Pantera Capital buys more Solana (SOL) from FTX

Pantera Capital buys more Solana (SOL) assets from FTX bankruptcy.
FTX SOL is going through an auction, many tokens will be sold to the winning bidders.

Pantera Capital acquired another batch of Solana (SOL) tokens from the FTX bankruptcy estate at a discount, Bloomberg reports.

The $5.2 billion crypto venture capitalist Solana Tokens Auction has confirmed its new locked SOL after one of the winners emerged.

Pantera, along with crypto company Galaxy Digital, bought most of the altcoin in a $1.9 billion SOL auction last month. Today's report says the company has bought more tokens than the 2,000 SOL FTX sold this week.

FTX's assets are held at more than 41 million locked SOL of more than 6 billion dollars, and the green light to sell the bankruptcy estate has attracted a lot of attention from institutional buyers. Pantera wants to buy more SOLs and is said to have set aside up to $250 million.

Solana (SOL) price

Following the FTX implosion and bankruptcy in November 2022, Solana (SOL) fell below $10.

The cryptocurrency soared in 2023 after FTX's former CEO Sam Bankman-Fried was indicted and found guilty of criminal charges, revealing his peers. Bankman-Fried was sentenced in March to 25 years in prison.

SOL has benefited from the explosion of meme coins on the blockchain network, with Bonk and Dogwhiphat being identified in late 2023 and early this year.

Solana's price, however, has fallen from a multi-year high of more than $200 reached in March. Currently, it trades around $142, down 23% in the last 30 days and down 2% in the last 24 hours.

SOL price could retreat to recent support around $125 amid supply-side pressure, and a bullish reversal could push it to recent highs.