The post Solana Investors Panic as FTX Moves $10M in SOL: Sell-Off Coming? appeared first on Coinpedia Fintech News Solana (SOL), a rising star in the crypto market, has been making waves, especially after the recent bullish run, where its value surged by more than 10% in the pas...
With a solid market capitalization exceeding $13.49 billion, it holds the seventh position among cryptocurrencies.
What’s FTX Up To?
According to a tweet by Lookonchain, a blockchain analysis firm, FTX/Alameda transferred other assets alongside SOL, including $BAND, $PERP, $TRU, $BICO, $KNC, $CVC, and $BOND, cumulatively worth $19.4 million. The broad asset movement suggests that FTX’s move might be part of a larger strategy rather than a red flag for Solana alone.
Interestingly, Solana’s liquidity heatmap, provided by Hyblock Capital, shows that the token was not being sold off in the market despite FTX’s massive transfer.
SOL Price Analysis
On the flip side, the Chaikin Money Flow (CMF) metric is showing an upturn, indicating a bullish sentiment among investors.
What’s Coming for Solana?
For investors in Solana, a cautious approach in interpreting these market movements is recommended. While the decreasing trading volume and bearish RSI might raise concerns, the bullish CMF and the steady liquidation levels of Solana present a more nuanced perspective.
It is vital to keep in mind that the cryptocurrency market is known for its extreme volatility and rapid changes. FTX’s transfer could be part of a broader portfolio rebalancing or a liquidity provision for the exchange itself. So, Solana investors should stay watchful and informed as the situation unfolds.