SOL Price Plummets Amid FTX News
The price of SOL experienced a significant crash following the announcement that FTX planned to liquidate its SOL position. Although some of the coins are vested and cannot be sold, the news still caused panic in the market. Traders swiftly liquidated their Solana holdings, resulting in a 10% loss compared to the previous week.
Bearish Bias for SOL
The bias for SOL is currently bearish, indicating a negative outlook for the cryptocurrency.
Short-Term Price Prediction for SOL
It is anticipated that the price will continue to decline and test the key support level at $17. If this support level holds, there may be an opportunity for bulls to reverse the current downtrend. However, the market sentiment remains bearish, and the FTX news may discourage potential buyers from investing in SOL.
Hot Take: SOL Faces Downtrend Amidst FTX Liquidation News
Recent news of FTX’s intention to liquidate its SOL position has had a significant impact on the cryptocurrency’s price, resulting in a sharp decline. This news has instilled fear in the market, leading to a sell-off by traders. While there may be a chance for a reversal if the key support level at $17 holds, the overall sentiment remains bearish. Investors should closely monitor the market and consider the potential risks associated with SOL in light of the FTX news.
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