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Solana (SOL), the most widely used smart contract platform, had surpassed all its competitors in terms of transaction volume. However, that was not enough. The valuations in the cryptocurrency markets are indexed to future expectations. And if the project’s fund providers and institutional investors start to withdraw, no matter how good the project is, its value will rapidly erode. This is what happened to Solana.
Solana Overview
Solana (SOL) saw an increase in social volume following the liquidation news of FTX. The increase in social volume accompanying the price drop indicated the continuation of the selling momentum. Last week, the interest in SOL Coin by futures traders had increased due to the further confirmation of the expected decline. The open interest had increased by 30 million dollars as a result of the increasing short positions.
Most of the assets held by the bankrupt company will remain locked until the period of 2025-2028. However, due to the ongoing lack of interest in SOL Coin and the general decline in market volume, it will be affected even by millions of dollars in sales. Investors may need to be prepared for sudden price movements. Possible FTX announcements or transfers to exchanges may force investors expecting a decline to act quickly. This will lead to rapid fluctuations in price.
SOL Coin Price Prediction
The price of SOL Coin was $19.12 at the time of writing. The price, which had bounced back from $17.37 on September 11, regained the $19 mark. The reason behind this is the recovery in overall market sentiment. At the time of writing, BTC is trading around $26,700. Today, BTC faced profit-taking as it attempted to surpass $26,800. This situation strengthens the resistance levels in the market overall.
If the price of SOL Coin continues to stay above $19, the downward movement that started on July 14 may come to an end. Then, it should aim for $30 again with a V-shaped recovery. However, for this to happen, FTX sales should take place over-the-counter rather than on secondary markets, and a figure close to the current market price should be determined. Previously, major crypto companies had made offers for bankrupt companies like Voyager and Celsius.
In the bullish scenario, after $20.5, the $22 and $25.4 regions could be seen. Then, the strong resistance at $27, which has been fought against for months, needs to be surpassed. In the bearish scenario, there are support levels at $14.2 and $12.8.
