2023-11-6 13:40 |
Solana (SOL) has dropped in the last 24 hours after a 15% surge over the past week. At press time, SOL was trading at $40.37 after a 3% drop in the last 24 hours.
The price drop is attributed to the move by the FTX estate to transfer 750,000 staked SOL tokens valued at approximately $30 million to two major cryptocurrency exchanges, Binance and Kraken. According to market speculators, the move could be the first step in a potential liquidation of these assets.
FTX estate’s substantial SOL transferThe FTX estate has been steadily transferring SOL tokens to exchanges, with the latest transfer bringing the total amount to $102 million.
FTX unstaked 3.96M $SOL($160M) 2 days ago and transferred 750K $SOL($30M) to #Binance and #Kraken 4 hours ago.https://t.co/A4CyCXgVzShttps://t.co/92ItXxxoB4 pic.twitter.com/4gxmwxzdIL
— Lookonchain (@lookonchain) November 6, 2023This sizable movement of assets has raised concerns of potential selling pressure on the SOL token. SOL stands as the largest asset on the FTX estate’s balance sheet, boasting a valuation of just over $1.16 billion.
Solana price performanceDespite having recently surged by nearly 70% within the last month and maintaining a 10% year-on-year gain, SOL’s price fell by 15% from a 14-month high.
These declines have been attributed to the looming sell pressure as the anniversary of the FTX exchange’s collapse approaches. It is crucial to note that, as of now, the FTX estate has yet to execute any sales of the transferred tokens.
Furthermore, earlier this year, the Securities and Exchange Commission (SEC) filed a lawsuit alleging that Solana might be considered a security. This caused a certain level of market volatility with Robinhood delisting Solana among other altcoins mentioned by the SEC. However, the Solana Foundation publicly disputed the SEC’s claims, and Ripple secured a partial legal victory in a related case, which was considered a setback for the SEC’s regulatory efforts in the crypto industry.
It is not clear, how Solana price will behave if FTX decides to eventually sell its SOL tokens. However, the recent price drops coinciding with transfers of SOL to exchanges could be a pointer to how the market could behave if the bankrupt exchange sold the tokens.
The post Solana dips as FTX transfers staked SOL to two top crypto exchanges appeared first on Invezz
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