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Solana weekly gains in jeopardy as FTX transfers $15 million worth of SOL to exchanges

  • Solana tokens worth $15.2 million were transferred out of FTX exchange’s cold storage. 
  • SOL tokens were moved to Binance and Coinbase as FTX continues selling crypto assets.
  • Solana weekly gains of 39.11% are likely at risk of a wipeout with rising selling pressure on SOL.

Solana (SOL) token’s weekly gains are at risk of a wipeout with bankrupt FTX exchange’s recent move. Samuel Bankman-Fried’s exchange transferred SOL tokens worth $15.2 million to two cryptocurrency exchanges, Binance and Coinbase.

Also read: SOL bullish breaker could flip back to supply barrier as Solana’s largest DeFi protocol blocks UK users

Solana tokens flood Binance and Coinbase

FTX exchange’s cold storage wallet transferred 469,587 SOL tokens, worth $15.2 million to cryptocurrency exchanges, early on Thursday. Solana tokens worth $5.5 million, or around 170,000 SOL were moved to Binance, and 80,000 SOL worth $2.6 million was sent to Coinbase. 

FTX cold storage moves 170,000 SOL to Binance

FTX cold storage moves 170,000 SOL to Binance 

FTX cold storage moves 80,000 SOL to Coinbase

FTX cold storage moves 80,000 SOL to Coinbase

The mass transfer of SOL to cryptocurrency exchanges is part of FTX’s plan to shed its crypto holdings. According to previous analysis, FTX held a total of $3.4 billion in crypto. Find out more about it here.

FTX and Alameda trading sold a total of $13.5 million in cryptocurrencies prior to the SOL transfer. The bankrupt exchange dumped 974,270 Render (RNDR) and 21,967 Compound (COMP), before moving SOL tokens to exchanges.

Solana price yielded 39.68% gains to SOL token holders over the past week on Binance. The recent transfer of SOL tokens to the crypto exchange is likely to increase the selling pressure on the altcoin. Mass selloff of Solana by FTX could negatively impact the asset’s price on Binance and Coinbase. 

SOL price is $32.77 at the time of writing, the altcoin has yielded 1.11% gains on the day.

 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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