While the cryptocurrency market has recently begun to consolidate, Ethereum rival Layer-1 network solana It faced a sharp price correction. SOL is down 7%, trading at $59.74. Its market value is $25.3 billion.
Solana witnessed a massive price increase last month, thus becoming the sixth largest cryptocurrency by market capitalization. The recent SOL price drop also coincides with a large transfer via the FTX cold wallet.
In a new development reported by Lookonchain, an address closely associated with the FTX cold wallet identified as 4Axqyo…HswTAh moved 1.5 million SOL (equivalent to approximately $90 million) today. While all of these tokens were transferred to a different wallet address, there are also speculations that the address in question is related to Coinbase.
As Koinfinans.com reported, crypto exchange FTX was holding a large amount of Solana before filing for bankruptcy last week. Now, the stock market has begun liquidating its assets to repay creditors. However, this did not stop SOL investors from starting a bullish price rally.
Relationship Between Solana Price Movement and DeFi Data
Solana is currently trading just under $60 and is down 6.87% in the last 24 hours. Despite this minor pullback, SOL continues to maintain an upside outlook of 12.23% on the week and an impressive 46.84% over the past 30 days.
Recent developments in the market show that SOL price struggled and failed to surpass the $65.3 level. Moreover, the asset recently declined below the critical support level at $62.5. Analysts suggest that a potential bullish scenario could materialize if the price successfully climbs above $63.4, paving the way for a retest of the $65.3 resistance level.
If the uptrend occurs, a potential rise towards the $79.1 level looks likely. On the other hand, a break below the $59 level could indicate a downside trajectory and potentially test the $56.4 support level. Investors and analysts closely monitor these key levels for potential market shifts.
Solana, which stands out with its strong business volume and scalability, continues to grow stronger in the field of decentralized finance (DeFi). The Total Locked Value (TVL) recently reached $655 million, demonstrating its growing influence and confidence in the DeFi industry.
While DefiLlama’s October statistics show Solana’s TVL at around $326 million, a recent update puts it at over $655 million, marking the highest TVL in over a year and indicating solid and continued growth. reveals a doubling.