An FTX-Related Wallet’s Impact on Solana
An FTX-related wallet unstaked SOL tokens worth millions of dollars on 5th December, and it’s essential to assess how this move affected Solana’s current status.
Solana’s Performance After the Move
Solana experienced a positive trend, with a more than 7% increase in the last 24 hours at press time. The derivatives metrics for SOL also looked optimistic, suggesting the possibility of a further price hike.
FTX’s Influence on SOL
Despite FTX’s plans to liquidate its assets, a recent move by an FTX-related wallet did not have a negative impact on SOL’s price, as evidenced by its daily chart remaining in the green.
Lookonchain highlighted the FTX-related wallet’s activity, revealing that 1.5 million SOL, worth over $90 million, was unstaked on 5th December 2023. Another wallet deposited tokens worth more than $230 million on Coinbase during the same period.
Impact on SOL’s Staking Ecosystem
AMBCrypto investigated SOL’s staking ecosystem to analyze the impact of these transfers. The analysis revealed that SOL’s staking ratio remained above 50%, and the staked token trend increased by 90% in the last 24 hours alone.
According to StakingRewards, Solana had over 847 thousand staking wallets, with an annualized fee revenue exceeding $45 million. At the time of writing, SOL had a staking market cap exceeding $24 billion.
While the total number of staked SOL experienced a recent decline, the token’s price remained resilient, increasing by more than 6% in the last 24 hours, trading above $64 with a market capitalization surpassing $27.4 billion.
Analysis of Solana’s Liquidation Chart
AMBCrypto’s analysis of Solana’s liquidation chart indicated that the token’s price, despite a massive sell-off, did not react negatively. The token’s price gained upward momentum, currently being the sixth-largest crypto with high liquidations near $66.
Considering the ongoing bull rally, it will be interesting to see if SOL manages to surpass this key level.
Positive Signs in the Derivatives Market
Despite the recent unstaking and sell-off, the derivatives market for SOL looked positive. The funding rate registered a spike as the price rose in the past 24 hours, indicating active buying by futures investors. Additionally, the open interest increased, suggesting a continuation of the current price trend.
Based on these metrics, it’s safe to conclude that the recent FTX-related unstaking and sell-off did not have a negative impact on SOL’s overall health.
