Solana risks getting hurt by Binance; FTX drama and losing its place at top
SOL, which is the 10th largest cryptocurrency by market capitalization according to CoinMarketCap, could lose its spot at the top as a result of the increasing drama around the FTX exchange. Sam Bankman-Fried, an affiliate of FTX and its chief, has been subject to a sell-off of the FTT and SOL tokens, following the leak of information about the potential bankruptcy of Alameda Research. While the situation around FTT as a native FTX token and a major asset in Alameda accounts is clear, little is known about Solana.
At the same time, according to the data, Alameda holds the equivalent of $1.2 billion in SOL on its balance sheets. In this regard, experts note that in addition to the pressure on the SOL price due to the general situation around Alameda and FTX, there is a risk that its large holder could sell the Solana token in order to stimulate solvency.
market cap top fight
A look at the top cryptocurrencies by market cap reveals another threat to Solana’s position. Polygon’s native blockchain token, MATIC, is significantly reducing its distance from Solana. At number 11, MATIC’s value is up 30% over the past seven days, and is less than a billion dollars from Solana’s coveted No. 10 slot in the market cap top.
Judging by the latest developments in the life of Polygon, which is going on tour in India, and the clouds thickening around large holders of Solana, very soon the crypto space may get a new top 10 cryptocurrency.
