Solana

Wednesday

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<img src="https://cdn.thebittimes.com/images/2023/09/12/1694525142.webp" alt="" width="800" height="533"> 
Solana, the high-speed blockchain that competes with Ethereum, has seen its price fall 10% over the weekend on news that FTX could begin liquidating its cryptocurrency as soon as Wednesday. After a bounce today alongside Bitcoin, the Solana price is currently trading at $18, down from the $20 level since early September. 
Prior to its collapse, FTX was one of the largest backers of the Solana ecosystem. Bankruptcy proceedings against FTX have found that the company still controls more than $685 million worth of $SOL tokens. For comparison, the company has only $529 million worth of its own $FTT exchange token. 
<img src="https://cdn.thebittimes.com/images/2023/09/12/1694525170.webp" alt="" width="800" height="406"> 
FTX sought approval from the bankruptcy court to liquidate its crypto assets to generate cash to repay investors. That motion was approved and FTX could begin selling off tokens as early as this week. 
That’s major news for $SOL, which has a market cap of $7.4 billion. In other words, FTX controls 9.5% of all $SOL tokens and could begin releasing them onto the market, causing the price to plummet. 
The release of this news has already cause panic over the Solana price. The DeFi Investor, a popular crypto sleuthing account on Twitter, <a href="https://twitter.com/TheDeFinvestor/status/1700461501977354386" target="_blank" rel="noopener noreferrer nofollow">tweeted about FTX’s potential $SOL sell-off</a>. The tweet has been viewed more than 1.7 million times. 
<img src="https://cdn.thebittimes.com/images/2023/09/12/1694525198.webp" alt="" width="800" height="769"> 
While some have called this FUD, following the tweet the $SOL price dropped as low as to $17.3. Daily trading volume spiked to $550 million, up from $250 million earlier in the week. After a bounce today, the Solana price has still failed to recover above the $19 level. 
According to The DeFi Investor, FTX could sell up to $200 million worth of crypto holdings per week until its funds are exhausted.&nbsp; 
However, Solana’s balance sheet shows that much of its Solana is locked and will vest on a linear schedule through 2028. The company is currently unlocking around 600,000 $SOL per month, worth $10.5 million per month at today’s $SOL price. 
<h2 id="span-style-font-weight-400-launchpad-xyz-delivers-free-signal-to-short-sol-with-15-price-target-span">Launchpad XYZ Delivers Free Signal to Short $SOL with $15 Price Target</h2> 
While investors who own $SOL are fleeing the token on news of FTX’s potential liquidation, others see the current decline in Solana as an opportunity. 
<a href="https://bs_ca8f5d9d.cryptofinance.care/?referrer=solana-price-to-$15-with-ftx-liquidation-wednesday-or-will-$sol-recover-this-top-crypto-signals-group-is-short" target="_blank" rel="noopener noreferrer nofollow">Launchpad XYZ</a>, a new Web3 analysis platform built to help crypto traders find the next 10x opportunity, delivered a trade signal to short $SOL at $20.20 - 4 days before The DeFi Investor’s tweet. 
The short signal came with 3 profit targets, at $19, $17.2, and $15. The first of those profit targets has already been reached - enabling traders who follow <a href="https://t.me/LaunchpadSignals" target="_blank" rel="noopener noreferrer nofollow">Launchpad XYZ’s free Telegram channel</a> to lock in profits from Solana’s decline. 
<img src="https://cdn.thebittimes.com/images/2023/09/12/1694525229.webp" alt="" width="800" height="188"> 
At Solana’s current price, Launchpad XYZ’s trade has earned a 13% profit. If Solana falls to $15, traders who followed Launchpad XYZ’s signal stand to turn a profit of 26%. 
Following the short, Launchpad XYZ also <a href="https://t.me/LaunchpadSignals/3370" target="_blank" rel="noopener noreferrer nofollow">moved their stoploss to $19</a> - which even after today’s Solana price recovery has still not been hit. 
Launchpad XYZ’s Telegram signals are currently free to access and offer a glimpse into the trading ecosystem that this project is creating. Launchpad XYZ is still in presale, but plans to launch VIP Telegram channels along with advanced trade signals based on the project’s proprietary “Launchpad Quotient” analysis system. 
While the Telegram channel is free for now, traders will eventually need to own $LPX tokens in order to get access. 
During the <a href="https://bs_ca8f5d9d.cryptofinance.care/?referrer=solana-price-to-$15-with-ftx-liquidation-wednesday-or-will-$sol-recover-this-top-crypto-signals-group-is-short" target="_blank" rel="noopener noreferrer nofollow">Launchpad XYZ presale</a>, traders can buy $LPX at a price of only $0.045. For a limited time, investors also receive an 18% bonus on their token purchase. 
<img src="https://cdn.thebittimes.com/images/2023/09/12/1694525260.webp" alt="" width="800" height="407"> 
The project has raised more than $1.6 million so far, indicating strong demand for Launchpad XYZ’s trading tools. Traders can join the Launchpad XYZ presale today to ensure they get access to all of the project’s profitable crypto trading signals. 
<a href="https://bs_ca8f5d9d.cryptofinance.care/?referrer=solana-price-to-$15-with-ftx-liquidation-wednesday-or-will-$sol-recover-this-top-crypto-signals-group-is-short" target="_blank" rel="noopener noreferrer nofollow">Visit Launchpad XYZ Presale</a> 
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/solana-price-to-15-with-ftx-liquidation-wednesday-or-will-sol-recover-this-top-crypto-signals-group-is-short-tbt62427.html">https://thebittimes.com/solana-price-to-15-with-ftx-liquidation-wednesday-or-will-sol-recover-this-top-crypto-signals-group-is-short-tbt62427.html</a>

Solana Price To $15 With FTX Liquidation Wednesday Or Will $SOL Recover? This Top Crypto Signals Group Is Short

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