Coinciding with the crypto market’s newfound bull run, Solana (SOL) has made significant strides, rising by over 175% in the last 30 days.
FTX wallets unstake $160M in SOL
Recently, analysts at reported a substantial unstaking of $160 million worth of SOL from FTX-linked wallets. This move resulted in a dip in the price of Solana’s native SOL token, dropping to around $40, before orchestrating a recovery. Despite this significant unstaking event, Solana’s price is still holding strong.
Popular crypto trader, Bluntz, observed a consistent selling pattern by FTX, ranging between 250k-700k SOL daily for the past two weeks. Surprisingly, this selling pressure hasn’t deterred SOL’s price, suggesting a robust absorption capacity. The analyst anticipates a further Solana price surge once this selling pressure subsides.
FTX has been selling between 250k-700k every day for the last 2 weeks while price has either been going up or sideways.so far its been getting absorbed like a champ and at current rate their unlocked tokens should be depleted within a week.once this seller is gone i can…
— Bluntz (@Bluntz_Capital)
Solana price analysis
The latest data from CoinGecko shows Solana exchanging hands for $60.39, representing a 183% increase over the past 30 days.
With a circulating supply of 420 million SOL, its market cap stands at $25.2 billion.
The journey of Solana in 2023 showcases a compelling narrative of growth, overcoming market challenges, and demonstrating resilience.
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