FTX Liquidates $10 Million Worth of Solana (SOL) Tokens Amidst Price Rally

Introduction

A wallet address linked to the crypto exchange FTX has transferred $10 million worth of Solana (SOL) tokens as part of a plan to liquidate crypto assets held by FTX and Alameda Research. This move comes after FTX and Alameda received a court order in September to liquidate $3.4 billion worth of crypto assets. The debtors announced that they would gradually sell the assets to prevent any significant impact on prices.

FTX Dumps Solana (SOL) to Binance

On October 28, an FTX-labeled wallet address transferred 309.2k SOL tokens worth more than $9.9 million. Additionally, nearly 244k SOL tokens were dumped to the crypto exchange Binance. The decision to sell these tokens was influenced by the 70% rally in Solana's price in October, which allowed FTX Debtors to liquidate more SOL holdings. Former FTX CEO Sam Bankman-Fried revealed that he started buying Solana when it was trading at just $0.20.

FTX and Alameda Sell $14.4 Million Worth of Tokens

According to CoinGape Media, FTX and Alameda have sold $14.4 million worth of tokens to exchanges. However, data from Spot On Chain shows that FTX and Alameda Research still hold $736 million worth of EVM assets following recent deposits to various crypto exchanges.

SOL Price Dips Amid Liquidations

The price of Solana (SOL) has fallen more than 2% in the last 24 hours and is currently trading at $31.60. The 24-hour low and high are $31.53 and $33.30, respectively. Furthermore, the trading volume has decreased by 25% in the past 24 hours, indicating a decline in trader interest.

Conclusion

FTX's transfer of $10 million worth of Solana tokens is part of their plan to liquidate crypto assets and pay back creditors. The decision to sell the tokens was influenced by the significant rally in Solana's price. Despite the recent sales, FTX and Alameda Research still hold a substantial amount of EVM assets. The price of Solana has dipped in the last 24 hours, suggesting a temporary decline in interest. However, analysts predict that Solana will regain momentum and potentially reach $40 in the near future.