Solana [SOL] has displayed an impressive performance in the bull market to date as its price rallied in double digits.
FTX has started to unstake Solana tokens worth millions of dollars, which can cause trouble for the token if it is sold in the coming days.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.At the time of writing, SOL was trading at $38.
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.At the time of writing these funds haven't left the wallet, but if they do that will bring the total of SOL moved by FTX to just under $90MAn additional 1.6 million SOL, worth more than $57 million, started the process of unstaking on 31 October.
LunarCrush’s data revealed that SOL’s social engagement had dropped along with its bullish sentiment. Another bearish signal was Solana’s AltRank, which went up, increasing the chances of a price downtrend.’s position seemed relatively stable at press time. This was evident from the fact that SOL’s Binance Funding Rate was green. This meant that derivatives investors were buying Solana at its higher price.
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