24/7 Cryptocurrency News

Solana (SOL) Price Tanks 7% Amid FTX Cold Wallet Transfers, What’s Next?

Solana's price, though correcting, remains above crucial support at $59. Analysts anticipate a swift recovery, pushing SOL to surpass $70.
Published by
Solana (SOL) Price Tanks 7% Amid FTX Cold Wallet Transfers, What’s Next?

Amidst a period of mild consolidation across the wider cryptocurrency market, Solana (SOL), a prominent competitor to Ethereum Layer-1, is undergoing a notable price correction today. As of the latest update, the Solana (SOL) price has experienced a 7% decline, currently trading at $60.32, with a market capitalization of $25.5 billion.

Why Is Solana Price Down?

Solana has witnessed a massive price rally over the past month and so, becoming the sixth-largest cryptocurrency by market cap. The recent SOL price drop also coincides with a massive transfer taking place through an FTX cold wallet.

In a recent development reported by Lookonchain, an address closely associated with the FTX cold wallet, identified as 4Axqyo…HswTAh, unstaked a significant amount of 1.5 million SOL (equivalent to approximately $90 million) today at 7:55 UTC+8.

The entirety of this unstaked amount was subsequently transferred to the address 3vxheE5…5mgkom. According to Lookonchain, there is speculation that the receiving address, 3vxheE5…5mgkom, may be linked to Coinbase’s internal address.

As we know, crypto exchange FTX has been holding a massive amount of Solana before its bankruptcy filing last week. Now, the exchange has been liquidating its holdings in order to repay the creditors.

However, this hasn’t deterred Solana investors from embarking on a bullish price rally.

SOL Price Action and DeFi TVL

In the latest market update, SOL is currently quoted at $60.10, registering a 6.87% decline in the past 24 hours. Despite this minor setback, SOL has demonstrated resilience over the week, marking a 12.23% increase, and an impressive 46.84% surge over the last 30 days.

Recent market dynamics reveal an unsuccessful attempt by the SOL price to breach the $65.3 mark. Moreover, the asset has recently dipped below the critical support level of $62.5. Analysts suggest that a potential bullish scenario could materialize if the price successfully breaks above $63.4, paving the way for a retest of the $65.3 resistance level.

In the event of a bullish breakthrough, market observers anticipate a potential ascent towards the $79.1 level. Conversely, a dip below the $59 level could signal a downward trajectory, potentially testing the support level at $56.4. Investors and analysts are closely monitoring these key levels for potential market shifts. Cryptocurrency analyst Ali Martinez warns of potential correction for Solana!

TD Sequential signals sell on $SOL weekly chart, and RSI is overbought. A profit-taking surge could lead to a retracement to $47.6. SOL needs a weekly close above $68.4 to counter the bearish outlook, targeting $108.

Moreover, Solana, renowned for its exceptional throughput and scalability, is making waves in the decentralized finance (DeFi) realm. The recent surge in Total Value Locked (TVL) to an impressive $655 million showcases Solana’s growing influence and confidence within the DeFi sector.

This milestone not only reflects numerical success but also highlights Solana’s emergence as a formidable player in decentralized finance. While DefiLlama’s October statistics placed Solana’s TVL at around $326 million, a recent update reveals a remarkable doubling to over $655 million, marking the highest TVL in over a year and signaling robust and sustained growth.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025
  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025
  • 24/7 Cryptocurrency News

Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…

October 4, 2025
  • 24/7 Cryptocurrency News

‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications

Nate Geraci, president of Novadius Wealth Management, has predicted that several crypto ETF filings could…

October 4, 2025
  • Bitcoin News

Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model

Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move…

October 4, 2025
  • Bitcoin News

Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH

The Bitcoin ETFs have seen a huge turnaround this week, recording their largest weekly inflows…

October 4, 2025