Not just FTX Token: Solana price nukes 40% along with other ‘Sam coins’

Solana (SOL) is connected the way to log its worst regular show connected record.

On Nov. 9, SOL’s terms dropped much than 40% to astir $16 chiefly owed to its relation with Sam Bankman-Fried, the laminitis of crypto-focused hedge money Alameda Research and cryptocurrency speech FTX.

SOL/USD regular terms chart. Source: TradingView

Sam tokens get ‘fried’

Fried was an aboriginal capitalist successful the Solana blockchain task via Alameda Research. On Nov. 8, the entrepreneur’s estimated wealthiness plunged from a whopping $15.6 billion to astir $1 billion, according to Bloomberg Billionaires Index.

At the halfway of this wipeout was a near-collapse of FTX. On Nov. 6, Binance, FTX’s rival speech and aboriginal investor, decided to merchantability its $2 cardinal stake, which it was holding successful the signifier of FTX’s autochthonal token, FTX Token (FTT). In response, FTT’s terms crashed by implicit 85% and was trading for astir $3.60 arsenic of Nov. 9.

Alameda Research’s equilibrium expanse reportedly was worthy astir $12 cardinal arsenic of June 30, retired of which fractional was FTT. The steadfast allegedly had $8 cardinal successful liabilities connected the aforesaid day, raising speculation astir its imaginable insolvency aft FTT’s monolithic crash.

$FTT is the caller Luna. Not buying the dip this time…

As a result, this has accrued downward unit connected cryptocurrencies with vulnerability to Alameda Research, FTX and Bankman-Fried, oregon alleged “Sam coins.”

Related: Alameda connected the radar of BitDAO assemblage for alleged dump of BIT tokens

SOL’s terms has plunged by much than 55% since Binance decided to dump its FTT reserves. Similarly, Serum (SRM), a decentralized speech plus functioning atop the Solana blockchain, crashed by 55% successful the aforesaid period.

SRM/USD regular terms chart. Source: TradingView

Ren, a decentralized custodian project, besides witnessed a 33% driblet successful the valuation of its autochthonal token, REN, aft Binance’s announcement of intent to merchantability FTT.

Overall, Sam tokens, including Raydium (RAY), Bonfida (FIDA) and Maps (MAPS), person dropped by an mean of 40% since Nov. 6.

Still anticipation for Solana?

Meanwhile,18.77 cardinal SOL tokens, oregon astir $330 cardinal astatine the clip of writing, volition beryllium unstaked and participate circulation connected Nov. 10, according to lending information collected by Lookonchain. This whitethorn further enactment downward unit connected SOL’s price.

From a method perspective, SOL could driblet toward $14.30 aft entering the breakdown signifier of its descending triangle pattern, arsenic shown successful the illustration below. In different words, a 25% plunge from existent prices.

SOL/USD regular terms chart. Source: TradingView

Conversely, the Solana token’s regular comparative spot scale has dropped beneath 30, oregon “oversold,” which hints astatine a imaginable sideways consolidation oregon short-term terms bounce toward the triangle’s little trendline astatine $30 successful the coming days.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.