SOL witnesses a 27% jump after an announcement by Solana Foundation

The Solana Foundation took to Twitter to announce the postponement of the plan to unstake tokens. 

After the warning by crypto analysts that some investors may withdraw their holdings, a staggering 31 million SOL tokens were unstaked on November 10 from Solana’s security mechanism. But after the Solana Foundation announced that they would be delaying the plan to unstake tokens, the price of SOL rallied upwards by almost 27% from a low of around $12.

The subsequent tweet by the foundation announced the delay and stated about 28.5 million of the SOL tokens scheduled to be unstaked had now been re-staked because of a policy change of Hetzner- a cloud service provider. The tweet further elaborated that the Solana Foundation owned all tokens in the Solana Foundation Delegation Program as part of its treasury. 

Analysts link the recent slump in Solana’s SOL tokens to the downfall of the FTX exchange and the trading firm Alameda Research. It was confirmed that SOL was the second largest holding of the firm and that it had to sell the tokens in order to raise liquidity. In spite of the slump, however, many believe that Solana’s ecosystem is still healthy. 

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