MEXCSOL Poses Remarkable Performance Despite FTX Asset Liquidation
Solana (SOL) price has maintained a robust 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.
Source: CoinMarketCap
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, up 3.27%, a growth complemented by a trading volume of $2,975,569,030 in the last 24 hours.
The Solana 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 price’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.
Read Also: https://coingape.com/sol-price-at-55-gsol-buy-solana/
- $7B Virtu Financial Holds $63M XRP as Whales Accelerate Daily Sell-Off
- Breaking: Coinbase Nears $2B Deal to Buy Stablecoin Platform BVNK
- Coinbase CLO Fires Back at Senator Murphy Over ‘Corruption Factory’ Claim
- Crypto Prices Rise: Why Are BTC, ETH, LTC, XRP, SHIB, and ADA Up Today?
- Michael Saylor’s Strategy Eyes S&P 500 Spot Amid Bitcoin-Backed Credit Products Launch
- Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
- Ethereum Price Forecast: $5K in Sight Post-Fusaka Upgrade
- Chainlink Price Eyes $25 as AllUnity Integrates CCIP for EURAU Expansion
- Sei Price Forecast: Will Robinhood Listing Spark a Rally?
- XRP Price Outlook as ETF Nears Possible November 13 Launch
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
