- SOL was up by more than 23% over the last seven days.
- Metrics looked bullish on SOL, but market indicators told a different story.
Solana [SOL] displayed an impressive performance as its price rallied in double digits in the last few days. Though the uptrend gave investors confidence, the scenario might not take long to change, especially if recent developers are to be considered.
Read Solana’s [SOL] Price Prediction 2023-24
Notably, infamous crypto exchange FTX might make a move that can turn the tides against Solana’s favor.
Solana shows promise
Solana’s price surged by more than 23% over the last seven days, showing potential. Moreover, according to CoinMarketCap, in the last 24 hours alone, the token’s price went up by over 6%.
At the time of writing, SOL was trading at $38.16 with a market capitalization of more than $16 billion, making it the seventh-largest crypto. The price uptrend was also accompanied by a rise in the token’s trading volume.
But despite the bullish momentum, Nansen’s latest tweet signaled trouble brewing on the horizon for SOL. Particularly, FTX had started to unstake SOL tokens worth millions of dollars.
If the exchange decides to sell those tokens, we can expect SOL’s liquidity to go up, which might be followed by a price correction.
An additional 1.6M SOL ($57.6M) started the process of unstaking yesterday
The address: 9uyDy9VDBw4K7xoSkhmCAm8NAFCwu4p
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Author: Dipayan Mitra
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