FTX Linked Wallet Transfers $10 Million In Solana To Binance, SOL Price To Fall?

Wallet address linked to crypto exchange FTX transfers $10 million worth Solana (SOL) tokens on Wednesday as part of the plan to liquidate crypto assets held by FTX and Alameda Research to pay back creditors.

FTX and Alameda in September received a court order to liquidate $3.4 billion worth of crypto assets. The debtors announced to sell crypto assets gradually to prevent any significant impact on prices.

FTX Dumps Solana (SOL) to Binance

PackShieldAlert on October 28 reported that an FTX-labeled wallet address transferred 309.2k SOL tokens worth more than $9.9 million. Along them, nearly 244k SOL tokens dumped to crypto exchange Binance.

The move comes as Solana price rallied 70% in October, allowing FTX Debtors to liquidate more SOL holdings. Former FTX CEO Sam Bankman-Fried revealed to the jury that he started buying Solana when it was trading at just $0.20.

CoinGape Media today reported that FTX and Alameda have sold $14.4 million worth of tokens to exchanges. As per data from Spot On Chain, FTX and Alameda Research still hold $736 million worth of EVM assets following recent deposits to various crypto exchanges over the past few days.

In September, a Delaware Bankruptcy Court approved a plan by FTX Debtors to liquidate crypto assets worth $3.1 billion held at FTX and Alameda Research.

Read More: VanEck Prediction on 10,600% Solana Price Rally By 2030 Triggers Debate

SOL Price Dips Amid Liquidations

SOL price fell more than 2% in the last 24 hours, with the price currently trading at $31.60. The 24-hour low and high are $31.53 and $33.30, respectively. Furthermore, the trading volume has decreased by 25% in the past 24 hours, indicating a decline in the interest of traders.

Analysts predict Solana will step back in search of fresh liquidity ahead of another breakout eyeing $40, bolstered by double golden cross patterns.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.