For a long time, Solana (SOL) has been associated with the founder of now insolvent crypto exchange FTX and hedge fund Alameda Research, Sam Bankman Fried. He was an early investor in the project and invested in numerous Solana ecosystem projects during the 2020-2021 bull mania.

So when FTX collapsed toward the end of 2022, Solana and other “Sam coins” plummeted significantly, falling to lows of $9.89 — down 96.3% from the peak of $259.96.

Since the start of 2023, Solana’s price staged a recovery to gain 175% to reach a peak of $27.37 as the ecosystem also witnessed growth.

However, more recently, SOL came under tremendous selling pressure after the Delaware Bankruptcy Court approved the sale of FTX’s digital assets, which includes 55.75 million SOL worth $1.062 million. However, the unlock schedule of FTX’s holdings and derivative market positioning suggest that a counter move to the upside could happen instead.

After Judge John Dorsey made the ruling at a hearing on Sept. 13. SOL price touched a weekly low of $17.96 after the court ruling.