Solana Under Sight: FTX Transfers 250,000 SOL to Kraken Liquidation Imminent?

As the world of cryptocurrency continues to evolve, shocking news has recently emerged in the Solana (SOL) ecosystem that has caught the attention of investors and enthusiasts alike.

It has been revealed through tipster Lookonchain that FTX Derivatives Exchange, in the midst of its difficult financial situation, has transferred more than 250,000 SOL, valued at about $13.6 million, to the exchange platform Kraken.

This move has generated a wave of speculation about a possible liquidation of Solana by FTX.

FTX deposited 250K $SOL($13.6M) to #Kraken 7 hours ago.

Currently, FTX’s public addresses on #Solana only have 3,408 $SOL ($185K) left.https://t.co/A4CyCXgVzS pic.twitter.com/4EVtrwoYyX

— Lookonchain (@lookonchain) November 14, 2023

Solana (SOL) is currently valued at $53.50, showing a decrease of 7% in the last 24 hours, according to the most recent data from CoinMarketCap.

Despite this negative variation, Solana still maintains a solid market capitalization of $22.19 billion, retaining its position in seventh place among cryptocurrencies.

Its considerable trading volume stands out in the last 24 hours, reaching $2.97 billion, which represents an increase of 24.42%.

This data reflects the inherent volatility of the crypto market and the continued interest in commercial activity surrounding Solana.

This Phenomenon Suggests Positive Sentiment Towards Solana, Despite Concerns About Possible Liquidations

FTX has been known for its massive liquidations in recent months, and its impact on Solana has been palpable.

Previously, the bankruptcy of FTX Derivatives Exchange significantly affected SOL due to the project’s exposure to this platform.

However, SOL has managed to recover remarkably, returning to pre-FTX bankruptcy price levels, after exhibiting outstanding performance in October and early November.

Market analysts consider the current Solana price drop to be a healthy correction, interpreting it as an opportunity for the cryptocurrency’s potential future growth.

This optimistic vision is based on Solana’s demonstrated ability to recover from adverse situations and once again strengthen itself in the market.