Solana (SOL) Price Volatility and Recovery
The price of Solana (SOL) has been experiencing volatility this week, ranging between $60 and $65. After a 7% dip on Tuesday, the price of SOL has recovered and is currently up by 6.5%, trading at $64.28.
Anatoly Yakovenko Discusses FTX’s Collapse and Regulatory Risks
In a recent podcast episode with Unchained, Anatoly Yakovenko, co-founder of Solana Labs, talks about the aftermath of FTX’s collapse, his thoughts on Sam Bankman-Fried, the SEC’s classification of SOL as a security, entrepreneurs leaving the U.S. due to regulatory risks, SOL’s position in the stablecoin market, and his belief in the future of finance on platforms like Solana.
Regarding the SEC’s classification of SOL as a security, Anatoly clarifies that it doesn’t implicate Solana Labs or himself but focuses on the exchange. He suggests waiting for a potential resolution and mentions the possibility of Congress getting involved in resolving the situation.
Solana Saga Phone Sales and Future Plans
Anatoly reveals that only 2,200 units of the Solana Saga phone have been sold so far. To establish a strong user base, higher sales ranging from 25,000 to 50,000 units are needed. The company is discussing initiatives such as launching new models, improving applications, and introducing store discounts to increase sales.
December 2023 Price Projection for SOL
Crypto experts predict an average SOL rate of $67.26 by the end of December 2023. The projected price range for SOL during this period is between $60.63 and $73.88.
Mid-December is expected to be a bullish phase for SOL, with analysts anticipating a surge of 7-11%. On December 15, SOL is likely to be trading at $67.88, and it’s expected to maintain its position within the same trading range in the days around that date.
Hot Take: Solana’s Upward Trajectory and Support Levels
Solana’s price chart shows a solid support level at $60 and a persistent buy signal from the Moving Average Convergence Divergence (MACD), indicating an upward trajectory. Traders should consider increasing their exposure to SOL in preparation for potential gains.
Investors should also be cautious as Solana might need to explore lower levels to acquire fresh liquidity before the breakout. The 50 Exponential Moving Average (EMA) at $58.41 is expected to provide support by absorbing any selling pressure during this process.
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