After a significant dip to $51.27, Solana (SOL) is currently witnessing a notable recovery in its market price, currently trading at $55.31 (up 7%). This upswing follows a period of intense volatility, with SOL reaching a peak of $63.80 last Saturday, marking an impressive 270% rally over 61 days, only to drop almost 20% subsequently.<\/p>\n
FTX has probably been a significant influence on SOL\u2019s price volatility. A report from Lookonchain, an on-chain analysis service, indicates that FTX\u2019s liquidity in SOL has drastically diminished, with Solana worth only $185,000 remaining in their public addresses. \u201cFTX deposited 250,000 SOL ($13.6 M) to Kraken 7 hours ago. Currently, FTX\u2019s public addresses on Solana only have 3,408 SOL,\u201d Lookonchain reported.<\/p>\n
FTX deposited 250K $SOL<\/a>($13.6M) to #Kraken<\/a> 7 hours ago.<\/p>\n Currently, FTX\u2019s public addresses on #Solana<\/a> only have 3,408 $SOL<\/a> ($185K) left.https:\/\/t.co\/A4CyCXgVzS<\/a> pic.twitter.com\/4EVtrwoYyX<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) November 14, 2023<\/a><\/p>\n\n Crypto influencer MartyParty commented<\/a> on the situation, criticizing FTX\u2019s strategy of liquidating SOL holdings for creditor payments as \u201cone of the most idiotic moves in crypto history.\u201d According to his observations, FTX\u2019s liquid SOL has been entirely offloaded to the market, marking an end to its influence on SOL\u2019s price dynamics.<\/p>\n Meanwhile, crypto analyst Bluntz pointed out<\/a> that despite FTX\u2019s consistent selling of SOL, ranging from 250,000 to 700,000 daily for the past three weeks, the price of SOL managed to stay resilient. He suggests that with the depletion of FTX\u2019s unlocked tokens, a significant price surge for SOL could be imminent, \u201cOnce this seller is gone, I can only imagine how hard it\u2019s gonna pump. Dont middle curve this.\u201d<\/p>\n While FTX has sold 6.996 million SOL in the last few weeks, they are still sitting on a huge pile of Solana. Crypto Edgar provided an overview<\/a> of FTX\u2019s SOL holdings, highlighting that while the bulk of SOL transfers from FTX\u2019s cold wallets have been completed, a substantial amount remains staked in various liquid stake solutions, potentially available for future sale.<\/p>\n \u201cThe FTX cold wallets contain almost no more SOL but they still hold some amount of liquid SOL which is staked in liquid stake solutions Lido Finance, Marinade Finance and JPool. In total 1.25 million SOL is still locked but could easily be withdrawn and sold as well,\u201d the analyst remarked.<\/p>\n Moreover, it is important to note that FTX still holds 42.2 million SOL, worth $2.19 billion under lock-up. According to the SOL unlock schedule, each month sees the release of 618,400 SOL. This regular monthly unlocking accounts for about 1.1% of the entire SOL holdings of FTX. Notably, a significant event is scheduled for March 1, 2025, where 7.5 million SOL will be unlocked.<\/p>\n In conclusion, although some influencers are celebrating the end of the FTX sell-off, this is not the full reality. While a large chunk of selling pressure may have been very well absorbed by the market in recent weeks, it is not close to an end. The FTX factor for the Solana price is still out there.<\/p>\n Despite that the SOL price has shown tremendous strength in recent weeks, considering the massive selling pressure from FTX. At press time, SOL was trading at $55.31, making the 1,618 Fibonacci extension level at $57.85 once again the key resistance for the bulls.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n After a significant dip to $51.27, Solana (SOL) is currently witnessing a notable recovery in its market price, currently trading at $55.31 (up 7%). This upswing follows a period of intense volatility, with SOL reaching a peak of $63.80 last Saturday, marking an impressive 270% rally over 61 days, only to drop almost 20% subsequently.<\/p>\n FTX has probably been a significant influence on SOL\u2019s price volatility. A report from Lookonchain, an on-chain analysis service, indicates that FTX\u2019s liquidity in SOL has drastically diminished, with Solana worth only $185,000 remaining in their public addresses. \u201cFTX deposited 250,000 SOL ($13.6 M) to Kraken 7 hours ago. Currently, FTX\u2019s public addresses on Solana only have 3,408 SOL,\u201d Lookonchain reported.<\/p>\n FTX deposited 250K $SOL<\/a>($13.6M) to #Kraken<\/a> 7 hours ago.<\/p>\n Currently, FTX\u2019s public addresses on #Solana<\/a> only have 3,408 $SOL<\/a> ($185K) left.https:\/\/t.co\/A4CyCXgVzS<\/a> pic.twitter.com\/4EVtrwoYyX<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) November 14, 2023<\/a><\/p>\n Crypto influencer MartyParty commented<\/a> on the situation, criticizing FTX\u2019s strategy of liquidating SOL holdings for creditor payments as \u201cone of the most idiotic moves in crypto history.\u201d According to his observations, FTX\u2019s liquid SOL has been entirely offloaded to the market, marking an end to its influence on SOL\u2019s price dynamics.<\/p>\nThe Remaining SOL Holdings Of FTX<\/h2>\n
The FTX Factor In The Solana Price Movement<\/h2>\n