The native token SOL of Solana, according to FTX estate, is rising. 

SOL tickers $22 down, as it bet more than $5,500,000 in SOL coins on October 13. On-chain data shows that the coins were transmitted to Figment, a staking validator company for institutional investors, by a wallet with the FTX identifier. 

The transaction was discovered by blockchain watchdog Whale Alert, and anonymous on-chain researcher Ashpool later identified the address as belonging to an FTX estate. The $122 million worth of coins staked only make up a small portion of FTX's SOL holdings.

Staking entails storing a predetermined number of coins for a predetermined amount of time. Holders of stakes are rewarded with SOL coins for safeguarding the network with their holdings.

FTX invested in Solana early on and now receives a sizeable amount of SOL that has been unlocked each month in accordance with the predetermined vesting plan. These holdings may be sold off by FTX estate at any time. An insolvency trustee is in charge of the FTX estate. Its main responsibility is to get assets for the exchange's creditors.

A U.S. court approved the sale of $1.3 billion in SOL from FTX in September, raising fears among holders of a price decline. The bankruptcy court required the sale to take place through an investment adviser in weekly batches to prevent burdening the cryptocurrency market. On September 11, the judgment caused SOL's price to drop to a two-month low of $17.34.

The top 10 assets held by the corporation, including Solana, Bitcoin (BTC), Ether (ETH), Aptos (APT), and other cryptocurrencies, total $3.4 billion and are held by FTX.

Over $7 billion has been recovered since the exchange sought bankruptcy protection in November, according to court documents from September.

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