Lookonchain, a market analytics platform, reported that FTX unstaked 3.96 million SOL two days ago and sent 750,000 SOL to Binance and Kraken, valued at around $30 million at the time. This triggered concerns in the crypto community about potential sell pressure and the end of the SOL market’s bull season.
On November 3, Lookonchain also pointed out that FTX had transferred a total of 1.1 million SOL, valued at approximately $42.35 million. FTX also transferred 7,183 ETH, which was approximately $12.9 million. Overall, it was reported on that day that FTX had transferred $221.7 million in crypto assets. However, despite the major sell-offs by FTX, it has been reported that SOL experienced a double-digit surge of 19.12% in seven days.
Even now, SOL, Solana’s native token, still maintains a 16%+ spike in the market over the seven day period and remains to trade above $40. However, observing the one-day chart, SOL witnessed a fall of 3.42%, according to CoinMarketCap. At the reported time, Solana was changing hands at $40.37.
The trading volume was valued at $900,291,525, after making a tumble of 8.06% in 24 hours. This negative presence of trading volume is often viewed as an indication that the trader’s interest and demand for this particular altcoin may be diminishing. Meanwhile, the market capitalization of SOL is valued at $16,958,785,373, placing it in the seventh position based on market capitalization.
Observing the SOL/USDT 1-day chart, the candlesticks had consistently hugged the upper Bollinger Bands for an extended period. However, a recent development saw the RSI forming a bearish crossover, resulting in two new red candlesticks in the altcoin’s price.
