Solana price registers a 6% uptick despite Sam Bankman-Fried being denied bail from the Bahamas

Over the last 24 hours, FTX has been making headlines for the ongoing hearing in the US, its former CEO Sam-Bankman Fried’s arrest and the filing of fraud charges at the hands of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). Regardless, Solana price has observed no negative implication, in spite of its connection with Sam Bankman-Fried.

Sam Bankman-Fried faces more trouble

While on the one hand, FTX’s hearing is taking place in the United States, on the other, Sam Bankman-Fried is sitting at the mercy of the Bahamian court. After being arrested on Monday, the former Chief Executive Officer of FTX requested bail. 

However, a magistrate judge denied this plea and instead remanded Bankman-Fried to the Department of Corrections. This is because the Bahamian court found the former head of FTX to be a “flight risk” and stated he would be held in the country until at least February 8.

Sam Bankman-Fried is not alone in being reprimanded by authorities as the bankrupt exchange’s new CEO, John Ray III, is also taking hits. In a media release on Tuesday, the Securities Commission of The Bahamas (SCB) stated that John had made some key misstatements regarding FTX’s predicament. The release read,

“Mr. Ray has not once reached out to the Securities Commission to discuss any of his concerns before airing them publicly. [His remarks] do not appear to be concerned with facts but rather appear intended only to make headlines.”

Consequently, FTT’s value declined slightly over the last 24 hours, but Solana remained untouched. This is despite the latter’s affiliation with FTX’s sister company Alameda Research which has invested heavily in the cryptocurrency.

Solana price climbs the charts

Solana price continued posting green candles even as FTX’s rabbit hole continued to deepen by the day. Back when the crypto market first crashed on November 6 due to FTX’s collapse, FTT noted the highest decline, followed by SOL. Today, the smart-contract cryptocurrency increased by over 6% in 24 hours to trade at $13.80.

Solana price is inching closer to its immediate resistance at $14.31, which will act as an important support level if it is surpassed. Breaching it would allow SOL to tag $14.80 as well, and bouncing off of it would set the altcoin on the path to reaching $16.12.

SOL/USD 4-hour chart

However, if the bearishness in the market increases and Solana price declines, it would end up tagging the support level at $12.80. Falling through it would see SOL tagging the critical support floor at $11.70. However, a daily candlestick close below it would invalidate the bullish thesis, pushing the cryptocurrency to tag $10.22, a level last visited in February 2021.