Solana Whales Shift $29M to Top CEXs, Stimulating SOL Price

After the FTX sell-off scare, large Solana whales bid $29 million on Binance & Kraken.

Girl on a digital boat holding Solana and there is a sign of a whale in the digital waters.
Created by Kornelija Poderskytė from DailyCoin
  • FTX estate continues to shuffle massive amounts of Solana on-chain.
  • Crypto whales turn to major exchanges amid a 94% monthly run for SOL.
  • Solana’s 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.

The latest cryptocurrency sell-offs by FTX exchange

Sunny Days For Solana: Top Exchanges Witness SOL Inflow

Solana’s recovery has quite a few highlights already. Firstly, the significant positive change in Solana’s 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.


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 couldn’t hold because of Solana’s relatively strong selling pressure around the $45 barrier, SOL only saw a soft downward market correction.

On top of that, SOL proved resilient to FTX’s 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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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.