Coin Desk host Jay sends out a warning that an Ethereum major (ETH) The competitor faces more downside risks in the FTX fallout.
Currency Desk Host Tells 2.17 million YouTube subscribers as the collapse of cryptocurrency exchange FTX makes way for Solana (sol) Difficult.
According to the host, Solana will come under intense selling pressure when the beleaguered cryptocurrency exchange and digital asset hedge fund Alameda Research dump their holdings from rival Ethereum to pay off affected users and creditors.
In any case, it is clear that the demand for SOL has decreased, and it is easy to understand why.
Some began to question Solana’s future. This is due in large part to the massive amount of SOL that FTX and Alameda will have to sell when the time comes to compensate its creditors.”
Jay says that as a result Solana price could drop supported by the fact that the cryptocurrency market likely has not bottomed out yet. Based on technical analysis, the Coin Desk host says Solana could drop about 40% from current levels.
To make matters worse, the bottom of the cryptocurrency bear market may not have been reached yet. This means that SOL will decline even without all of the selling pressure from these entities.
The long-term price chart indicates that SOL could drop to $8. This would be consistent with the estimated percentage loss of other large cryptocurrencies.”
Solana is trading at $13.68 at the time of writing, down more than 50% over the past two weeks.
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