Solana (CRYPTO:SOL) has recently encountered significant resistance at the $200 level, grappling with challenging market conditions.

A key downward pressure on its price comes from the revelations surrounding the estate of the now-defunct cryptocurrency exchange FTX.

It has been reported that assets totaling $7.65 billion in Solana are being offloaded at a stark 68% discount from their prevailing market valuation.

This sell-off stems from FTX's bankruptcy fallout, highlighting the intricate links between large crypto entities and the broader market's stability.

Such developments not only reflect on Solana's immediate price actions but also contribute to broader market sentiment, underscoring the volatile nature of cryptocurrency investments and the impact of substantial liquidations on asset prices.