• FTX estate transferred 750,000 SOL to crypto exchanges Binance and Kraken on Monday.
  • At the time of writing, SOL is trading at $43.05, up 2.50% in the last 24 hours.

As part of its bankruptcy procedures, the defunct crypto exchange FTX has been aggressively selling off some of its cryptocurrency holdings over the last several weeks. Lookonchain conducted an investigation of FTX transfers and found that more than half of all FTX transfers involved Solana (SOL).

In preparation for a potential sale, the FTX estate transferred 750,000 Solana (SOL) to crypto exchanges Binance and Kraken on Monday. So far, the insolvent crypto exchange’s estate has sent $102 million in SOL to exchanges in a sequence of transactions that may impose selling pressure on the cryptocurrency.

The SEC filed a lawsuit this year claiming that Solana constituted a security; however, market volatility subsided after the Solana Foundation publicly disputed the SEC’s allegation, and Ripple obtained an interim victory.

Strong Bullish Momentum

Solana has maintained its upward trend despite the brief turbulence in the crypto sector and still stands strong with bulls in control. Solana’s price has been striving hard to climb further, and significant investors like VanEck have increased their price projections for the cryptocurrency to $50.

At the time of writing, SOL is trading at $43.05, up 2.50% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 11.36%. The price is up by a significant 83.42% in the last 30 days.

If the price manages to go above the recent high of $44.7, then it will likely rally towards $48.8 resistance level. On the other hand, if the bears drive the price below $38.5 support level, then price will likely test $35.8 level.