FTX's substantial $10 million sale of Solana (SOL) has investors on edge. Discover the key points and implications of this crypto move.
In recent developments, the prominent cryptocurrency exchange FTX has offloaded more than $10 million worth of SOL tokens. This move has sparked some concerns among investors as market indicators are now showing bearish signals for the Solana (SOL) token.
Solana has held a steady position in the top 10 list of cryptocurrencies for a considerable time, benefiting from the recent bullish market conditions. Over the past week, SOL witnessed an impressive double-digit price surge, which pushed its value higher.
Despite these positive gains, FTX’s recent substantial sale of SOL tokens has raised questions about the token’s future performance. CoinMarketCap data indicates that SOL’s value increased by more than 12% over the last seven days, with the token trading at $32.20 and boasting a market capitalization of over $13.49 billion, making it the seventh-largest cryptocurrency.
However, recent data suggests that SOL’s price experienced a drop of over 0.2% in the last 24 hours, potentially due to FTX’s actions. FTX transferred more than 300,000 SOL tokens, valued at over $10 million, which may have contributed to this price dip.
Despite FTX’s transfer of SOL tokens, it is worth noting that investors have not been actively selling the token, as indicated by Solana’s liquidity heatmap provided by Hyblock Capital. The most significant liquidation event occurred on October 27, coinciding with SOL’s price surpassing the $33 mark.
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Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
Originally published at https://cryptosnewss.com on October 30, 2023.