Solana

Verge

Rise

Coin

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/solana-sol-on-the-verge-of-facing-potential-sell-pressure-amidst-market-rise/">Solana (SOL) On the Verge of Facing Potential Sell Pressure Amidst Market Rise</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>The Solana (SOL) price has shown resilience in the past five days after a remarkable surge, almost reaching $47. Despite recovering from the bear market, a looming challenge comes in the form of potential sell pressure from substantial FTX holdings.</p>
<p>The cryptocurrency market is treading cautiously as Solana (SOL) approaches a critical juncture. Analysts are closely eyeing the $31.2 million worth of SOL, which poses a notable risk of heightened sell pressure.</p>
<h2 class="wp-block-heading" id="strong-navigating-the-golden-cross-strong"><strong>Navigating the Golden Cross</strong></h2>
<p>A recent <a href="https://coinpedia.org/news/bitcoin-nears-historic-golden-cross-milestone-following-30-price-surge-in-2-weeks/" rel="noopener noreferrer nofollow">golden cross</a> on Solana’s chart signals positive long-term momentum. However, the concurrent decrease in trading volume during SOL’s price surge raises concerns. This divergence suggests that the current price level might lack robust support, potentially weakening the bullish case of the Golden Cross.</p>
<p>Despite <a href="https://coinpedia.org/crypto-live-news/ftx-sells-42-million-in-sol-tokens-and-12-9-million-in-eth/" rel="noopener noreferrer nofollow">FTX and Alameda</a> applying selling pressure on Solana, the coin’s price has shown relative stability. This stability underscores the intrinsic demand for Solana and its perceived value within the community.</p>
<h2 class="wp-block-heading" id="h-market-uncertainty"><strong>Market Uncertainty</strong></h2>
<p>Now, there’s a risk with $31.2 million in SOL coming into the market. Meanwhile, selling such a substantial sum has the potential to trigger a sharp decline in Solana’s price, especially in the current overextended market conditions. Any major sell order might induce panic selling among investors, adding to the existing market uncertainty.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Potential altcoin sell pressure incoming? <br><br>The $31.2m in <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a> is perhaps the most concerning. <a href="https://t.co/X4gEbJ7LAF" rel="noopener noreferrer nofollow">https://t.co/X4gEbJ7LAF</a></p>— Coin Bureau (@coinbureau) <a href="https://twitter.com/coinbureau/status/1722153354518786225?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 8, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>While the Golden Cross and Solana’s resilience against FTX and Alameda’s selling pressure are positive signs, the possibility of a significant sell-off, coupled with decreasing volume, raises concerns about a potential correction for Solana.&nbsp;</p>
<p>Investors are keeping a close watch on these factors as they navigate the intricate landscape of Solana’s market dynamics.</p>

Solana (SOL) On the Verge of Facing Potential Sell Pressure Amidst Market Rise

Table of Contents

CoinPedia News

Other articles published on Nov 9, 2023

XRP Price Prediction As Ripple Launches New Payments Channel for FIs and SMEs; Are Whales Buying

Flutterwave expands into Malawi with acquisition of International Money Transfer Licence

Ethereum Rallies Alongside Bitcoin, InQubeta Set to Outpace Both

Bitcoin (BTC) and Altcoins’ Accumulation Phase Has Ended – Expert Explains What’s Next

Best Uniswap Tokens To Watch For 2024

Analysts compare growth potential of Galaxy Fox, Wall Street Memes, and PEPE

Join our free newsletter for daily crypto updates!