- A whistleblower has unveiled FTX’s secret 8% SOL stash, raising concerns about potential price fluctuation.
- Solana surpassed Ethereum in transaction fees with $25M generated weekly, indicating strong network usage.
In an X (formerly Twitter) disclosure on the 2nd of August, Wise Advice revealed that, per an ex-employee of FTX, the company held approximately 8% Solana’s [SOL] total supply.
This previously undisclosed information has raised concerns about potential market disruptions.
This hidden trove of SOL represents a major influence on the market, which many believe could lead to liquidations aimed at stabilizing the market.
The revelation points to the opaque financial practices within FTX that contributed to its eventual downfall.
Current Solana market performance
During press time, Solana was trading at $161.32, reflecting a 4.33% decline in the past 24 hours and an 8.81% decline over the past week.
The 24-hour trading volume for SOL was $5,047,410,666. Solana’s market capitalization is $75,063,772,727, ranking it #5 on CoinGecko.
Technical analysis showed that the price recently bounced off the lower Bollinger Band at around $160, suggesting a reversal from oversold conditions.
Moreover, the Relative Strength Index (RSI), calculated over a 14-period, was 50.80, suggesting neutral market sentiment.
Earlier in the session, the RSI was in the oversold territory, correlating with the recent price bounce.
A sustained move above 50 on the RSI could indicate stronger upward momentum, but the price may consolidate between the middle and lower Bollinger Bands levels.
Source: TradingView
The Moving Average Convergence Divergence (MACD), with the standard 12, 26, and 9 settings, showed a bullish crossover at press time. The MACD line (0.11) had started to cross above the signal line (-0.21).
The histogram, indicating the difference between the MACD line and the signal line, was turning positive as well, suggesting increasing bullish momentum.
This crossover could reinforce the possibility of an upward price movement if confirmed with strong volume and further price action above $162.
Solana’s network activity and fees
Solana’s network has shown a steady increase in transaction volume throughout the year, reaching over 250 million transactions per month in July and early August.
This high transaction activity indicated strong network usage and adoption.
Source: DefiLlama
According to a recent AMBCrypto report, Solana has outperformed Ethereum [ETH] in key metrics, including transaction fees.
Over the past week, Solana generated $25 million in transactional fees, compared to Ethereum’s $21 million. This performance highlighted Solana’s attempt to challenge Ethereum’s dominance in the cryptocurrency market.
Per DefiLlama data, the total value locked (TVL) in Solana was $5.019 billion at press time, with stablecoins market capitalization at $3.255 billion.
Over the past 24 hours, the network has generated $1.46 million in fees and $731,912 in revenue. The 24-hour trading volume is $1.438 billion, with inflows of $911,562.
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Solana’s active addresses in the past 24 hours number 1.21 million.
These metrics reflected Solana’s robust network health and growing adoption. The high volume of transactions and significant revenue generation indicate a well-utilized and efficient network.
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