- Solana is up more than 7% in the last 24 hours at press time.
- SOL’s derivatives indicators looked optimistic and suggested further price increases.
Solana (SUN) FTX has been under ongoing scrutiny since announcing plans to liquidate its assets. FTX-related wallets have seen some interesting activity recently.
Surprisingly, this move did not have a negative impact on the SOL price as the daily chart remained in the green.
Does FTX still affect SOL?
Lookonchain recently posted a tweet highlighting FTX-related wallet activity.
According to the tweet, an FTX-related address unstaked 1.5 million SOL on December 5, 2023, worth over $90 million.
There was more significance to the story as another wallet deposited more than $230 million worth of tokens at Coinbase.
1/ FTX related address “4Axqyo…HswTAh” unstaking 1.5M $SOL($90M) Transferred 2 hours ago to “3vxheE…5mgkom”.
And we confirmed that “3vxheE…5mgkom” deposited 4.13 million. $SOL($248.67M) ~ #Coinbase 11 hours ago. pic.twitter.com/pQRNDZCvgy
— Lookonchain (@lookonchain) December 5, 2023
AMBCrypto took a look. brushCheck out the staking ecosystem to see what impact your recent transfers have had.
Our analysis shows that SOL will not be significantly affected as its staking ratio continues to remain above 50%. In fact, the trend of staked tokens has increased by 90% in the last 24 hours alone.
Depending on the Staking RewardsSolana has a total of over 847,000 staking wallets and generates over $45 million in annual fee revenue.
At press time, SOL’s staking market cap was over $24 billion.
However, it is interesting to note that the total number of SOL staked has been declining recently.
Source: StakeRewards
SOL stays afloat
Despite the massive sell-off, the token price did not react negatively. In fact, the token price has gained upward momentum.
According to CoinMarketCapSOL is up more than 6% in the last 24 hours.
At the time of this writing, SOL has a market capitalization of over $27.4 billion, trading above $64, making it the 6th largest cryptocurrency.
According to AMBCrypto’s analysis of Solana liquidation charts, the token price had previously seen a strong sell-off near $58.
However, another key level needs to be crossed as the token is now well above that mark.
The chart clearly showed that SOL experienced a high liquidation near $66.
Therefore, it will be interesting to see if the token can rise above that mark during this bullish rally.
Source: Hiblock Capital
In the past 24 hours, the derivatives market situation also looked positive, with SOL’s funding rate soaring and its price rising.
This clearly meant that futures investors were actively buying SOL at higher prices.
Realistic or not, the following is SOL’s BTC market cap hatchet
In addition, public interest has also increased. Any increase in open interest suggests that an ongoing price trend will continue.
Taking these metrics into account, it is safe to say that the recent unstaking and selling has not had a negative impact. brushOverall health.
Source: Coinglass