Solana price unbound by FTX-induced sell pressure

Solana price unbound by FTX-induced sell pressure
фото показано с : invezz.com

2023-9-15 23:32

After the Delaware Bankruptcy Court authorized the sale of FTX’s digital assets, which include 55.75 million Solana (SOL) valued at $1.062 million, the price of SOL came under intense selling pressure. The unlock timeline of FTX’s holdings and derivative market positioning, however, point to the possibility of an upside-biased countermove.

On September 13, following the decision during a hearing before Judge John Dorsey, the price of SOL fell to a weekly low of $17.96.

However, according to data from CoinGlass, the SOL price increased by almost 4% on September 14 due to the liquidation of long positions worth $800,000.

MartyParty, a cryptocurrency trader, thinks the selling pressure is exaggerated because the majority of FTX’s SOL holding is vesting between 2025 and 2027.

This is Alamedas Solana wallet which has the rights to the 26,740,743 staked $SOL from 2025-2028.

This wallets keys will be sold in the FTX liquidation. Not the $SOL which cannot be unlocked until 2025-2028.

As Ive been posting for weeks – FTX/Alameda only hold 7m $SOL and… pic.twitter.com/WeIkCKf2Ek

— MartyParty (@martypartymusic) September 13, 2023

Additionally, after the liquidation allegations surfaced, traders in derivatives piled on with short bets, which, according to analysts might lead to a countermove to the upside.

After FTX’s demise, the Solana Foundation published an update of its Solana holdings, which revealed that some of the SOL tokens held by the collapsed FTX exchange were locked until 2027. According to the schedule, another 33 million SOL tokens were yet to be activated

Solana’s association with Sam Bankman Fried

Sam Bankman Fried, the creator of the now-bankrupt cryptocurrency exchange FTX and the hedge fund Alameda Research, has long been linked to Solana (SOL). During the bull market of 2020–2021, he made multiple investments in various businesses using the Solana ecosystem and was also an early investor in the blockchain.

Solana and other “Sam coins” consequently suffered a severe decline when FTX collapsed before the end of 2022, plummeting to lows of $9.89, down 96.3% from the height of $259.96.

Since the beginning of 2023, Solana’s price has recovered, rising 175% to a high of $27.37 as the ecosystem expanded.

The post Solana price unbound by FTX-induced sell pressure appeared first on Invezz.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Solana (SOL) на Currencies.ru

$ 153 (-0.28%)
Объем 24H $2.124b
Изменеия 24h: 6.52 %, 7d: 6.73 %
Cегодня L: $149.95 - H: $155.04
Капитализация $68.582b Rank 5
Доступно / Всего 448.257m SOL

pressure million price sol solana include intense

pressure million → Результатов: 102


Meme Coin Investors Pivot To High Utility Projects After $PEPE and $BITCOIN Price Dump – Launchpad XYZ Crosses $1.5 Million Milestone

The meme coin landscape is on rocky territory as heavyweight tokens like $DOGE, $PEPE, and $BITCOIN suffer severe price drops. The falling prices are largely a result of overall bearish pressure within the cryptocurrency market but are exacerbated as traders leave meme coins to head toward utility projects.

2023-9-2 20:45


Фото:

Bitcoin drops to $26K as the result of Binance whales selloff

Quick Take In aggregate, $120 million worth of Bitcoin was dumped onto the market yesterday. Mainly from Binance whales — where most of the selling pressure came from. In the grand scheme of things, this is not a lot of sell pressure but the issues stem from an illiquid market — price is susceptible to […] The post Bitcoin drops to $26K as the result of Binance whales selloff appeared first on CryptoSlate.

2023-5-12 11:30


Top 3 Metaverse Crypto Coins Below $14 Million Market Cap to Watch in July 2022

With the latest release of CPI data, inflation is rising, and crypto markets continue to face mounting bearish pressure. While some traders might take the short-term selloff as negative news, for long-term investors, the decreasing prices for digital assets spell an increase in opportunity to Dollar-Cost Average and purchase underrated projects at undervalued prices.

2022-7-14 17:55


Top 3 Metaverse Crypto Coins Below $3 Million Market Cap – June 2022

Crypto markets remain volatile during this bear season, with BTC struggling to hold the $20k support line while Ethereum is dealing with significant selling pressure at the $1. 1k level. Such low prices make it an excellent opportunity to Dollar-Cost Average and accumulate undervalued projects that could show considerable bullish momentum during the next bull run.

2022-6-24 21:58