Rally

Solana

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/solana-dips-below-64-resistance-ftx-wallets-move-13-5m-sol-amid-rally-pause-what-next/">Solana Dips Below $64 Resistance, FTX Wallets Move $13.5M SOL Amid Rally Pause, What Next?&nbsp;</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>ETF euphoria has given investors free altcoin gains, keeping bitcoin prices constant. While the surge is intriguing, traders should beware of a surprise correction. The surprise 25% rally in Solana pricing before the weekend has been one of the significant stories of the past several days. SOL is now one of the most desired institutional investments, which may explain the surge.&nbsp;</p>
<h2 class="wp-block-heading" id="h-what-s-up-with-sol-prices-soaring-150-in-the-last-month"><strong>What’s up with SOL prices soaring 150% in the last month?&nbsp;</strong></h2>
<p>In recent weeks, SOL (Solana) emerged as the leading primary cryptocurrency, experiencing a remarkable 150% surge in price over the past month. However, the token’s rally appears to have paused as wallets associated with the bankrupt FTX exchange, holding millions in SOL, continue to move funds. According to the On-chain analysis tool <a href="https://x.com/PeckShieldAlert/status/1724262656398512442?s=20" rel="noopener noreferrer nofollow">PeckShield</a>, these FTX-related addresses transferred significant amounts of SOL and USDT stablecoins to exchanges like Binance and Wintermute, potentially signaling a plan to sell the tokens on the open market.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#PeckShieldAlert</a> <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#FTX</a>-labeled address has transferred 250K <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a> ($13.54M) &amp; 3.99M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> &amp; <a href="https://twitter.com/hashtag/wintermute?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#wintermute</a> within the last 8 hours on <a href="https://twitter.com/hashtag/Solona?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Solona</a> <a href="https://t.co/2V7QYxr6nx" rel="noopener noreferrer nofollow">pic.twitter.com/2V7QYxr6nx</a></p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1724262656398512442?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 14, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Overall, FTX has deposited $24M worth of 3 assets to Kraken and OKX in the past 5 hours, including 250K SOL ($13.5M), 8.27M MATIC ($7.41M), and 1,500 ETH ($3.1M). As of Nov 14, FTX and Alameda have transferred $438M worth of 42 assets to exchanges. It looks like something is brewing within FTX.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-sol-faces-a-downturn-despite-gains-strong"><strong>SOL Faces a DownTurn, Despite Gains!</strong></h2>
<p>Consequently, SOL prices witnessed a 7.5% drop in the last 24 hours, outperforming the average 0.6% losses across other tracked cryptocurrencies.</p>
<p>The movement of funds from these wallets tied to the FTX bankruptcy follows earlier sizable transactions to exchanges like Binance and Kraken, affecting SOL’s price performance. Despite this recent downturn, SOL has surged by 150% in the past month and over 500% year-to-date, partly due to enthusiasm surrounding its blockchain technology. Additionally, the debtor group staked around $120 million worth of SOL tokens in October, temporarily alleviating concerns about a massive sell-off as these tokens were locked up.</p>
<h2 class="wp-block-heading" id="strong-can-sol-reach-100-strong"><strong>Can $SOL reach $100?</strong></h2>
<p>However, the debtor group’s intentions remain unclear regarding its substantial SOL holdings, estimated at over $1 billion, acquired during 2020-2022. Although some SOL holdings were liquidated by unstaking approximately $67 million, the movement of more than $100 million worth of SOL to exchanges has influenced SOL’s impressive price rally, contributing to the token’s volatility amidst ongoing uncertainty about the debtor group’s plans.&nbsp;</p>
<p>Solana faced resistance at $64, signaling a potential downtrend. The rejection at this level may lead to a continued decline toward $41. If the bears breach moving average lines, the current rally might halt, resuming the downtrend. Right now, Solana is aiming for its earlier high near $46.77.</p>

Solana Dips Below $64 Resistance, FTX Wallets Move $13.5M SOL Amid Rally Pause, What Next?

Table of Contents

CoinPedia News

Other articles published on Nov 14, 2023

XRP Surges to Fourth Largest Market Cap

COIN360 toplists: how to navigate online services

Three Main Crypto Whale Attractions – Microsoft AI Discovers Why: Binance (BNB), Everlodge (ELDG)...

Revolutionizing Crypto with Autonomous AI Trading

Goldman Sachs leads $95M funding round for blockchain payment firm Fnality — Report

Three Arrows Capital to Receive $33 Million From Genesis, Court Approves

Join our free newsletter for daily crypto updates!