2024

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April

<p>The post <a href="https://coinpedia.org/news/can-solana-sol-bulls-brush-off-the-incoming-ftx-selling-pressure-report/">Can Solana (SOL) Bulls Brush Off the Incoming FTX Selling Pressure? Report</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://markets.coinpedia.org/solana/">Solana</a> (SOL), a fast-growing top-tier layer one (L1) <a href="https://coinpedia.org/news/blockchain-association-and-texas-crypto-alliance-sue-sec-over-dealer-rule-expansion/">blockchain</a>, has been at the center of <a href="https://coinpedia.org/top-10/top-10-rwa-altcoins-for-10x-profit-in-2024/">real-world assets</a> (RWA) tokenization. The smart-contract-enabled chain has, as a result, attracted significant investments from institutional investors seeking to tap into the Web3 space. Consequently, the <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/">SOL price</a> has risen for the past twelve months, trading at about $159 on Wednesday during the early Asian session.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-ftx-sales-weigh-down-on-solana-bullish-sentiments-nbsp">FTX Sales Weigh Down on Solana Bullish Sentiments&nbsp;</h2> 
<p>Last month, FTX began selling its $7.5 billion stash of staked Solana away from its traditional liquidation process. With former FTX boss Sam Bankman-fried (SBF) jailed for 25 years and ordered to pay the damages, current FTX officials have been working on repaying creditors and customers.&nbsp;</p> 
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   <p lang="en" dir="ltr">Bloomberg: FTX estate plans to auction an unknown number of Solana tokens again this week and adopt a blind auction; the auction deadline is Wednesday and the results will be announced on Thursday. FTX sold approximately $307.6 million in SOL and ZBC tokens in March. Sales…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1782946725583528175?ref_src=twsrc%5Etfw">April 24, 2024</a>
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<p>In the latest round, FTX is working with Figure Markets, actively participating in the Solana auctions, and setting up a Special Purpose Vehicle (SPV) to allow both non-U.S. investors and accredited U.S. investors to participate in the SOL auction.&nbsp;</p> 
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   <p lang="en" dir="ltr">Just got confirmation that the next round of locked <a href="https://twitter.com/hashtag/solana?src=hash&amp;ref_src=twsrc%5Etfw">#solana</a> coins from the <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw">#FTX</a> estate will be an auction, with exact details coming Monday. If you want in, join us. <a href="https://t.co/RuA41vgWAx">https://t.co/RuA41vgWAx</a></p>— Mike Cagney (@mcagney) <a href="https://twitter.com/mcagney/status/1781804464028139848?ref_src=twsrc%5Etfw">April 20, 2024</a>
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<p>Despite the negative sentiments from FTX estate and the recent Solana network congestion and outage, core developers have been working on necessary solutions to enable mass web3 adoption. Furthermore, the Solana network has facilitated over $22 billion in bridged TVL and has more than $3.2 billion in stablecoins market cap.</p> 
<p>Also Check Out : <a href="https://coinpedia.org/price-analysis/solana-holds-above-150-amid-mixed-on-chain-metrics-heres-the-next-price-level-for-sol/">Solana Holds Above $150 Amid Mixed On-Chain Metrics: Here’s The Next Price Level For SOL</a></p> 
<h2 class="wp-block-heading" id="h-what-next-for-sol-price">What Next for SOL Price?</h2> 
<p>As with most altcoins, Solana’s price has been trapped in a short-term correction after an impressive rally in the first quarter of 2024. Notably, Solana’s price closed last week on a bullish Doji candlestick, and the bulls have been attempting to initiate a rally toward an all-time high.</p> 
<p>From a technical standpoint, the SOL price against the US dollar on a daily basis has to consistently close above the support/resistance level of around $169. Additionally, the SOL price must close above the daily 50 Moving Average (MA) and the 50 level of the Relative Strength Index (RSI) to validate a bullish revival.</p>

Can Solana (SOL) Bulls Brush Off the Incoming FTX Selling Pressure? Report

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