FTX Transfers $10 Million in Solana Tokens to Binance Linked Wallet: What Impact Will This Have on SOL Price?

SOL Tokens Liquidation Overview

Solana (SOL) price faces selling pressure as FTX and Alameda Research execute the plan to liquidate crypto assets. A wallet address linked to FTX, a prominent crypto exchange, transferred $10 million worth of SOL tokens on Wednesday. This move is part of their strategy to repay creditors and comply with a court order received in September, demanding the liquidation of $3.4 billion in crypto assets.

FTX Transfers SOL Tokens to Binance

FTX-labeled wallet address transferred 309.2k SOL tokens valued at over $9.9 million. Additionally, nearly 244k SOL tokens were sent to the Binance exchange. This action occurred amidst a 70% price surge in Solana during October, allowing FTX Debtors to liquidate more SOL holdings. Notably, former FTX CEO Sam Bankman-Fried disclosed purchasing Solana at a mere $0.20.

Recent Liquidation Details

FTX and Alameda have sold $14.4 million worth of tokens to exchanges, as reported by CoinGape Media. Despite recent deposits to various crypto exchanges, data from Spot On Chain reveals that FTX and Alameda Research still retain $736 million worth of EVM assets.

SOL Price Movement

SOL price has dipped by more than 2% in the last 24 hours, currently trading at $31.60. The 24-hour low and high stand at $31.53 and $33.30, respectively. Moreover, trading volume has decreased by 25% over the past day, indicating a decline in trader interest.

Analysts’ Predictions

Market analysts anticipate Solana to consolidate, seeking fresh liquidity before potentially breaking out towards the $40 mark. This optimism is fueled by the presence of double golden cross patterns in the market.

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