Earlier today, the on-chain analytics platform Lookonchain shared in an X (formerly Twitter) post that FTX has deposited 250K Solana (SOL) to Kraken. The deposited SOL tokens were worth about $13.6 million, according to the post.
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
Lookonchain also added in the post that FTX now only has an estimated 3,408 SOL tokens, worth $185K, left. Meanwhile, SOL ranked as a trending token on CoinMarketCap today, but certainly not for the reasons many traders may have been hoping for.
FTX’s SOL transfer was likely behind the altcoin’s more than 6% price drop recorded over the past 24 hours of trading. At press time, the Ethereum-killer was worth $54.42 after it reached a daily low price of $51.71.
The decline in SOL’s price also caused it to weaken against the market leader, Bitcoin (BTC), by about 5.60%. Meanwhile, SOL’s 24-hour trading volume settled at $2,972,114,219 at press time after it experienced a more than 21% jump since yesterday, likely due to holders selling their tokens.
It is worth noting, however, that SOL’s weekly performance was still up by 31.14%. The token’s monthly performance was luckily still firmly rooted in the green zone at +147.87%.
Throughout the past day, the altcoin’s market cap dropped to $23,346,620,006, which ranked SOL as the 7th largest token by market cap. This placed SOL behind USDC, with Cardano (ADA) on its heels.
Daily chart for SOL/USDT (Source: TradingView)
The daily Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators suggested that SOL’s price may continue to drop in the next 24-48 hours. At press time, the MACD line was closing in on the MACD Signal line, which may indicate a continuation of SOL’s negative trend in the next few days.
Meanwhile, the RSI line had crossed below the RSI Simple Moving Average (SMA) line over the past 3 days. This suggests that sellers had gained the upper hand against bulls on SOL’s daily chart. Should these technical flags be validated, SOL may drop to $45.
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