Solana: Ghosts of FTX lurk despite positive trends

• $30 million price of SOL hit exchanges from FTX.
• Market cap and quantity have declined within the final 24 hours.

Solana [SOL] continues to be related to the FTX label, and even because it experiences constructive traits, it struggles to detach from this connection. The current actions of sure FTX wallets have reignited discussions in regards to the relationship between FTX and Solana.

FTX resumes Solana gross sales

A tweet by Lookonchain on the sixth of November revealed that FTX has proceeded with the sale of its Solana property. Furthermore, an address related to FTX unstaked 3.96 million SOL just a few days in the past. 

FTX unstaked 3.96M $SOL($160M) 2 days in the past and transferred 750K $SOL($30M) to #Binance and #Kraken 4 hours in the past.https://t.co/A4CyCXgVzShttps://t.co/92ItXxxoB4 pic.twitter.com/4gxmwxzdIL

— Lookonchain (@lookonchain) November 6, 2023

This deal with had additionally transferred 750,000 SOL to the Binance and Kraken exchanges on the market on the sixth of November, the full worth of which amounted to roughly $30 million.

These actions had been anticipated, because the troubled alternate had obtained approval to liquidate its property.

Quantity and market cap take successful

AMBCrypto’s examination of Solana’s quantity and market capitalization over the previous 24 hours revealed a noticeable decline. On the time of this report, the market capitalization of SOL had decreased by greater than 3%, per CoinMarketCap.

This decline could possibly be attributed to the current drop in SOL’s worth over the past 48 hours. 

Moreover, the buying and selling quantity had fallen by over 8% on the time of this report. This indicated that the variety of trades occurring at this second had decreased in comparison with the earlier buying and selling session.

Moreover, the prevailing buying and selling quantity was predominantly characterised by promoting strain.

Solana beginning the week with no bang.

A evaluate of Solana’s every day timeframe chart indicated that it has skilled an almost 4% loss in worth over the previous 48 hours. On the time of writing, it was buying and selling at a lack of over 1.7%, with a value of roughly $40.4.

Life like or not, right here’s SOL’s market cap in BTC’s phrases

This decline got here on the heels of an almost 3% loss in worth through the earlier buying and selling session. It stays unsure whether or not the FTX-related actions performed a job, as Solana has been residing within the overbought territory for a big interval.

Lastly, the Relative Energy Index (RSI) line remained above the 70 threshold at press time. The course of the pattern within the coming days will decide whether or not it is a value correction or a downtrend influenced by FTX.