- Solana, at the time of writing, was up more than 7% in the past 24 hours.
- SOL’s derivatives statistics appeared optimistic and suggested further price appreciation.
Solana [SOL] has been under scrutiny since FTX announced its plans to liquidate its assets. Recently, a wallet related to FTX made a move that was interesting to watch.
Surprisingly, this move had no negative impact on SOL’s price as the daily chart remained green.
Does FTX still have an impact on SOL?
Lookonchain recently posted a tweet highlighting the activity of an FTX-related wallet.
According to the tweet, on December 5, 2023, an FTX-related address staked 1.5 million SOL, which was worth more than $90 million.
The story took on even more significance when another wallet deposited tokens worth more than $230 million on Coinbase.
1/ FTX related address “4Axqyo…HswTAh” undisabled 1.5M $SOL($90 million) 2 hours ago and transferred to “3vxheE…5mgkom”.
And we noticed that “3vxheE…5mgkom” has deposited 4.13 million $SOL($248.67 million). #Coinbase 11 hours ago. pic.twitter.com/pQRNDZCvgy
— Lookonchain (@lookonchain) December 5, 2023
AMBCrypto took a look at it SOL‘s staking ecosystem to see if the recent transfers had any impact.
Our analysis shows that not much was affected as SOL’s betting ratio remained above 50%. In fact, the token staking trend has increased by 90% in the last 24 hours alone.
From Deploy rewardsSolana had a total of over 847,000 staking wallets with annual fee revenue of over $45 million.
At the time of writing, SOL had a market capitalization of over $24 billion.
However, it was interesting to note that the total number of SOLs deployed has shown a decline in the recent past.
Source: StakingRewards
SOL floats
Despite a massive sell-off, the token’s price did not react negatively. In fact, the token’s price gained upward momentum.
According to CoinMarketCapSOL is up more than 6% in the past 24 hours.
At the time of writing, SOL was trading above $64 with a market cap of over $27.4 billion, making it the sixth largest cryptocurrency.
According to AMBCrypto’s analysis of Solana’s liquidation chart, the token’s price previously witnessed high sell-offs around $58.
However, since the token is now well above that point, it must cross yet another key level.
It is clear from the chart that SOL has experienced high liquidations around $66.
It will therefore be interesting to see if the token manages to rise above that level during this bull rally.
Source: Hyblock Capital
Things in the derivatives market also looked positive as SOL’s funding rate registered a spike while its price rose over the past 24 hours.
This clearly meant that futures investors were actively buying SOL at a higher price.
Realistic or not, here it is The market capitalization of SOL in BTC conditions
Not only that, but open interest also increased. Whenever open interest increases, it indicates that the ongoing price trend will continue.
Given these numbers, it’s safe to say that the recent pullback and sell-off haven’t had a negative impact on SOL‘s overall health.
Source: Coinglass