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FTX linked wallet transfers $10 million in Solana tokens to Binance, causing potential SOL price drop?

As FTX and Alameda liquidate SOL tokens worth millions, Solana (SOL) price faces selling pressure.

by V. Sinclair
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Wallet address connected to the virtual currency On Wednesday, FTX transferred $10 million worth of Solana (SOL) tokens as part of a strategy to pay off creditors by liquidating the cryptocurrency assets that FTX and Alameda Research owned.

A judge ordered FTX and Alameda to sell $3.4 billion worth of cryptocurrency holdings in September. To avoid having a major impact on pricing, the debtors indicated that they would be selling their cryptocurrency holdings gradually.

Solana (SOL) is Dumped by FTX to Binance

On October 28, PackShieldAlert revealed that 309.2k SOL tokens valued over $9.9 million were moved using a wallet address tagged with FTX. Nearly 244k SOL tokens were also transferred to the cryptocurrency market Binance.

The action was taken after the price of Solana increased by 70% in October, enabling FTX Debtors to sell off additional SOL holdings. Sam Bankman-Fried, the former CEO of FTX, told the jury that he began purchasing Solana at a price of just $0.20.

According to a recent report by CoinGape Media, exchanges have purchased tokens worth $14.4 million from FTX and Alameda. Following recent payments to different cryptocurrency exchanges over the previous few days, FTX and Alameda Research still possess $736 million worth of EVM assets, according to data from Spot On Chain.

A plan by FTX Debtors to sell off cryptocurrency assets held by FTX and Alameda Research valued at $3.1 billion was approved by a Delaware Bankruptcy Court in September.

SOL Price Declines During Sales

The price of SOL has dropped by more than 2% during the past day, and it is presently trading at $31.60. $31.53 is the 24-hour low and $33.30 is the 24-hour high. In addition, there has been a 25% drop in trading volume over the last day, suggesting that traders are becoming less interested.

According to analysts, Solana is expected to retreat in pursuit of new liquidity prior to another surge that might target $40, supported by double golden cross patterns.

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