While FTX Solana Continues Its Sales, SOL Continues to Stay Strong! What Are Analysts’ Target for Solana?
While FTX continues to sell its remaining crypto assets, a large amount of transfers were made to the exchanges today.
According to on-chain data, while FTX moved the majority of Solana assets to the exchanges, the popular platform Spot on Chain announced that FTX and Alameda-affiliated wallets transferred approximately $40 million to the exchanges in the last 24 hours.
While this latest transfer is a continuation of the large transfers that have taken place in the last few weeks, FTX and Alameda transferred 7 altcoins worth $ 38.5 million to the exchanges.
Accordingly, FTX; 750 thousand SOLs valued at $31.2 million, 325,501 ENS valued at $2.76 million, 10.1 million GMTs valued at $2.22 million, 642,702 LDOs valued at $1.26 million, 288,211 APEs valued at $410 thousand, $365 thousand He carried 27,407 BADGER worth 27,407 and 555,342 BNT worth 323 thousand dollars.
Spot on Chain stated that FTX and Alameda transferred 36 altcoins worth a total of $350 million to the exchanges as of November 8.
Spot on Chain also added that FTX deposited 250k SOL worth $10.83 million to Binance at $43.32 about 2 hours ago.
Accordingly, Spot on Chain stated that FTX has deposited 5.74 million SOL worth approximately 223 million dollars to the exchanges so far and added: “FTX has only 1.25 million SOL worth 54.5 million dollars left.” said.
🚨 Note that #FTX further deposited 250K $SOL ($10.83M) to #Binance at $43.32 ~2hrs ago.
So far, #FTX has deposited 5.74M $SOL (~$223M) to exchanges and only holds 1.25M $SOL ($54.5M) left.
👉 More details: https://t.co/vzYO4MKIrB
Need the beta code? Join our Discord to get… https://t.co/xIzskLrSzS pic.twitter.com/Jyn0oVMRIi
— Spot On Chain (@spotonchain) November 8, 2023
Although FTX’s sell-off of Solana continues, SOL bulls continue to ease the selling pressure on the altcoin.
Analysts state that at this point, SOL follows a rising channel model and has entered an upward trend, stating that Solana broke an important resistance around $28 for the first time since July and made a significant rise.
While analysts think that SOL can reach $ 50 if it continues its upward momentum, Kaiko stated that Solana showed a good performance against Ethereum and said that the SOL / ETH rate has shown a consistent increase since September.
“Since September, SOL has been by far the outperformer; the SOL to ETH ratio jumped from 0.011 to almost 0.025, breaking the ratio just before the FTX crash.”
SOL continues to trade at $43.6 at the time of writing.
📊Since September #SOL has been a clear outperformer, with the SOL/ETH ratio back to pre-FTX levels. pic.twitter.com/G4m4nC1T32
— Kaiko (@KaikoData) November 7, 2023
*This is not investment advice.