Investors Choose To 'HOLD' As Solana Price, Volume Plummets Amid FTX Selloff

KEY POINTS

SOL gained more than 12% over the past seven days
It has a market capitalization of more than $13.4 billion as of early morning Monday
SOL saw a 0.2% loss in the early hours of Monday, with market watchers blaming it on the recent selloff by FTX

Solana plummeted at the start of the week after the now-bankrupt crypto derivatives exchange FTX started selling its SOL stash. But instead of selling, investors chose to “HODL,” a crypto slang that means “Hold On To Dear Life.”

Over the past weeks, SOL, the native cryptocurrency of Solana, managed to sneak into the top 10 list of crypto assets due to a recent bull rally in the crypto market led by Bitcoin. Its value doubled over the past week.

SOL gained more than 12% over the past seven days. As of early morning Monday, it has a market capitalization of more than $13.4 billion, making it the seventh-largest crypto asset in terms of market cap.

But instead of selling their stash, it appeared investors were opting to HODL, a Solana liquidity heat map shared by Hyblock Capital showed.

SOL saw a 0.2% loss in the early hours of Monday, according to data from CoinMarketCap. Market watchers say it could be due to the recent selloff by FTX.

Wallet addresses linked to FTX and its sister company Alameda Research moved a total of $59 million in crypto assets, including 787,000 SOL worth approximately $25.4 million, last Friday, according to web3 data analysis tool LookOnChain.

“As of Oct 27, FTX/Alameda had transferred a total of $59M in crypto assets, including 787K $SOL($25.4M), 4,858 $ETH($8.7M), 532K $LINK($5.8M), 7.8M $MATIC($4.9M), 1.09M $DYDX($2.5M), 974K $RNDR($2M), 488K $UNI($2M), 1.09M $LDO($2M), 1,341 $MKR($1.9M), 1.6M $AGLD($1.3M),” LookOnChain said in a tweet.

Aside from its price, SOL’s volume has also dropped marginally since last week, which indicates that investors are reluctant to sell their Solana stash.

Solana was trading in the green zone at $34.96 as of 5:15 a.m. ET on Monday, with a 24-hour trading volume up by 94.79% at $793,586,567. It represents an 8.31% spike over the past 24 hours and a 15.3% gain in the past seven days.

SOL’s total circulating supply stands at 419,295,076 tokens, with its value up by 8.35% at a market cap of $14,660,137,933, data from CoinMarketCap showed.

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