The bankrupt crypto exchange FTX has concluded the sales of $2.6 billion worth of deeply discounted Solana (SOL) tokens after weeks of auctions. Figure Markets and Pantera Capital have emerged as the latest buyers, scooping up the discounted SOLs. However, the Solana price has seen an uptick in the last 24 hours, despite the recent auction news.

Solana Tokens Sold at Steep Discounts

According to reports, Figure Markets paid approximately $80 million for a block of 800k Solana tokens, which equates to roughly $102 per token, a significant discount from the market price. This move led to a 4% drop in SOL's price, which fell to about $169 on the last day. Pantera Capital also joined the latest auction, although the firm did not disclose the price it paid for the tokens.

Solana Price Rebounds

Despite the recent auction news, Solana's price is up by 2% in the last 24 hours. SOL is still up by 66% on a year-to-date (YTD) basis, trading at an average price of $169.31 at the time of reporting. However, its 24-hour trading volume is down by 56%, standing at $2.5 billion. Solana remains the 6th biggest cryptocurrency by market cap, valued at $76 billion.

Dissatisfaction Among FTX Creditors

The sales of Solana tokens have been a contentious issue in FTX's bankruptcy proceedings. While FTX creditors are set to be paid back in full, plus interest, they will not receive their crypto holdings back, causing dissatisfaction among those hoping to benefit from the recent crypto bull run that saw Bitcoin reach record highs in March.

Pantera Capital's Involvement

Earlier in May, FTX announced that its estate would have as much as $16.3 billion to distribute, owing more than two million customers and other non-governmental creditors about $11 billion. Pantera Capital had previously sought to raise $250 million to purchase Solana tokens from FTX and emerged as a winning bidder in a previous auction in April.

Solana's Volatility and Bullish Sentiment

Solana has been one of the most volatile tokens in the digital currency ecosystem. At present, Solana's price has dropped by 2% in the last 7 days. Despite the price swings, Solana's Open Interest (OI) data paints a bullish picture. According to Coinalyze, Solana's OI stands at $2 billion, up 2.37% in the past 24 hours, indicating bullish sentiment from the derivatives market.