Pantera Capital Buying $250 Million SOL from FTX: Will Solana Price Rise?
Pantera Capital making waves with their latest announcement. How will it impact SOL price?
Key Takeaways
- Pantera Capital aims to buy $250 million SOL at a 57% discount.
- The acquisition includes a four-year vesting period for investors.
- SOL’s price trends suggest a potential final bullish wave.
Asset management firm Pantera Capital is aiming to acquire $250 million worth of Solana (SOL) from the bankrupt FTX exchange at a substantial discount. This purchase raises questions about the potential impact on Solana’s market price and future trajectory.
Pantera Establishing A Fund
Pantera Capital plans to acquire the tokens through its Pantera Solana Fund for $59.95 per SOL. This is 57% lower than SOL’s current market price of $142 per token.
Investors interested in this opportunity must commit to a vesting period of up to four years. Marketing documents reviewed by Bloomberg reveal that FTX’s estate holds around 41.1 million SOL coins, estimated to be worth roughly $5.4 billion. This represents about 10% of Solana’s total token supply.
Meanwhile, SOL’s market value has been on the rise, showing a near 15% increase over 24 hours, reaching a high of $147. Is there more room for upside?
Solana (SOL) Price Analysis
Since September 2023, the price of Solana has been climbing, starting from a low of $17, which marked the beginning of its third Elliott Wave cycle. This upward movement peaked in December.
We’ve been expecting a price correction, likely to occur as a stabilization phase around the key $80 support level. In January, Solana‘s rebound from this level signaled the onset of another surge, culminating in a breakthrough past the descending resistance line.
This breakthrough indicates the commencement of what could be the final fifth wave of the Elliott Wave sequence, with an immediate goal of $167. Beyond this point, whether Solana will sustain its growth or enter a correction phase remains to be seen.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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