Solana (SOL) has maintained a robust price performance despite the ongoing liquidation of assets linked to the now-bankrupt crypto exchange FTX. As debtor groups overseeing FTX’s bankruptcy continue to move substantial amounts of SOL to exchanges, likely indicating sales, Solana’s price remains unfazed.
Recent on-chain activities have revealed significant movements involving wallets associated with FTX. PeckShield, an on-chain analysis tool, reported transfers of approximately 250,000 SOL, valued at over $13.5 million, along with $4 million in USDT stablecoins, to entities like Binance and Wintermute. These transactions, executed by a debtor group managing FTX’s bankruptcy and its extensive asset holdings, suggest a potential liquidation strategy on the open market.
A Rally Amidst Challenges
Despite these large-scale asset movements, Solana has demonstrated a remarkable market rally. In the last 30 days, SOL has seen an impressive surge of over 175%, pushing its market capitalization beyond the $20 billion mark.
This growth coincides with the broader crypto market’s bullish trend, which has also propelled Bitcoin (BTC) to an 18-month high. As of today, Solana’s price stands at $55.44, with a trading volume of $2,975,569,030 in the last 24 hours, despite a temporary 6.04% dip.
The SOL Price Dynamics
An additional report from Lookonchain on November 9 highlighted a substantial unstaking event involving $160 million worth of SOL from FTX-linked wallets. This action temporarily impacted Solana’s price, causing it to drop to around $40 before it swiftly recovered.
Popular crypto analyst Bluntz noted FTX’s consistent selling pattern, ranging between 250k-700k SOL daily over the past two weeks. Interestingly, this selling pressure hasn’t significantly impacted SOL’s price, indicating strong market absorption and potential for further price increases once the selling eases.
The ongoing FTX saga and its impact on the crypto market have brought many uncertainties. However, Solana’s ability to sustain its market value and growth potential in these turbulent times is a testament to its robustness and investor confidence. As the crypto world watches closely, SOL’s journey continues to intrigue and inspire, reflecting the dynamic nature of the cryptocurrency market.
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.