Solana drops 5% as Binance moves FTX-linked address SOL to Kraken.

It seems now after flying at a high level in the past weeks Solana He returns to earth.

SOL is down about 6% in the last 24 hours and is currently trading at $39.82 on CoinGecko.

The bear activity is amid some heavy SOL transfers from Solana addresses connected to FTX, according to Solana block explorer Solscan data. In September, a court approved the liquidation of $3.4 billion worth of crypto assets, including $1.16 billion of SOL, the remnants of Sam Bankman-Fried's crypto empire after it collapsed last year.

The liquidation plan approved by the court has placed $100 million worth of crypto assets per week, which could bring continued sales pressure on Solana as long as the process lasts.

As it continues to build on last week's massive 23.9% gain, the broader picture remains bullish.

In the last 24 hours, approximately $10.31 million in SOL has been released. Of this amount, more than 7 million dollars were from traders.

The timing of the FTX-linked transfers, although pre-planned, may still raise eyebrows due to the sudden rise in prices over the past few weeks.

In Solana block explorer Solscan, the address posted “FTX Cold Storage #2” sent over 250,000 SOL tokens.At the time of press release, the crypto exchange is worth approximately 9.8 million dollars Kraken Last night. The transfers are first sent to an intermediate address before reaching Kraken.

In the breadcrumbs of the analysis tool, that intermediate address sent approximately 300,000 SOL tokens to addresses named Binance about 20 hours ago.

It is unclear exactly who controls the intermediary address in question. The first link in the chain was ten days ago; Received 158,000 SOL from FTX Cold Storage #2. The FTX property did not immediately respond to a request for comment.

FTX Estates has been busy doing just that, after receiving approval in September to begin selling or divesting properties and tapping Galaxy Digital to oversee that activity. Just last month, the asset included $122 million in SOL and another $5 million in ETH. Soon, more FTX-linked ETH, LINK, AAVE and MKR were sent to Binance.

As for the rest of the market, it was somewhat depressed. Heavyweight assets in Bitcoin and Ethereum fell roughly 2% overnight. After Solana, the biggest losers are CoinFlux's native token, as well as popular meme coin PEPE.

Edited by Stephen's Grave.