FTX Transfers Over $10 Million Worth of SOL Tokens, Bearish Market Indicators for Solana

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Cryptocurrency News

FTX,SOL,Solana

FTX, the infamous crypto exchange, has transferred more than 300,000 SOL tokens worth over $10 million, causing bearish market indicators for Solana.

FTX sold SOL worth more than $10 million in the recent past, and market indicators look bearish on the token as well.has managed to maintain its position on the top 10 list for quite some time. The token also capitalized on the recent bull rally, as its price rallied in double digits over the last week.However, FTX, the infamous crypto exchange that caused massive havoc a few months ago, has transferred a substantial amount of SOL in the recent past.

As per CoinMarketCap, SOL was down by over 0.2% over the last 24 hours. A possible reason behind this current price drop could be due to an act from FTX. As per the latest data, FTX transferred more than 300,000 SOL tokens, which were worth over $10 million.Though FTX transferred SOL, a look at Solana’s liquidity heatmap revealed that investors were not actually selling the token.

 

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