SOL Worth Down 6% After FTX Transfers 250K Tokens To Kraken

• Lookonchain shared in the present day that FTX deposited SOL value greater than $13 million to Kraken.
• Over the previous 24 hours, SOL’s worth slipped by greater than 6%, which left it buying and selling arms at $54.42.
• Technicals on SOL’s day by day chart recommend that the altcoin’s worth might proceed to drop within the coming days.

Earlier in the present day, the on-chain analytics platform Lookonchain shared in an X (previously Twitter) publish that FTX has deposited 250K Solana (SOL) to Kraken. The deposited SOL tokens had been value about $13.6 million, in response to the publish.

Lookonchain additionally added within the publish that FTX now solely has an estimated 3,408 SOL tokens, value $185K, left. In the meantime, SOL ranked as a trending token on CoinMarketCap in the present day, however actually not for the explanations many merchants might have been hoping for.

FTX’s SOL switch was probably behind the altcoin’s greater than 6% worth drop recorded over the previous 24 hours of buying and selling. At press time, the Ethereum-killer was value $54.42 after it reached a day by day low worth of $51.71.

The decline in SOL’s worth additionally brought on it to weaken in opposition to the market chief, Bitcoin (BTC), by about 5.60%. In the meantime, SOL’s 24-hour buying and selling quantity settled at $2,972,114,219 at press time after it skilled a greater than 21% bounce since yesterday, probably attributable to holders promoting their tokens.

It’s value noting, nevertheless, that SOL’s weekly efficiency was nonetheless up by 31.14%. The token’s month-to-month efficiency was fortunately nonetheless firmly rooted within the inexperienced zone at +147.87%.

All through the previous day, the altcoin’s market cap dropped to $23,346,620,006, which ranked SOL because the seventh largest token by market cap. This positioned SOL behind USDC, with Cardano (ADA) on its heels.

Every day chart for SOL/USDT (Supply: TradingView)

The day by day Transferring Common Convergence Divergence (MACD) and Relative Power Index (RSI) indicators advised that SOL’s worth might proceed to drop within the subsequent 24-48 hours. At press time, the MACD line was closing in on the MACD Sign line, which can point out a continuation of SOL’s detrimental development within the subsequent few days.

In the meantime, the RSI line had crossed beneath the RSI Easy Transferring Common (SMA) line over the previous 3 days. This means that sellers had gained the higher hand in opposition to bulls on SOL’s day by day chart. Ought to these technical flags be validated, SOL might drop to $45.