CandleFocus FTX Puts Brakes on Solana’s $160 Surge, Coin Eyes 15% Correction
2024-10-15
Author: Content Editor
The price of Solana (SOL) may face downward pressure as the staking address associated with FTX/Alameda redeems a significant amount of SOL tokens. This could result in a double-digit decline in the altcoin's value if the redeemed tokens are sold on exchanges. The SOL staking address has been regularly redeeming and transferring SOL tokens, and the recently redeemed ones are likely to be sold on exchanges like Coinbase or Binance. However, SOL is currently benefiting from a general market uptrend and has experienced an 8% price increase over the past week. Its Parabolic SAR indicator suggests it is in an uptrend, and its RSI indicates a bullish trend. If the bullish momentum continues, SOL could break above resistance levels and aim for higher prices. However, if FTX starts liquidating its redeemed tokens without sufficient demand, SOL could see a 15% decline and potentially drop even further.
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