Solana (SOL), the future of which is still being associated with FTX by some cryptocurrency enthusiasts, seems to be struggling to break free from this cycle despite all the positive trends. Discussions about the relationship between FTX and Solana have reignited following recent movements in some FTX wallets.
A tweet shared by Lookonchain, a leading cryptocurrency tracking platform, on November 6 revealed that FTX continues to sell Solana assets. In addition, a wallet identified as being connected to FTX recently exposed 3.96 million SOL.
The mentioned address also transferred 750,000 SOL with a total value of approximately 30 million dollars to Binance and Kraken exchanges in order to sell on November 6. Such developments were expected to occur when FTX received approval to liquidate its assets.
The recent decrease in Solana’s volume and market value may be a result of the sales carried out by the mentioned wallet. At the time the report was prepared by Lookonchain, SOL had experienced a decrease of more than 3% according to 21milyon.com data.
Perhaps due to these sales, Solana has experienced a decrease in value in the past 48 hours. The noteworthy point is that there has been a decrease of more than 8% in trading volume at the time this report was prepared by Lookonchain.
This can be interpreted as a sign that the number of transactions has decreased compared to previous transactions.
When examining Solana’s daily price chart, it can be seen that it has experienced an approximately 4% price decrease in the past 48 hours. At the time of writing, it was trading at around $40.4, with a decrease of over 1.7%.
The price decrease occurred immediately after a 3% loss in the previous trading day. According to the charts, Solana has been trading in overbought territory for some time. Whether this is due to the events related to FTX or not continues to be investigated.
Finally, the Relative Strength Index (RSI) remained above the 70 level at the time of writing. The direction of the trend in the coming days will reveal whether this is a price correction or a downward trend influenced by FTX.