Solana Price Threatened as Alameda Sells Off $24M in SOL Tokens

• Alameda Research transferred 177.7K SOL tokens ($24.11M) to Binance and Coinbase, raising concerns about potential price drops.
• Worldcoin (WLD) saw 143.8K tokens moved to Binance by Alameda, amid a 21.18% rise in trading volume and a 1.44% price dip.
• Alameda also transferred 373 AAVE tokens to Coinbase, with AAVE’s price down 77.37% from its all-time high of $666.86.

Alameda Research, FTX’s bankrupt sister company, has transferred a substantial amount of cryptocurrency. Binance and Coinbase, two of the top cryptocurrency exchanges, received these transfers.

Consequently, the movements were revealed by blockchain analytics company PeckShield, and they included significant amounts of various altcoins. Concerns have been raised about this development’s possible effects on the impacted assets’ market prices.

Massive SOL Token Transfer Sparks Price Concerns

Notably, the transfer of 177.7K SOL tokens, worth $24.11 million, was quite significant. Market observers speculate that if a sale occurs after the transfer, SOL’s price may drop. The possible supply shock brought on by a significant sell-off is the source of the anxiety.

Even though SOL has recently been trending upward, up to 2.51% in the last day, selling these coins could have a negative effect on the market. As of the time of writing this article, SOL has a market capitalization of $63.62 billion and is trading at $134.96.

Additionally, over the course of the previous month, SOL’s price has fluctuated. Although it increased by 2.87% over the previous week, it has decreased by 5.21% over the past 30 days. This delicate balance could be disrupted by the possible sell-off, which would make investors cautious about what might happen next.

Worldcoin and Aave Also See Significant Transfers

Moreover, Alameda Research also transferred 143,800 Worldcoin (WLD), worth more than $200,000, to Binance in addition to the SOL tokens. This transfer has sparked speculation regarding WLD’s price trajectory.

Currently, the stock is trading at $1.47, down 1.34% over the past 24 hours. On the other hand, the altcoin’s trading volume increased by 20.87% to reach $96 million according to coinmarketcap. Worldcoin is still one of the most valuable digital assets, with a $609 million market capitalization.

In addition, Alameda moved 373 AAVE tokens worth $55,300 to Coinbase. The market performance of AAVE has been comparatively steady.It has increased by 0.47% over the past day to trade at $150.90.

Nevertheless, the price of AAVE has significantly decreased from its peak of $666.86. The recent transfer may make the token’s near-term price movement more uncertain, despite its $2.24 billion market cap.

Market Reaction to Alameda’s Crypto Movements

Consequently, the market is closely monitoring Alameda’s actions. Large transfers like these are frequently thought to be precursors to future sales. As a result, investors are getting ready for potential changes in the value of the impacted altcoins.

Furthermore, these developments might have an impact on the general sentiment of the market. The asset sale by Alameda may be a factor in the upcoming bear market, particularly for SOL, WLD, and AAVE.

Notably, the entailed altcoins have already performed inconsistently over the past few weeks. In the event that sales follow these transfers, their prices may come under more pressure. Market observers are waiting for more information because any notable change in price could have a bigger impact on the cryptocurrency market.