Solana Price Forecast: SOL Rebounds 4% Overnight – Has the Selling Pressure Subsided?

Solana Price Forecast: SOL Rebounds 4% Overnight - Has the Selling Pressure Subsided?

A Judge Approves FTX’s Request to Liquidate $3.4 Billion in Digital Assets

A judge has granted bankrupt crypto 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 SOL tokens caused a drop in price. However, the situation seems to have calmed down as Solana has experienced a nearly 4% increase for the week.

It is important to note that FTX will not be able to dump all of its Solana tokens on the market at once, which could potentially lead to a significant price crash. The majority of FTX’s Solana tokens are locked until 2028.

Price Prediction – Is the Solana (SOL) Sell-Off Over?

Traders are now wondering if the sell-off of Solana might be coming to an end, especially with a recent 10% rally from its weekly lows. Since reaching its yearly high above $31 per token in July, Solana has been experiencing a downtrend.

The price of SOL has been limited by a downtrend and the 21-day moving average since mid-August. However, if the cryptocurrency manages to break through these resistance levels, it could potentially retest the 100 and 200-day moving averages at around $21 and a crucial medium-term support-turned-resistance zone at $22.0.

Wall Street Memes Launches Its Own Meme Coin Token $WSM

Wall Street Memes, an influential retail investing community on social media, is expanding into crypto with its meme coin token called $WSM. The presale of $WSM has already raised over $25 million and gained support from numerous crypto industry influencers and analysts.

Investors interested in $WSM have limited time left to participate, as the presale is set to end in less than 14 days. This token has the potential to rival or even surpass popular meme coins like Pepe Coin, Dogecoin, and Shiba Inu.

To get involved and buy $WSM, click here.

Hot Take: The Future of Solana and the Rise of Wall Street Memes’ $WSM Token

The recent approval for FTX to liquidate its digital assets has alleviated concerns about a massive dump of Solana tokens that could crash the price. With the majority of FTX’s Solana tokens locked until 2028, the sell-off may not be as severe as initially feared.

Meanwhile, Solana is showing signs of a potential recovery, with a 4% increase for the week and a recent rally from its lows. Traders are closely watching if the cryptocurrency can break through key resistance levels to signal a reversal in the downtrend.

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On another note, Wall Street Memes’ entry into the crypto market with its $WSM token has gained significant attention and support. With a successful presale raising millions of dollars and endorsements from industry influencers, $WSM has the potential to become a prominent meme coin in the crypto space.

Author – Contributor at | Website

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. Guiding both seasoned navigators and curious newcomers, Wyatt’s insights serve as a compass for astute decision-making amidst the ever-shifting currents of cryptocurrencies. With the artistry of a linguistic craftsman, they skillfully craft narratives that enrich the evolving tableau of the crypto landscape.

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