Solana (SOL) Dips 6% Post FTX’s 250K Token Move to Kraken

• FTX transferred 250,000 SOL to Kraken, worth approximately $13.6 million.
• SOL price fell over 6% after FTX’s transfer, now valued at $54.42.
• SOL’s weekly performance up 31.14%, monthly gain at +147.87%.

Today, the blockchain analysis tool Lookonchain reported in a post on X (previously known as Twitter) that the cryptocurrency exchange FTX transferred 250,000 Solana coins to the Kraken platform. The value of the transferred SOL tokens was approximately $13.6 million, as stated in the post.

In the post, Lookonchain also mentioned that FTX currently possesses approximately 3,408 SOL tokens valued at $185,000. At the same time, SOL emerged as a popular token on CoinMarketCap today, although likely for a different reason than numerous investors would have preferred.

The transfer of SOL by FTX is believed to have caused the alternative cryptocurrency to experience a decline in price exceeding 6% during the last 24 hours of market activity. As of the reporting time, the digital currency, often referred to as an Ethereum competitor, is valued at $54.42, following its descent to a daily minimum value of $51.71.

SOL’s value dropped, resulting in a 5.60% decrease compared to Bitcoin , the dominant cryptocurrency. At the same time, the trading volume for SOL over the past 24 hours reached $2,972,114,219 at the time of reporting, following an increase of over 21% from the previous day, probably attributable to investors offloading their tokens.

However, it should be mentioned that SOL’s performance over the week had increased by 31.14%. Fortunately, the token’s performance over the month remained solidly positive, showing a gain of +147.87%.

During the previous day, the market capitalization of the altcoin decreased to $23,346,620,006, positioning SOL as the seventh biggest token in terms of market cap. This situated SOL after USDC, with Cardano closely following.

The MACD and RSI indicators, which are analyzed on a daily basis, imply that the price of SOL could persist in its downward trajectory over the next 24 to 48 hours. Currently, the MACD line is approaching the Signal line of the MACD, potentially signaling that SOL’s downtrend could extend into the coming days.

Over the past three days, the Relative Strength Index (RSI) line has dipped beneath the RSI Simple Moving Average (SMA) line. This indicates that sellers have overtaken buyers in strength on the daily chart for SOL. If these technical indicators are confirmed, the price of SOL could fall to $45.