Solana: Binance Defends Itself Against Massive Selling Rumors

Nothing is going well for Solana. As the crypto prepares to absorb a massive token unlocking coming from the FTX estate, suspicions are growing around possible market manipulation by Binance. The crypto exchange is accused of orchestrating a strategic purge of SOL, sowing panic among investors. Is it merely collective paranoia or a genuine conspiracy? While BTC wavers, the future of this altcoin is dependent on the movements of the whales in the sector.

Binance at the center of accusations: purge or misunderstanding?

Binance is already under scrutiny for its history of massive Ethereum liquidations. But regarding rumors of massive sales of Solana and other tokens, it firmly denies it. According to a spokesperson for the platform, this is neither a massive sale nor an orchestrated “dump”: “We only helped users match their orders.” 

Yet, the rumor is growing on social media: the crypto exchange allegedly facilitated the liquidation of millions of SOL discreetly.

Some interesting figures:

• Wintermute withdrew 38.2 million dollars of SOL in 24 hours;
• 11.2 million SOL (or 2.4% of the circulating supply) will be released on March 1;
• FTX still holds millions of SOL to sell.

In light of these suspicious movements, some analysts, like MartyParty, advocate caution:

“You are shaken by Binance. Accumulate on their dips, avoid leverage; otherwise, they will purge you.” 

The accusation is severe. Is Binance playing the firefighter arsonist? Should investors expect a crash or just a small shake?

An uncertain future for SOL crypto

While Binance rejects the accusations, SOL crypto remains under pressure. The unlocking of FTX tokens could trigger an influx of 2 billion dollars into the market. XBTResearch warns:

“History has taught us that these events often generate volatility.” 

Indeed, the altcoin market is notoriously capricious, and Solana, despite its robust ecosystem, risks experiencing a strong correction.

Another concern involves the investment funds’ strategy. Galaxy Digital, Pantera Capital, and Figure, who acquired SOL at 64 dollars, now find themselves with latent profits of several billion.

Will they sell massively and accelerate the price drop? Or will they choose to wait for a recovery to maximize their gains?

Investors should closely monitor trading volumes and the attitude of major holders. A sharp decline in the SOL price would impact the entire crypto market, while Bitcoin is already struggling to maintain itself. Who benefits from this uncertainty?

This accusation against Binance is not unprecedented. The exchange had previously been pointed out in August 2023 for its alleged involvement in the USDT crash. A coincidence? Perhaps. But one thing is certain: in the world of digital assets, it is better to have tough skin and nerves of steel.