- Solana was up by greater than 7% within the final 24 hours at press time.
- SOL’s derivatives metrics seemed optimistic and advised an additional worth hike.
Solana [SOL] has been beneath scrutiny ever since FTX introduced its plans to liquidate its property. Not too long ago, a pockets associated to FTX made a transfer that was attention-grabbing to take a look at.
Surprisingly, the transfer didn’t have a unfavorable impression on SOL’s worth because it’s every day chart remained inexperienced.
Does FTX nonetheless have an effect on SOL?
Lookonchain lately posted a tweet highlighting an FTX-related pockets’s exercise.
As per the tweet, an FTX-related deal with unstaked 1.5 million SOL on fifth December 2023, which was value greater than $90 million.
There was extra meat to the story as one other pockets deposited tokens value greater than $230 million on Coinbase.
1/ FTX-related deal with “4Axqyo…HswTAh” unstaked 1.5M $SOL($90M) 2 hours in the past and transferred it to “3vxheE…5mgkom”.
And we observed that “3vxheE…5mgkom” deposited 4.13M $SOL($248.67M) to #Coinbase 11 hours in the past. pic.twitter.com/pQRNDZCvgy
— Lookonchain (@lookonchain) December 5, 2023
AMBCrypto took a take a look at SOL’s staking ecosystem to see whether or not the latest transfers had any impression.
As per our evaluation, we discovered that not a lot was affected as SOL’s staking ratio continued to stay above 50%. In reality, its staked token pattern elevated by 90% within the final 24 hours alone.
As per StakingRewards, Solana had a complete of greater than 847 thousand staking wallets with an annualized charge income of greater than $45 million.
At press time, SOL had a staking market cap of over $24 billion.
Nevertheless, it was attention-grabbing to notice that the entire variety of staked SOL did register a decline within the latest previous.
Supply: StakingRewards
SOL stays afloat
Regardless of a large sell-off, the token’s worth didn’t react negatively. In reality, the token’s worth gained upward momentum.
In keeping with CoinMarketCap, SOL was up by greater than 6% in simply the final 24 hours.
On the time of writing, SOL was buying and selling above $64 with a market capitalization of greater than $27.4 billion, making it the sixth largest crypto.
As per AMBCrypto’s evaluation of Solana’s liquidation chart, the token’s worth beforehand witnessed excessive sell-offs close to the $58 mark.
Nevertheless, because the token is now effectively above that mark, it has to cross one other key degree.
The chart clearly revealed that SOL has skilled excessive liquidations close to $66.
Subsequently, whether or not the token manages to go above that mark throughout this bull rally, it will likely be attention-grabbing to observe.
Supply: Hyblock Capital
Issues within the derivatives market additionally seemed optimistic, as SOL’s funding fee registered a spike whereas its worth rose previously 24 hours.
This clearly meant that futures buyers have been actively shopping for SOL at a better worth.
Real looking or not, right here’s SOL’s market cap in BTC phrases
Not solely that, however its open curiosity additionally elevated. Every time open curiosity will increase, it means that the on-going worth pattern will proceed.
Contemplating these metrics, it’s protected to say that the latest unstaking and sell-off didn’t have a unfavorable impression on SOL’s total well being.
Supply: Coinglass