Solana Price Dips 5% as FTX Shifts 250k SOL Tokens: Sell-Off Incoming?

According to Lookonchain data, the public address associated with FTX presently holds approximately 3,408 SOL, amounting to a total value of $185,000. The market is reacting to the potential liquidation, with Solana (SOL) witnessing a 5% decline in its price, currently trading at $52.64 on spot exchanges. 

Interestingly, SOL’s trading volume is shooting up by a robust 21.35%, reaching a staggering $2,974,483,716. This surge reflects mixed sentiments among investors, adding an exciting layer to the unfolding drama.

Also Read: FTX’s $106 Million Crypto Transaction: What’s Next for Solana (SOL)?

Solana Stands Strong

The aftermath of FTX Derivatives Exchange’s actions is felt across Solana’s realm, given their close history. But recent twists suggest a change in the story.

Even with the bankruptcy court giving FTX the green light to sell its crypto holdings for creditor repayment, the impact on Solana seems less pronounced.

What Next for SOL?

As SOL experiences temporary dip, analysts see it as a healthy correction—a blip on the radar that might boost Solana to new heights. Amid the turbulence, Solana stands strong, showing sustained market value and growth potential.

Read More: Solana Price Surges Over 50%! Will SOL Price Hit $60 Soon?

Do you see this as a buying opportunity for Solana, or do you think investors should stay on the sidelines?