solana Its price has increased strongly in recent weeks, as predicted by technical analysis, and has grown by nearly 150% on a monthly basis.
However, the real question now is how long the current rally can continue. A formation similar to the rally recorded in April and May 2021, according to Trader Rekt Capital is located. The price rose to $53 and $61 levels at that time, and fell below $25 shortly after.
Solana has rallied to both the $53 and $61 resistances (blue)
NEWS CONTINUES BELOWIn 2021, SOL upside deviated to $53 and then $61 before retracing to the bottom of the purple box
Will history repeat?#totheleft #LEFT #BTC https://t.co/OQ4OtOQG27 pic.twitter.com/3QJfGT8CdV
NEWS CONTINUES BELOW— Rekt Capital (@rektcapital) November 13, 2023
Investors are also worried about a possible collapse if a similar trend repeats. As a matter of fact, the rally that followed the withdrawal at that time pushed the price to $ 250. When the equation is this complicated, investors are also quite confused.
Solana price lost 6.5% of its value in the last 24 hours, creating concerns that it may have started a retreat process. Although the price dropped to $55 in that range, it managed to instantly climb to $59.
As we reported as Koinfinans.com, FTX moved $13.5 million worth of SOL, $7.41 million worth of MATIC, and $3.1 million worth of ETH to exchanges such as Kraken and OKX.
🚨 [Updated] #FTX further deposited $24M worth of 3 assets to #krakenand #OKX in the past 5 hours:
250K $LEFT ($13.5M)
8.27M $MATIC ($7.41M)
1,500 $ETH ($3.1M)Overall, as of Nov 14, #FTX oath #Alameda have transferred out $438M worth of 42 assets to exchanges.
Currently, #FTX… https://t.co/5dQextvsLY pic.twitter.com/1EaSFdUFlC
— Spot On Chain (@spotonchain) November 14, 2023
Indeed, it is likely that much of the current decline is due to FTX’s activities being paired with the voluntary removal of Lido DAO node operators from the chain pursuant to a vote held in late September, and not due to a broader shift in market sentiment.
One need not hope for a repeat of a rally similar to the one in the summer of 2021 to remain optimistic about Solana’s future. While the rally led by Bitcoin (BTC) since the second half of October appears to have temporarily slowed, enthusiasm for the crypto market as a whole remains noticeably high.