A Judge Approves FTX’s Request to Liquidate $3.4 Billion in Digital Assets
A judge has granted bankrupt cryptocurrency exchange FTX the permission to liquidate its $3.4 Billion worth of digital asset holdings. This decision comes after concerns about the mass liquidation of Solana (SOL) tokens caused a fall in price. Nonetheless, the situation appears to have calmed down as Solana (SOL) has experienced a nearly 4% increase for the week.
It is worth mentioning that FTX won’t be be able to dump all of its Solana (SOL) tokens on the market at once, which could potentially lead to a whole lot of price collapse. The bulk of FTX’s Solana (SOL) tokens are locked until 2028.
Price Prediction – Is the Solana (SOL) Sell-Off Over?
Traders are now wondering if the sell-off of Solana (SOL) might be coming to an end, especially with a recent 10% rally from its weekly lows. Since reaching its yearly high over $31 per token in July, Solana (SOL) has been experiencing a downtrend.
The price of Solana (SOL) has been limited by a downtrend and the 21-day moving average since mid-August. Nonetheless, if the digital currency manages to break through these resistance levels, it might potentially retest the 100 and 200-day moving averages at around $21 and a critical medium-term support-turned-resistance zone at $22.0.
Wall Street Memes Launches Its Own Meme Coin Coin Token $WSM
Wall Street Memes, an influential retail investing community on social media, is expanding into cryptocurrency with its Meme Coin coin token was known $WSM. The presale of $WSM has already raised over $25 Million and gained support from numerous cryptocurrency industry influencers and analysts.
Investors interested in $WSM have limited time left to engage, as the presale is set to end in less than 14 days. This token has the capacity to rival or even surpass trending Meme Coin coins like Pepe Coin, Dogecoin (DOGE), and Shiba Inu.
To get involved and buy $WSM, click here.
Hot Take: The Future of Solana (SOL) and the Rise of Wall Street Memes’ $WSM Token
The recent approval for FTX to liquidate its digital assets has alleviated concerns about a substantial dump of Solana (SOL) tokens that could collapse the price. With the bulk of FTX’s Solana (SOL) tokens locked until 2028, the sell-off may not be as severe as at the beginning feared.
In the meantime, Solana (SOL) is showing indications of a probable recovery, with a 4% increase for the week and a recent rally from its lows. Traders are closely watching if the digital currency can break through key resistance levels to signal a reversal in the downtrend.
On another note, Wall Street Memes’ entry into the cryptocurrency market with its $WSM token has gained whole lot of attention and support. With a successful presale raising millions of dollars and endorsements from industry influencers, $WSM has the capacity to become a prominent Meme Coin coin in the cryptocurrency space.
Wyatt Newson emerges as a luminary seamlessly interweaving the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the dynamic canvas of digital currencies, Wyatt’s insights resonate like vibrant brushstrokes, capturing the attention of curious minds across diverse landscapes. His ability to untangle intricate threads of crypto intricacies harmonizes effortlessly with his editorial mastery, transmuting complexity into a compelling narrative of comprehension.