- FTX estate continues to shuffle massive amounts of Solana on-chain.
- Crypto whales turn to major exchanges amid a 94% monthly run for SOL.
- Solanaโs native token eyes its next target, unseen since May 2022.
Ever since Uptober, Solana (SOL), one of the most high-profile alternative currencies in the world, has made huge strides toward becoming a leader in the altcoin markets. Indeed, SOL has been deemed the sweetheart of institutional investors, who contributed to bringing the token back up from single digits.
In contrast, the heavy involvement with the fallen FTX crypto exchange has generated many controversial takes within the crypto community. However, Solana successfully picked up on the latest bull run for Bitcoin (BTC). The leading digital asset sparked after Bitcoin ETF progress, instantaneously creating a relief rally for most large-cap alternative currencies.
Sunny Days For Solana: Top Exchanges Witness SOL Inflow
Solanaโs recovery has quite a few highlights already. Firstly, the significant positive change in Solanaโs technical performance occurred on October 1, when $SOL reclaimed the $20 key support levels after a two-month-long duel between crypto bears and bulls around the area.
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Ironically, this positive shift came just weeks after FTX was cleared by a court for a sell-off of $1B in SOL, among several other popular alternative cryptocurrencies. The move turned out to be better than expected: SOL gained 5% following the court decision, as the bulls have confidently taken over the steering wheel since then.
The native coin of the fastest-ever Layer-1 blockchain hit a new yearly high of $45.05 on November 1st, 2023. While the confluent level couldnโt hold because of Solanaโs relatively strong selling pressure around the $45 barrier, SOL only saw a soft downward market correction.
On top of that, SOL proved resilient to FTXโs sell-offs and whipped up another 10.6% gains since the first day of November. Sensing an opportunity, one SOL whale transferred 453,344 Solana (SOL) tokens to Kraken.
The transaction, spotted by the crypto whale-watching agency Whale Alert, was made on November 7. Following the move, another colossal SOL whale splashed 249,999 SOL tokens on Binancea on Wednesday.
On the Flipside
- According to Spot On Chain, FTX has only $54.5M worth of Solana (SOL) left.
- Initially, the once-successful crypto exchange held a colossal $1B in Solana (SOL).
Why This Matters
Tracking crypto whale movements gives a better understanding of the latest crypto market tendencies.
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