On November 6, there was a significant price retraction in the Solana (SOL) cryptocurrency following a transfer of 750,000 SOL from the FTX estate to Binance and Kraken. The FTX estate, which holds a substantial amount of SOL worth over $1.1 billion, has been gradually selling its holdings to repay creditors. Despite this large-scale transfer, Solana’s market performance has remained strong.
With a market capitalization that exceeds Cardano, Dogecoin, and Tron by more than $7 billion, Solana’s robust performance is certainly noteworthy. As of today, SOL is trading at around $43, after breaking through the $32 resistance level in late October.
The Cumulative Volume Delta (CVD) indicates an upward trend for SOL. This upward momentum may continue due to strategic partnerships and the introduction of new features by Solana Labs, which could potentially drive the price to reach $80. Despite some price fluctuations in SOL resulting from the large-scale transfers from the FTX estate, the overall market sentiment for Solana remains positive.
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