A carefully adopted crypto strategist believes that Solana (SOL) continues to be in a downtrend regardless of final week’s surge.
Pseudonymous analyst Altcoin Sherpa tells his 196,300 followers on the social media platform X that Solana is dealing with a key resistance stage at round $19.50.
In response to the analyst, Solana has been printing bearish lower-high setups ever since hitting its 2023 excessive of $32.30 in July.
“Can be cautious on this present transfer up. It’s good to see some restoration however each rally the previous few weeks has resulted in simply a decrease excessive. Regardless, in the event you’re in it for an funding, it cant be dangerous to build up sub-$20.”
At time of writing, SOL is buying and selling for $19.04, up over 8% from its seven-day low of $17.57.
Should SOL’s newest rally fade, Altcoin Sherpa says that the $14 stage may act as help. Nevertheless, he warns that SOL’s prospects of staying above $14 all rely upon how the bankrupt crypto trade FTX liquidates its huge Solana trove to the tune of $1.16 billion.
“This one ought to take a whereas to type a backside although. I don’t know if the FTX stuff is ‘priced in.’ The subsequent few months shall be very attention-grabbing to see how the worth reacts to the massive provide in the marketplace.”
While Altcoin Sherpa is sounding the alarm about FTX’s massive Solana holdings, investor Chris Burniske tells his 263,400 followers on the social media platform X that solely a tiny quantity of the defunct crypto trade’s SOL trove is liquid.
“Solely ~13% of FTX’s SOL holdings are liquid.”
Burniske, who’s a accomplice on the crypto-focused enterprise capital agency Placeholder, says that he’s long-term bullish on SOL regardless of its FTX baggage.
“ETH and BTC each have baggage and have made new ATHs (all-time highs) in every main growth. Each human is flawed, each establishment is flawed and each coin is flawed.
In different phrases, all of us have baggage, and plenty of of us, be it a human, establishment, or cash, proceed to make new ATHs.”
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Examine Price Action
Observe us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Day by day Hodl will not be funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any loses it’s possible you’ll incur are your accountability. The Day by day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please word that The Day by day Hodl participates in internet affiliate marketing.
Generated Picture: Midjourney