The cryptocurrency market has been a rollercoaster ride for investors, and Solana (SOL) is no exception. Recently, FTX moved 13.54 million SOL, causing a stir in the market. This move comes amid a stalled rally for Solana, raising questions about the future of this popular cryptocurrency.
The transfer of SOL was made to Kraken. This has led to speculation about a potential liquidation of SOL on Kraken. The market reacted swiftly to this news, with the price of SOL experiencing significant fluctuations.
FTX deposited 250K $SOL($13.6M) to #Kraken 7 hours ago.
Currently, FTX’s public addresses on #Solana only have 3,408 $SOL ($185K) left.https://t.co/A4CyCXgVzS pic.twitter.com/4EVtrwoYyX
— Lookonchain (@lookonchain) November 14, 2023
Historical data suggests that Solana could crash below $30. However, it’s important to note that the cryptocurrency market is highly volatile and predictions should be taken with a grain of caution.
Solana SOL Value Has Been Fluctuating
The recent transfer on Tuesday follows a previous transaction last week where the group shifted over $30 million worth of SOL to Binance and Kraken, another cryptocurrency exchange. This movement led to a 5% drop in prices, which later rebounded and experienced a rally. According to data from CoinGecko, SOL prices have fallen by 7.5% in the last 24 hours.
Despite the potential downturn, Solana has recently achieved a significant milestone. The platform has seen a rise in interest, which is a positive sign for its prospects in the long run. This interest could be a driving factor for SOL’s recovery and future growth.
Based on data from the blockchain analytics platform Artemis, Solana has surpassed Polygon in decentralized exchange (DEX) volume. Solana’s DEX volume stands at $305 million, outpacing Polygon’s $235 million.
Furthermore, by November 11, Solana’s volume had grown to $466 million, further widening the gap as Polygon’s volume narrowly brushed the $171 million mark. It’s noteworthy that Solana hasn’t seen such levels in recent years.
The recent movements of SOL by FTX have caused a stir in the market. While there are concerns about a potential crash, the increased interest in Solana suggests a promising future.
