Solana Plunges 45% as FTX and Alameda Trigger Panic
The Solana ecosystem is reeling after the collapse of two of its largest backers — FTX and Alameda Research. The native token SOL plunged 45% in 24 hours, dropping to $12.9, according to CoinGecko data.
The market shock followed reports that FTX faces an $8 billion balance sheet shortfall, with Alameda Research also insolvent. Both firms were major supporters of the Solana blockchain, holding significant token positions and funding key ecosystem projects.
Over 11% of SOL Supply Set to Unlock
According to data from Solana Compass, 60,399,401 SOL tokens — worth about $755 million — are “deactivating” and set to unlock within 14 hours. With Solana’s total supply at 533 million, more than 11% could soon hit the open market.
This massive unlock event has raised fears of further downward pressure, as investors and validators rush to liquidate holdings amid uncertainty.
Adding to the concern, Lido’s staked SOL (stSOL) has decoupled from SOL, trading at a 6.2% discount on decentralized exchanges like Orca. This indicates investors are willing to take a loss to exit positions before the token release.
Solana Ecosystem Tokens and NFTs Plunge
Major Solana-based projects are also collapsing in value. Serum, Raydium, Solend, Marinade, and Bonfida have all lost between 47% and 60% in the past 24 hours.
NFT markets are following the same trend. The floor price of DeGods, one of Solana’s leading collections, has fallen from 190 SOL to 125 SOL — a 34% drop — as traders offload assets on Magic Eden.
Trading volumes have surged across Solana NFT markets, signaling panic selling as holders brace for additional price declines.
FTX Fallout Deepens Crypto Market Woes
The ripple effects of FTX’s collapse have shaken confidence across the broader crypto market. With Solana being one of FTX and Alameda’s most prominent investments, its decline underscores the fragility of ecosystems dependent on centralized backers.
As the unlock event looms, investors are watching closely to see whether Solana can withstand the mounting sell pressure — or if this marks the start of a deeper market capitulation.
