FTX Estate Transfers 750,000 SOL to Binance and Kraken
On Monday, the FTX estate transferred 750,000 SOL to crypto exchanges Binance and Kraken, as part of its bankruptcy procedures. This move comes amidst FTX’s aggressive selling of cryptocurrency holdings in recent weeks, which has put selling pressure on Solana (SOL).
Solana’s Current Market Status
As of now, SOL is trading at $43.05, reflecting a 2.50% increase in the last 24 hours. According to data from CoinMarketCap, the trading volume has risen by 11.36%. Over the past 30 days, SOL has experienced a significant 83.42% increase in price.
Solana’s Resilience in the Crypto Sector
Despite the recent turbulence in the crypto sector, Solana has maintained its strong bullish momentum. The cryptocurrency has been steadily climbing, with key investors like VanEck raising their price projections for SOL to $50.
Price Analysis and Predictions
If SOL surpasses the recent high of $44.7, it is likely to rally towards the $48.8 resistance level. However, if bears drive the price below the $38.5 support level, the price may test the $35.8 level.
Conclusion
Solana’s resilience amidst the FTX sell-off and its strong bullish momentum demonstrate its robust position in the cryptocurrency market. Investors continue to watch SOL’s performance closely as it navigates through market fluctuations.
