FTX and Alameda Transfer Solana Assets: SOL Price at Risk!

• PeckShieldAlert reported that on October 28, a wallet address affiliated with FTX transferred 309.2 thousand SOL tokens worth over $9.9 million.
• FTX and Alameda Research still hold EVM assets worth $736 million following various deposits made to crypto exchanges in the past few days.
• In the last 24 hours, SOL’s price has dropped by over 2%, currently trading at $32.25. The 24-hour low and high values are $31.53 and $33.30, respectively.

Solana (SOL) token assets connected to the insolvent FTX exchange and Alameda are being transferred. What is the purpose of these transfers? Here are the details!

FTX and Alameda Making Solana Transfers

As part of a plan to repay crypto assets associated with FTX and managed by Alameda Research, $10 million worth of Solana (SOL) tokens were transferred on Wednesday.

FTX and Alameda received a liquidation order in September worth $3.4 billion in crypto assets. Debtors announced plans to gradually sell their crypto assets to avoid significant impacts on prices.

PeckShieldAlert reported that on October 28, a wallet address affiliated with FTX transferred 309.2 thousand SOL tokens worth over $9.9 million. In addition, approximately 244 thousand SOL tokens were sent to the crypto exchange Binance.

This move allowed FTX debtors to liquidate their SOL assets as they had more SOL due to Solana’s 70% rally in October. Former FTX CEO Sam Bankman-Fried stated in court that he began buying Solana when it was trading for just 20 cents.

COINOTAG reported that FTX and Alameda sold tokens worth $14.4 million to exchanges. According to Spot On Chain data, FTX and Alameda Research still hold EVM assets worth $736 million following various deposits made to crypto exchanges in the past few days. In September, the Delaware Chancery Court approved FTX debtors’ plan to liquidate $3.1 billion in crypto assets held in FTX and Alameda Research.

SOL Price Drops Amid Liquidations

SOL’s price has dropped by over 2% in the last 24 hours, currently trading at $32.25. The 24-hour low and high values are $31.53 and $33.30, respectively. Furthermore, a 25% drop in trading volume in the last 24 hours indicates reduced trader interest.

Analysts expect Solana to step back in its quest for new liquidity and move towards $40, strengthening the double golden cross pattern.