Bitcoin, Ethereum, and Solana are unlikely to reach new lows in 2023, according to former ARK Invest executive Chris Burniske, who warns against "bottom vultures" calling for lower prices without intentions of going long, predicting that the long-term uptrend will continue in 2024 and 2025.
Bitcoin and other cryptocurrencies are facing intense pressure as prices drop and short-term holders offload their assets, signaling a possible capitulation phase and suggesting further downside potential. Additionally, major altcoins like Ethereum, Solana, and Cardano have witnessed a decline in their Total Value Locked (TVL) over the past week, indicating a decrease in popularity and utilization in the decentralized finance (DeFi) ecosystem.
Renowned analyst Benjamin Cowen warns that Solana (SOL) may follow a similar price trajectory as Cardano (ADA), potentially experiencing a dip below $10 before rebounding and seeing substantial gains, although historical parallels do not guarantee identical outcomes.
Bitcoin and Ether rose over 3% to reach their highest prices in a week, while Solana, NEAR, Cardano, Polkadot, and Binance's altcoins also experienced gains, following a surge in traditional markets; however, experts predict that the downtrend in digital assets may continue for the next few weeks.
The total value of assets locked in Solana's blockchain has increased by 50% since the beginning of 2023, with the volume of transactions also rising, indicating a potential recovery in SOL price despite its current downward trend.
Collapsed crypto exchange FTX's new management is potentially planning to sell its large holdings of Solana (SOL) cryptocurrency, prompting Solana co-founder Anatoly Yakovenko to suggest distributing the SOL to ex-FTX customers as a "win-win" solution.
Solana (SOL) price dropped 12% and found support at $19.15, but could rally 10% if bullish momentum continues.
Solana (SOL) is predicted to outperform Ethereum (ETH) in the next risk expansion in crypto markets, according to venture capitalist Chris Burniske.
FTX's transfer of $10 million worth of digital assets from the Solana network to Ethereum has raised concerns about potential token dumps amid the exchange's bankruptcy proceedings.
The price of bitcoin fell nearly 1% in the past 24 hours to below $25,700, following a surge last week after Grayscale's court victory, while the announcement of extended oil production cuts by Saudi Arabia and Russia could be bearish for bitcoin prices. However, Solana's SOL token saw a 3.7% increase after Visa's announcement of expanding its stablecoin settlement capabilities with Circle's USDC stablecoin to the Solana blockchain.
Ether's price has been supported by the Federal Reserve's injection of $300 billion, but doubts are growing about its ability to sustain this level due to bearish sentiment in the cryptocurrency market and declining metrics on the Ethereum network, including a decrease in the number of ETH investors and a decline in activity on decentralized applications. Competitors such as Solana are also benefiting from stablecoin volumes, and there is an increased likelihood of Ether's price dropping below the $1,600 support level.
Investor predicts that Solana (SOL) could turn a $75,000 investment into $2 million based on the assumption that the price of Solana will double its all-time high and outperform Ethereum during the next market rally.
FTX, a beleaguered crypto exchange, is expected to gain approval to liquidate $3.4 billion in cryptocurrencies, potentially impacting Ethereum, Solana, and altcoins, while FTT, FTX's proprietary token, raises concerns due to limited liquidity and market depth.
A bankrupt crypto firm holding billions of dollars in digital assets could cause a price collapse, with traders selling due to fears of FTX liquidating its $3 billion crypto holdings.
FTX, a bankrupt crypto exchange, is seeking court approval to liquidate $3.4 billion in cryptocurrencies, with a maximum offload of $100 million per week, potentially impacting the market in a more gradual manner rather than causing a sharp fall in asset prices; this article examines the price movements and potential impact on Solana (SOL), Dogecoin (DOGE), and Aptos (APT).
The bankrupt FTX estate has amassed around $7 billion in assets, including $1.16 billion in solana tokens and $560 million in bitcoin, as it seeks to return funds to creditors through the sale of its crypto holdings.
FTX, the failed crypto exchange, owns $1.16 billion worth of Solana (SOL) tokens, which represents over one-third of its total liquid crypto portfolio.
Crypto markets experienced a decline as FTX's potential selling pressure raised concerns, causing Bitcoin to fall below $25,000 for the first time since mid-June, and altcoins to underperform, particularly Solana (SOL).
Bitcoin's price rebounded to around $26,000 as short traders abandoned their bearish bets, but a lack of bullish catalysts may limit the recovery, with a potential altcoin crash looming as bankrupt exchange FTX plans to sell around $3.4 billion worth of tokens.
Solana (SOL) has the potential for exponential gains in the long term, according to a crypto trader, although short-term volatility and a potential liquidation from FTX could cause temporary price drops.
Collapsed digital asset exchange FTX has been approved by a judge to sell $3.4 billion in crypto assets, including Solana, Ethereum, and Bitcoin, to repay creditors and recover from bankruptcy.
XRP and Solana, despite experiencing significant losses over the past 30 days, are showing potential for a comeback due to important catalysts such as court rulings and partnership agreements with major institutions. Both cryptocurrencies have strong underlying value and growth prospects, making them bullish investments.
Bitcoin's rise may trigger leverage liquidations and price increases for alternative cryptocurrencies like solana's SOL, as traders who were shorting those tokens risk being forced to cover their positions.
Solana (SOL) price is currently trapped within a bearish technical formation, with the possibility of a prolonged downtrend unless there is a decisive daily candlestick close above $20.23. Increased selling momentum could push SOL down to around $17.29, while a breach of the channel's upper boundary and overcoming the 21-day EMA at $19.51 could open the path for an uptrend.
FTX's sale of tokens held by the bankrupt crypto exchange will not cause a market shock, as liquidations are limited and there are strict controls and restrictions in place, according to a research report by Coinbase.
Bitcoin, Ethereum, and Solana could experience significant price declines, with Bitcoin potentially dropping by over 20% and Ethereum and Solana also facing dips, according to crypto strategist Kaleo.
FTX's bankruptcy court-approved liquidation of $7.1 billion worth of crypto assets, including Solana and Bitcoin, is not expected to cause a market crash, as the court has implemented measures to ensure market stability during the process.
Solana's total value locked (TVL) has reached $338.82 million, its highest since the start of the year, driven by popular projects and a surge in the native SOL token, but concerns arise about the possible effect on SOL's price after the approval of FTX estate to sell its crypto holdings.
Closely followed crypto analyst predicts a strong bull market for Solana (SOL), advising long-term bulls to accumulate the asset for maximum opportunity.
Solana (SOL) has emerged as the preferred altcoin for institutional investors, attracting inflows of $31 million this year and maintaining a positive trend, while Ethereum continues to see outflows for the seventh consecutive week, according to CoinShares.
Despite the recent rally in Solana's SOL, it's unclear whether the price surge is a result of Bitcoin's movement or other factors, such as the successful network upgrade to version 1.16 and increased usage of decentralized applications and NFT volumes on Solana. Solana is trying to establish itself as the fifth-largest cryptocurrency by market capitalization, but faces stiff competition from Ethereum layer-2 solutions.
Ethereum rival Solana is gaining favor with institutional investors, as digital assets receive significant inflows, with Solana seeing the largest weekly inflows since March 2022.
Once a favorite on FTX, Solana (SOL) has seen a decline in its performance, possibly due to its association with former FTX CEO Sam Bankman-Fried's criminal trial, with the cryptocurrency currently down 3% in the past 24 hours and over 7% in the past week.
