Solana (SOL), a top-10 cryptocurrency by market cap, has witnessed 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 surge in buying interest on these platforms contrasts with the declining demand observed on Bybit, Upbit, and OKX.
On November 6, there was a noticeable price retraction 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 its holdings to repay creditors. Despite this large-scale transfer, Solana's market performance remains strong.
With a market cap that surpasses Cardano, Dogecoin, and Tron by over $7 billion, Solana's robust performance is noteworthy. As of today, SOL is trading at around $43, after breaking through the $32 resistance level in late October.
The Cumulative Volume Delta (CVD) suggests an upward trend for SOL. This uptrend may continue due to strategic partnerships and the rollout of new features by Solana Labs, which could potentially push the price to hit $80. Despite some fluctuations in SOL prices due to large-scale transfers from the FTX estate, the overall market sentiment for Solana remains positive.
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