Solana Plummets After Hitting New ATH As FTX Moves Nearly $14M In SOL

After hitting a new all-time high price of $58 for this year, Solana saw a significant dip in its value Tuesday, as FTX moved nearly $14 million in SOL to exchanges.

Solana's price plummeted by as much as 7% to $54 after the now-bankrupt crypto empire FTX transferred 250,000 SOL to several centralized crypto exchange platforms like Binance, Wintermute, Kraken and OKX.

Once regarded as the "Ethereum Killer," SOL's value had skyrocketed by 40% Monday, pushing it to reach a new all-time high price of $58 for this year.

However, the surge in SOL's value was short-lived, as it slowly erased its gains Tuesday after the million-dollar sell-off made by FTX and its sister company Alameda Research.

On-chain data revealed that both the crypto businesses co-founded by then-crypto billionaire Sam Bankman-Fried moved 8.27 million MATIC worth $7.41 million and 1,500 ETH worth $3.1 million to exchanges.

Aside from those, $3.99 million worth of USDT and 250,000 SOL worth $13.5 million were transferred to Binance and Wintermute over the past 24 hours, based on the transactions noted by blockchain analytics firm PeckShield.

As of Nov. 14, Bankman-Fried's crypto businesses made cumulative transfers of $438 million across 42 different crypto assets, including 5.74 million SOL worth approximately $223 million.

This means that the crypto business only holds 3,408 SOL worth approximately $179,000 in Cold Storage 2.

It is worth noting, however, that FTX still holds a significant amount of SOL, which is around 42.2 million and worth approximately $2.19 billion, locked up. It is set to be gradually unfrozen from 2024 through 2027 and 2028.

While a series of transfers were made by FTX over the past weeks, Solana was seemingly resilient to these sell-offs and has showcased an increase in its value by 170% and more than 500% on the year-to-date metrics, as the market is optimistic on the positive impact to the broader crypto market due to a potential spot Bitcoin ETF approval by the U.S. Securities and Exchange Commission.

While the surge in the value of Solana was cut short, it slowly crawled back and was trading in the green zone at $57.59 as of 10:55 a.m. ET on Tuesday with a 24-hour trading volume up by 19.84% at $3,157,675,379, representing a 3.07% increase over the past 24 hours and a 37.1% increase over the last seven days.

Based on the latest data from CoinMarketCap, SOL's total circulating supply stands at 422,396,770 SOL with its value down by 2.81% at a $24,242,052,010 market cap.