SOL, the token powering the Solana blockchain, is currently trading around $19 per token, a 10% increase from its weekly lows.
A judge recently approved FTX’s request to liquidate its $3.4 billion in digital asset holdings.
Although the mass liquidation of SOL tokens initially caused panic, FTX won’t be able to dump all of its tokens onto the market instantly, as the bulk are vested until 2028.
Price Prediction – Is the Solana (SOL) Sell-Off Over?
After the recent 10% rally, traders are speculating whether the sell-off of Solana might be coming to an end.
Since reaching yearly highs above $31 per token in July, SOL has been in a downtrend, capped by a downtrend line and the 21-day moving average.
If the cryptocurrency can break above these resistance levels, it could retest the 100 and 200-day moving averages around $21 and a key medium-term support-turned-resistance zone around $22.0.
Alternatives to Consider
Given the market’s unpredictability, it’s wise for crypto investors to hedge their bets.
An excellent alternative to consider is XRP (XRP), a coin being launched by Wall Street Memes.
Wall Street Memes, with over 1 million followers on social media, is launching its own meme coin token called $WSM.
The presale of $WSM has been very successful, with over $25 million raised, and it has received support from numerous influential figures in the crypto industry.
The presale will end in less than 14 days, so investors should act quickly to get involved.
Get in now on a token that has the potential to surpass Pepe Coin, Dogecoin, and Shiba Inu.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.