- Lookonchain shared right now that FTX deposited SOL price greater than $13 million to Kraken.
- Over the previous 24 hours, SOL’s value slipped by greater than 6%, which left it buying and selling palms at $54.42.
- Technicals on SOL’s every day chart counsel that the altcoin’s value may proceed to drop within the coming days.
Earlier right now, the on-chain analytics platform Lookonchain shared in an X (previously Twitter) put up that FTX has deposited 250K Solana (SOL) to Kraken. The deposited SOL tokens had been price about $13.6 million, in keeping with the put up.
Lookonchain additionally added within the put up that FTX now solely has an estimated 3,408 SOL tokens, price $185K, left. In the meantime, SOL ranked as a trending token on CoinMarketCap right now, however definitely not for the explanations many merchants might have been hoping for.
FTX’s SOL switch was possible behind the altcoin’s greater than 6% value drop recorded over the previous 24 hours of buying and selling. At press time, the Ethereum-killer was price $54.42 after it reached a every day low value of $51.71.
The decline in SOL’s value additionally brought on it to weaken in opposition to the market chief, Bitcoin (BTC), by about 5.60%. In the meantime, SOL’s 24-hour buying and selling quantity settled at $2,972,114,219 at press time after it skilled a greater than 21% bounce since yesterday, possible resulting from holders promoting their tokens.
It’s price noting, nevertheless, that SOL’s weekly efficiency was nonetheless up by 31.14%. The token’s month-to-month efficiency was fortunately nonetheless firmly rooted within the inexperienced zone at +147.87%.
All through the previous day, the altcoin’s market cap dropped to $23,346,620,006, which ranked SOL because the seventh largest token by market cap. This positioned SOL behind USDC, with Cardano (ADA) on its heels.
Every day chart for SOL/USDT (Supply: TradingView)
The every day Transferring Common Convergence Divergence (MACD) and Relative Energy Index (RSI) indicators instructed that SOL’s value might proceed to drop within the subsequent 24-48 hours. At press time, the MACD line was closing in on the MACD Sign line, which can point out a continuation of SOL’s adverse pattern within the subsequent few days.
In the meantime, the RSI line had crossed beneath the RSI Easy Transferring Common (SMA) line over the previous 3 days. This means that sellers had gained the higher hand in opposition to bulls on SOL’s every day chart. Ought to these technical flags be validated, SOL might drop to $45.
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