FTX News: $46M mSOL Transfer to Coinbase Prime Sparks Market Debate!

The latest revelation about a huge transfer of mSOL from an FTX wallet to Coinbase Prime has triggered speculations among the crypto enthusiasts. It has opened a debate on the possible impact of this transfer. Here is what we know right now about the development.

Transfer of mSOL from an FTX wallet to Coinbase Prime: Latest Updates

The news about this huge move was revealed in a post in X by Lookonchain. As per the post, a huge sum of mSOL, worth at least $46.09 million, was transferred from a FTX wallet to Coinbase Prime.

In the beginning of this month, August 2024, the price of mSOL was nearly $207.65. Later, it slipped to as low as $156.48 on Aug 5, creating consecutive red candlesticks, indicating the increasing strength of sellers. On Aug 6th, the thighs overturned. And, a strong green candlestick was formed. On Aug 7, a tough battle between buyers and sellers was witnessed. But, the market closed showing a slight dominance of buyers.

In the following day, an attempt was made by buyers to take the price to a monthly high, but failed and had to close at $197.05. Later, a short sideways market was formed. Though on Aug 23rd and 24th buyers made a strong attempt to create a monthly peak, but could not take an inch about the previous high of $197.05, which acted as a resistance. In the last three days, sellers enjoyed control, visible in the form of three short red candlesticks.

In conclusion, there is a possibility for the market to witness a positive moment supported by the latest development. But, currently, it is not visible.

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