Here’s how Solana reacted to FTX moving its SOL holdings
- FTX moved its Solana holdings, and the price of SOL started to fall.
- Sentiment remained positive, however, interest in NFTs declined.
Solana [SOL] has witnessed many ups and downs over the last year. The collapse of FTX was one of the major reasons for SOL’s price volatility.
After the fall of FTX, there was high speculation about its impact on SOL. This was because FTX held large amounts of SOL.
SOL on the move
Recently, it was seen that FTX moved 250,000 SOL tokens, worth $13.6 million, to Kraken. Now, FTX’s public Solana addresses hold only 3,408 SOL, equivalent to $185,000.
— Lookonchain (@lookonchain) November 14, 2023
Over the last 24 hours, it was seen that the price of SOL fell by 6.52%. However, in terms of the social front, there was high social volume for SOL.
Coupled with that, the weighted sentiment around SOL also grew. This meant that the number of hopeful comments around SOL had outnumbered the negative ones on social media.
If this trend continues, SOL might have a chance of recovery despite the recent price fall.
Separately, Raydium, a DEX on the Solana network, entered the top 10 in terms of protocol fees earned, marking the first time a Solana protocol has reached this milestone. This suggests increased activity and recognition for Solana-based projects.
Some notable changes in protocol fees earned we've noticed over the past week:
Bitcoin has been the second or third highest fee earner, following the rise in volume for inscriptions and BRC-20s
Raydium, a DEX on Solana, is in the top 10 for fees earned – first time we've seen a… pic.twitter.com/nqYsqkxbnZ
— ASXN (@asxn_r) November 13, 2023
Is your portfolio green? Check out the SOL Profit Calculator
Despite their popularity, the NFTs on the Solana network have not had a good run.
According to recent data, interest in blue chip NFTs on the network fell over the last few weeks. A decline in NFT interest can impact the overall health of the ecosystem.