Solana (SOL), the cryptocurrency that powers the layer-1 smart-contract-enabled Solana blockchain, has dipped around 2% in the last half an hour, and was last trading around $18.10, down close to 2.5% from earlier session highs in the $18.50s.

Weighing on SOL was the news that a court presiding over the FTX bankruptcy case has just permitted the bankrupt exchange to begin liquidating its more than $3.4 billion in digital asset holdings.

While the sales won’t occur in one large dump, with FTX to sell opportunistically over the coming months, it still means heightened sell pressure for the crypto market in the near future.

Sell pressures are particularly acute for Solana (SOL), given FTX’s large holdings of $1.16 billion of the cryptocurrency, which amounts to around 16% of the token’s outstanding supply.

Solana is down nearly 8% since Sunday, when jitters surrounding possible FTX sales first arose.

But Solana holders shouldn't panic too much about huge FTX selling. 

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