Solana (SOL), a top 10 cryptocurrency by market cap, has seen significant buying activity on leading exchanges Coinbase (NASDAQ:COIN) and Binance, with purchases exceeding 2.2 million and 2 million SOL, respectively, since October 18, 2023. The increase in buying interest on these platforms contrasts with the decrease in demand seen on Bybit, Upbit and OKX.
On November 6th, there was a noticeable price drop following a transfer of 750,000 SOL from the FTX estate to Binance and Kraken. The FTX estate, which controls over $1.1 billion worth of SOL, has been gradually selling off its holdings to repay creditors. Despite this large transfer, Solana‘s market performance remains strong.
With a market cap that exceeds Cardano, Dogecoin and Tron by over $7 billion, Solana’s robust performance is remarkable. As of today, SOL is trading around $43 after breaking through the $32 resistance level in late October.
The Cumulative Volume Delta (CVD) indicates an uptrend for SOL. This uptrend may continue due to strategic partnerships and the launch of new features by Solana Labs, which could potentially push the price to $80. Despite some volatility in SOL prices due to large transfers from the FTX estate, overall market sentiment for Solana remains positive.
