About New Solana Layer 2
Solaxy is the next step of evolution for Solana, unlocking its full potential. It improves scalability and fixes the problem with downtime using off-chain execution.
Not only that, but the project is combining utility with the power of meme culture. Customizing and transaction bundling make high volume infinitely scalable, ensuring a seamless experience.
The project is in pre-sales, and it has secured more than $32.5 million, which is nothing short of amazing. The token’s current price is $0.00171, making it a no-brainer. You can buy it via card or crypto.
Another feature that can immensely reward holders is their staking incentive. An APY of 123% is really hard to pass. The current staked token amasses over 9.3 billion.
The SOLX token will be deployed on multiple chains, allowing presale buyers to bridge their tokens to SOLAXY. The project’s tokenomics are very important, which is why the team comes up with very competitive numbers.
30% goes to developing the Solaxy universe, 10% to listing the project on various exchanges, 25% to mostly rewarding early participants, 15% to marketing, and last but not least, 20 % to the treasury for further developments.
For the latest updates on the project, connect with the SOLX community on X and Telegram
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