Solana has made tremendous recovery this year
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Second, in the previous 10 days, FTX has been selling SOL, transferring out 2.14 million SOL worth over $94 million to sell. In the last 24 hours alone, 1.1 million SOLs worth $42.35 million were sold.As of Nov. 3, FTX had moved $221.7 million in crypto assets to sell, according to Lookonchain. Solana accounts for about half of this total, with 2,859,886 SOL valued at $102,696.908 transferred out by FTX.
Finally, Solana's price decline could be the result of a long squeeze, which occurs when a sudden drop in market price drives long traders to sell or liquidate their assets.data, that more traders were long on SOL on the world's largest crypto exchange, Binance, than short. Long positions are taken by traders who believe the asset's value will rise over time.
This comes after global asset manager VanEck released a report in the past week outlining a bullish case scenario in which the cryptocurrency's price might reach $3,200 by 2030.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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