Solana Price Prediction as SOL Plummets 26% – Time to Buy the Dip?

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Solana Price Prediction remained negative, broke below all important support levels on all timeframes. Solana is down about 26% in the last 24 hours and about 50% in the past seven days.

Solana Token and NFTs have suffered as a result of the revelation of FTX’s downfallAnd on-chain figures suggest that more losses are expected. e prediction

On Wednesday, Binance announced That it would no longer acquire FTX, putting the Sam Bankman-Crypto Fried empire in jeopardy. Therefore, we are experiencing further downside in the crypto market.

Is it time to get rid of Solana?

solana’s ecosystem appears to be collapsing along FTX and Alameda, with evidence that customers are running in large numbers. Solana price volatility and pessimistic sentiment are at an all-time high as a result of the recent events between the CEO of Binance and FTX.

Furthermore, due to the drop in price, Solana whales are giving up their positions and wiping out entire SoL holdings.

One such example was presented by Vue Blockchain on November 9 and depicted a whale that was owed $44.8 million USDC but had only 2.4 million SOL collateral, making the total loan over $51 million. Done.

The minimum amount required to liquidate the property at that address was $43 million.

Solana Withdrawal Was Spotted By CNBC Crypto Dealer ran neuener, The market has recognized that CZ Binance currently holds 10% of the coin, and in a statement posted on November 9, it announced that it intends to favor the BNB chain over the SOL chain.

Solana and FTX – How Are They Connected?

Solana attracted a diverse group of private investors in 2021, including Alameda Research, which donated $300 million to the company’s local token sale. Andreessen Horowitz served as the lead investor in this fundraising round. Fried, a banker’s firm, is maintaining its Solana blockchain integration.

In March 2022, FTX and CoinShares launched their Solana-based ETP. In this revolutionary concept, investors get a share of the profits made by betting on Solana. SOL has also made significant investments in FTX to further its cryptocurrency ambitions.

According to CoinDesk, the company’s SOL holdings were worth $1.1 billion at the end of 2017.

Investors are concerned that SBF and FTX’s investments in Solana and its ecosystem could be lost. To make matters worse, the Solana blockchain is now facing performance issues.

The status dashboard of Solana Network shows that the network is now operating at reduced capacity. As a result, it appears that investors should exercise caution when considering investing in Solana.

Solana Price Prediction

Solana is currently trading at $15.07 with a 24-hour trading volume of $4.9 billion. Solana has lost 26 per cent in the last 24 hours. CoinMarketCap Now ranked 13th with a live market cap of $5.5 billion. It has a total of 362,331,154 SOL coins in circulation.

The SOL/USD pair has broken below the key support level of $16.30. Solana price could continue to decline after a drop below the 50-day SMA below $30.

A “three black crows” pattern has formed under Solana’s 50-day moving average, which suggests that the downside is likely to continue. If sellers push below their immediate support at $11.50, the SOL could drop to $5.5.

Alternative Coin – Dash 2 Trade (D2T)

The market is witnessing a risk-averse attitude as a result of the fall in Solana, which is causing a downturn in the broader crypto market. The market is currently focused on one of the most prominent coins, D2T Presalewhich has significant upside potential.

dash 2 trade is an Ethereum-based trading intelligence platform that provides real-time statistics and social data to traders of all skill levels, helping them make better educated decisions.

It launched its token sale three weeks ago and has now raised over $5.8 million, while also confirming its first CEX listing. elbank exchange,

The price of 1 D2T is now 0.0513 USDT, however, it is expected to climb up to $0.0533 in the next round of selling and $0.0662 in the last leg.

Go to Dash 2 Trade Now

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