FTX sells Solana - should investors be worried?


Solana’s Performance Drops Slightly in the Last 24 Hours

Solana (SOL) has remained in the top 10 list of cryptocurrencies for quite some time now. The recent bullish market conditions have been favorable to SOL, as its price has seen double-digit gains in the past week.


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FTX Transfers a Substantial Amount of SOL

Over the past week, Solana has shown strong performance thanks to the bullish market conditions. According to CoinMarketCap, SOL’s value has surged by over 12% in the last seven days. Currently, SOL is trading at $32.20 with a market capitalization of over $13.49 billion, making it the seventh-largest cryptocurrency.

However, recent developments indicate a different story for SOL. FTX, the controversial crypto exchange that caused significant market turmoil a few months ago, has transferred more than 300,000 SOL tokens, worth over $10 million.

Despite FTX’s actions, the liquidity heatmap for SOL does not indicate significant selling pressure. The token’s liquidation heatmap from Hyblock Capital shows that the last major liquidation occurred on October 27 when SOL’s price exceeded $33.

Although Solana’s trading volume has dropped significantly in the past week, indicating investor reluctance to trade the token, SOL remains in demand in the futures market, as evidenced by its green Binance Funding Rate.

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Investors Should Exercise Caution

While SOL’s performance has seen a slight decline, market indicators also remain bearish. The Relative Strength Index (RSI) for SOL is in overbought zones, which may lead to increased selling pressure and a further drop in the token’s price. However, the Chaikin Money Flow (CMF) for SOL remains bullish.



### News source: ambcrypto.com

By Team