Amidst the bullish start of the week, with most assets in the cryptocurrency sector seeing gains across multiple charts. solana (LEFT) is no exception. Additionally, indicators point to further gains, provided the SOL supply about to enter the market does not spoil its chances.
Solana’s exponential moving average (EMA) is “healthy” and the seventh-largest digital asset is one of the “best buys you can make,” according to analysis shared in an X post on Oct. observed.
Koinfinans.com As we reported, the expert specifically believes that if the EMA “can stay comfortably above $27, $37 is the next area.” But he also warns about SOL supply coming to the market via FTX. More collapsed crypto- It refers to the fact that the exchange received court approval to liquidate $3.4 billion in cryptocurrencies, which essentially make up SOL.
As a matter of fact, the crypto trading platform that exploded in November 2022, including $1.16 billion Solana, $192 million Ethereum (ETH), $560 million Bitcoin (BTC) and $137 million Aptos (APT) so that it can start paying back its creditors. received court permission to sell billions of crypto assets.
As a result, this has raised concerns among crypto enthusiasts who fear that a large liquidation could create strong selling pressure, causing Solana’s price to drop. However, the court order allows the crypto exchange to sell only $100 million worth of crypto assets per week.