- $30 million in SOL hit grants from FTX.
- Market cap and volume have fallen over the past 24 hours.
Solana [SOL] is still associated with the FTX label, and while it is experiencing positive trends, it is struggling to break away from this connection. The recent actions of certain FTX wallets have reignited discussions about the relationship between FTX and Solana.
FTX resumes sales of Solana
A tweet from Lookonchain on November 6 revealed that FTX has gone ahead with the sale of its Solana assets. Moreover, a address associated with FTX unstaked 3.96 million SOL a few days ago.
FTX unstaked 3.96 million $SOL($160 million) 2 days ago and 750K transferred $SOL($30 million). #Binance And #Kraken 4 hours ago.https://t.co/A4CyCXgVzShttps://t.co/92ItXxxoB4 pic.twitter.com/4gxmwxzdIL
— Lookonchain (@lookonchain) November 6, 2023
This address had also transferred 750,000 SOL to the Binance and Kraken exchanges for sale on November 6, the total value of which was approximately $30 million.
These actions were expected as the troubled exchange had received approval to liquidate its assets.
Volume and market capitalization take a hit
AMBCrypto’s research into Solana’s volume and market cap over the past 24 hours revealed a noticeable decline. At the time of this report, SOL’s market capitalization had fallen by more than 3% CoinMarketCap.
This decline can be attributed to the recent decline in SOL’s value over the past 48 hours.
Furthermore, trading volume had fallen by more than 8% at the time of this report. This indicated that the number of trades taking place at this time had decreased compared to the previous trading session.
Moreover, the prevailing trading volume was mainly characterized by selling pressure.
Solana starts the week without a bang.
A review of Solana’s daily timetable shows that the company has suffered a loss of value of almost 4% in the past 48 hours. At the time of writing, it was trading at a loss of over 1.7%, priced at around $40.4.
Realistic or not, here is SOL’s market cap in terms of BTC
This decline followed a loss of almost 3% in value during the previous trading session. It remains uncertain whether the FTX-related actions played a role, as Solana has been in overbought territory for quite some time.
Source: TradingView
Finally, the Relative Strength Index (RSI) line remained above the 70 threshold at the time of writing. The direction of the trend in the coming days will determine whether this is a price correction or a downtrend influenced by FTX.
