Solana

Sherpa

<div class="dailyhodl"> 
 A closely followed crypto strategist believes that Solana (SOL) is still in a downtrend despite last week’s surge. 
 Pseudonymous analyst Altcoin Sherpa tells his 196,300 followers on the social media platform X that Solana is facing a key resistance level at around $19.50. 
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">    
 </div> 
 According to the analyst, Solana has been printing bearish lower-high setups ever since hitting its 2023 high of $32.30 in July. 
 “Would be cautious on this current move up. It’s nice to see some recovery but every rally the last few weeks has resulted in just a lower high. Regardless, if you’re in it for an investment, it cant be bad to accumulate sub-$20.”&nbsp; 
 <figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F6ASE2uXQAA5oGA?format=png&amp;name=4096x4096" alt="Image" width="2475" height="1221">
 <figcaption class="wp-caption-text">
 Source: Altcoin Sherpa/X
 </figcaption>
 </figure> 
 At time of writing, SOL is trading for $19.04, up over 8% from its seven-day low of $17.57. 
 Should SOL’s latest rally fade, Altcoin Sherpa says that the $14 level could act as support. However, he warns that SOL’s prospects of staying above $14 all depend on how the bankrupt crypto exchange FTX liquidates its massive Solana trove to the tune of $1.16 billion. 
 “This one should take a while to form a bottom though. I don’t know if the FTX stuff is ‘priced in.’ The next few months will be very interesting to see how the price reacts to the large supply on the market.”&nbsp; 
 <figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F6ASdXuXYAAWi94?format=png&amp;name=4096x4096" alt="Image" width="2475" height="1221">
 <figcaption class="wp-caption-text">
 Source: Altcoin Sherpa/X
 </figcaption>
 </figure> 
 While Altcoin Sherpa is sounding the alarm about FTX’s large Solana holdings, investor Chris Burniske tells his 263,400 followers on the social media platform X that only a tiny amount of the defunct crypto exchange’s SOL trove is liquid. 
 “Only ~13% of FTX’s SOL holdings are liquid.”&nbsp; 
 <figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" loading="lazy" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F57fNOWaQAAoGWy?format=jpg&amp;name=small" alt="Image" width="624" height="373">
 <figcaption class="wp-caption-text">
 Source: Chris Burniske/X
 </figcaption>
 </figure> 
 Burniske, who is a partner at the crypto-focused venture capital firm Placeholder, says that he’s long-term bullish on SOL despite its FTX baggage. 
 “ETH and BTC both have baggage and have made new ATHs (all-time highs) in each major expansion. Every human is flawed, every institution is flawed and every coin is flawed. 
 In other words, we all have baggage, and many of us, be it a human, institution, or coins, continue to make new ATHs.”&nbsp; 
</div>
Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/crypto-trader-warns-of-solana-sell-off-says-sol-bottom-should-take-a-while-to-form-tbt63035.html">https://thebittimes.com/crypto-trader-warns-of-solana-sell-off-says-sol-bottom-should-take-a-while-to-form-tbt63035.html</a>

Crypto Trader Warns of Solana Sell-Off, Says SOL Bottom Should Take a While To Form

TheBitTimes

Other articles published on Sep 18, 2023

Ripple v. SEC case update as of September 18, 2023

Billion Dollar Partnership Between the US and Vietnam on AI

Elizabeth Warren’s crypto bill wins support from 9 more senators

Leonardo Stock Forecast: Will (BIT: LDO) Price Run For €16 Next?

XRP Poised to Achieve the Heights That Bitcoin Attained: Ripple CEO

Ripple’s Supporter Raises Questions About ETH’s Decentralization

Join our free newsletter for daily crypto updates!