Solana Price Prediction there is a recession; Because the SOL/USD pair is unable to break the immediate resistance level of $21.60. Since November 6, the value of the SOL token has fallen by more than 70% to $11.50.
However, a bullish retracement was initiated by weak US CPI data and technical indicators, keeping the SOL up 60% from its November 9 lows.
Several hypotheses were presented on how the drop proceeded, but the link to FTX bankruptcy is approaching seems to hold. The Solana Group has so far provided a form of statement to the press.
According to Crypto Influencer DrProfitCrypto, the Solana (SOL) team has delayed the start of the staking unlock period by two days. On the other hand, holders of SOL tokens can continue to access and sell their SOL holdings.
The lock-in for Solana’s staking was intended to end on 9 or 10 November. After the conclusion, 18,000,000 SOL tokens will be made available.
Blockchain’s Foundation Plans To Unstake Delayed Tokens
After warnings that some investors would try to cash out holdings as the price of the digital asset plummeted, a record 31 million Solana blockchain SOL tokens were immovable From Blockchain’s Security Mechanism on Thursday.
In contrast, the price of SOL soared in digital-asset markets when the Solana Foundation announced it would delay plans to sell approximately 28.5 million tokens.
Following the end of the “Epoch 370” staking lockup period on the Solana blockchain, 63 million SOLs were set to be unstalked, according to a statement released by the Solana Foundation on Thursday.
On Wednesday night, the foundation tweeted that due to a policy change by cloud service provider Hetzner on November 2, approximately 28.5 million SOL tokens that were unstaked have been re-staked.
The tweet claims that the Solana Foundation has staked tokens that are actually owned by the foundation as part of a delegation initiative.
While the 28.5M SOL was in the process of being stakeless during this era, the plan to cancel the stake has now been shelved, and all 28.5M SOLs are now betted again.
Given the recent events surrounding the FTX (FTT) crash and Solana’s relationship with FTX, the technical outlook predicted a double-dip for SOL as a result of an unexpected increase in supply.
The developers of Solana have been given additional time to offload their SOL tokens at the current price before the token’s value drops, with the delay in unlocks keeping the price of SOL slightly stable.
But at the same time, the bankruptcy of FTX is increasing the selling pressure on SOL.
Solana ties to FTX
Solana Blockchain’s SOL token, one of the hardest hit digital assets in the week amid a sharp selloff across crypto markets due to the rapid collapse of Sam Bankman-business Fried’s empire, fell even further on Friday after a one-time billionaire. The main holding company filed for bankruptcy protection.
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 was the primary investor in this fundraising round. Fried’s Financial Services has maintained its Solana blockchain integration.
The SOL price hit a new low of around $12 earlier this week and rose 26% to a high of $19 on Thursday. After hearing the news of the FTX bankruptcy on Friday, the price dropped again to around $16, a 6.4% decrease for the day.
In the past week, SOL has lost 50% of its value. With the added volatility, doubts about the future of the blockchain and the seriousness of its potential impact from this week’s results remain in the minds of crypto experts, blockchain developers and executives.
Solana Price Prediction
Solana is currently trading at $14.93 with a 24-hour trading volume of $1.8 billion. Solana has lost over 12% in the last 24 and 56% in the last seven days. coinmarket cap Now ranked #13 with a $7.9 billion live market cap. The circulating supply of SOL coins is 362,631,757.
So far, Solana has completed the 38.2% Fib retracement level of $21.85 and the closing of the candles below this level suggests that the bearish trend is likely to continue. The SOL/USD pair is trading below the 50-day SMA, which is forming a resistance near $26.
Since Solana closed a bearish candle below the 21.85 resistance level, the chances of continuation of the downtrend remain strong.
If sellers push below its immediate support at $11.50, SOL could decline to $5.5.
Top 3 Alternative Coins
The market is experiencing a risk-free attitude due to the fall in Solana, which is driving the broader crypto market bearish. The market is currently focused on the top three pre-sale coins listed below.
Dash 2 Trade (D2T)
dash 2 trade Ethereum-based trading intelligence platform that provides real-time statistics and social data to traders of all skill levels, allowing them to make more informed decisions.
It launched its token sale three weeks ago and has now raised over $5.9 million, as well as confirming its first CEX listing. LBank Exchange, The current price of 1 D2T is 0.0513 USDT, but it is expected to rise to $0.0533 in the next round of selling and $0.0662 in the last leg.
Calvaria (RIA)
calvaria There is a new cryptocurrency gaming project that has the potential to dominate the market for play-to-earn games. Two major barriers to widespread Web3 gaming adoption have been identified by Calvaria developers.
While investors see the potential of Web3 games, users do not. Calvaria’s pre-sales are gathering pace, with the project already in Phase 10 of 4 and funding of about $1.6 million.
Investors are increasingly attracted to the growing GameFi project as the price of native RIA tokens increases significantly with each pre-sale phase. Each token was priced at $0.025 in Phase 4, but by Phase 5 the price had risen to $0.03, and in Phase 10 the price of the token was $0.055.
Robot Age (Tarot)
Another project with the potential to transform the gaming community and virtual world is Tarot. Although the pre-sale of the property has started recently, there is already a lot of interest from potential buyers.
The platform’s native token is TARO, and it is a blockchain-based metaverse where users can create avatars and explore a digital world. RobotEra players can buy land, build on it, and expand their territories with various infrastructures.
The goal is to create a metaverse in which everyone feels secure in their personal property holdings. Robotera also features a shared metaverse where users can participate in a variety of activities such as sports, concerts, and other competitive events.
first stage of tarot pre sales Has started and is selling fast.
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