Figure Markets has recently acquired 784,000 Solana coin at an asset auction for a total of $80 million, with each token priced at $102.
This significant purchase reflects a growing interest and investment in the SOL token. The current trading price of SOL stands at $180.
Additionally, the upcoming 5/22 SOL auction will be an important event to watch. If you are interested in participating, you can join the bid through Figure Markets.
Notably, further details regarding the auction or Figure Markets’ plans for the acquired tokens were not disclosed in the report.
SOL Price Margin In The Last 24 hours
At the time of writing, the Solana price had decreased by 1.92% to $165.94, falling below the 24-hour high of $180.17. This fluctuation in price is unusual, and despite the apparent bearish trend, the Solana Open Interest (OI) data tells a different story.
According to Coinalyze, the OI stands at $2 billion, marking a 2.37% increase in the last 24 hours. The substantial OI suggests a bullish sentiment towards SOL from a derivatives perspective. A significant development affecting the digital currency is the conclusion of the sale of Solana by the FTX Estate.
This is noteworthy due to the substantial selling pressure exerted on the coin by the bankrupt firm. Following FTX’s collapse, the exchange explored various avenues to free up funds for creditors and user repayments, leading to the approval to auction off its Solana and other altcoin holdings.
Firms like Pantera have benefited from these auctions. The conclusion of the sale has alleviated concerns about a sell-off, leading market analysts to believe that Solana can now experience pricing based on natural demand and supply forces.
In recent months, Solana has made significant improvements to address network congestion issues, including deploying a fix on the mainnet.
Solana Scores 3rd Highest Revenue-Generating Protocol
The Solana ecosystem has reached a milestone: It has secured the third spot in revenue generation among all blockchain protocols. In a tweet on the blockchain’s official X page, the ecosystem was revealed to be third on the list of blockchain networks with the highest revenue outputs, following Lido and Ethereum.
