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Solana has seen significant retraction in its recent price trend. The asset is feeling the heat of the increased selling pressure. SOL has gradually slipped below the $18.00 region during the early hours of today, September 11, 2023.
Could Solana’s price be in danger of more price dips?
SOL Records Alarming Fall?
As of 5:57 AM EST on September 11, SOL is trading at $17.75, reflecting a drop of 3% within the past 24 hours. Similarly, the token plummeted by 10% and 28% over the past 7 and 30 days.
Though the crypto market has been under the influence of the bears, Solana seems to be taking more significant pressure than most altcoins. SOL has lost its hold over the critical resistance level at $18.00.
Solana’s continuous decline could be seen with a surge of over 18% in its 24-hour trading volume. The increasing trading volume amid the decline in the price of Solana implies that the crypto token is currently under sell-off pressure by holders.
FTX Proposed Asset Sell-Off Triggered FUD on SOL holders
One of the remarkable triggers for the massive sell-off and huge price decline for Solana is FTX’s proposed crypto asset sell-off. The crypto exchange is seeking approval to liquidate its crypto asset holdings valued at $3.4 billion in April this year.
FTX is expected to receive approval to liquidate the following assets on September 13th.$SOL $685,000,000$FTT $529,000,000$BTC $268,000,000$ETH $90,000,000$APT $67,000,000$DOGE $42,000,000$MATIC $39,000,000$BIT $35,000,000$TON $31,000,000$XRP $29,000,000
They had $3.4… pic.twitter.com/ydEohN23EX
— Crypto Rover (@rovercrc) September 9, 2023
According to its plan, FTX will start liquidating the token on September 13, with a weekly sell-out of $200 million worth of crypto tokens.
The crypto exchange holds several assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and others. Among all its holdings, FTX’s highest crypto asset is Solana, worth about $685 million.
With the fear over the massive sell-off of Solana coin by FTX and its potential impact on the price of the assets, SOL holders have started disposing of their holdings.
Subsequently, the increased sell-off pressure created a declining effect on the price of Solana, pushing it further below the $18 region. Moreover, the present bearish trend in the overall crypto market contributes to the sharp downward movement of Solana’s price.
SOL Bulls Contend for Trend Reversal on Daily Chart
SOL is trading below the 50-day and 200-day Simple Moving Average, which signifies a long and short-term bearish price movement for Solana.
The 200-day SMA also acts as a resistance to SOL’s price, and a breakout from this level could suggest a price rally for the asset.
Also, the Moving average convergence divergence MACD trades below the signal line with red histogram bars, indicating a short-term bearish price momentum for SOL.
The relative strength index of 33 indicates that the price of SOL is approaching the oversold zone, and a trend reversal could occur if the asset preaches this price zone.
The combination of the following indicators points towards a short-term bearish price movement for SOL and an overall bullish price momentum in the long term.
However, investors should consider other tools and not rely only on technical indicators when making investment decisions, as the market is always prone to high volatility and frequent price fluctuations.
Key Price Levels on Daily Chart
As depicted on the chart, SOL is trading into its support level of $16.62, which would indicate a short bearish price movement for the asset.
Also, a rebound from this support level could propel SOL into its previous resistance zone of $25, indicating a 50% price increase for investors and traders who buy at this zone.
However, if the price fails to rebound from the support zone, the asset could follow an aggressive bearish trajectory, leading to over 15% loss of its value.
While the Solana market poses some uncertainty with its declining market trend, investors could opt for Bitcoin BSC (BTCBSC), SOL’s best alternative.
Solana Best Alternative – Bitcoin BSC (BTCBSC)
Built on the sustainable BNB smart chain, BTCBSC operates with a Proof-of-Stake (PoS) mechanism with higher security, stability, and lower cost implications than Bitcoin.
Also, it offers more benefits to users with its potential for high ROI and utility through staking.
What Makes BTCBSC Unique?
BTCBSC is designed to be completely decentralized, eliminating the possible fear of pump-and-dump schemes or rug pull.
BTCBSC has a total supply of 21 million tokens, with 29% (6,125,000 tokens) allocated to its presale and 69% (14,455,000 coins) reserved for staking rewards.
Transparent tokenomics proves the genuineness of the crypto asset and its sustainability as the years roll.
Staking Program
It runs a staking program that allows users to earn passive income by staking their holdings. Its interest is almost 500% annual percentage yield (APYs).
The project offers daily income by staking their coins, released every 10 minutes as new blocks are added to the network. Moreover, the staking rewards are based on the staking pool that the users join.
Bitcoin BSC is currently running its presale, which has recorded a massive adoption within a short period. The presale has already generated over $1.02 million, proving its increased attraction within the crypto space.
https://twitter.com/Bitcoinbsctoken/status/1701145442904404340
Investors should rush to BTCBSC’s official website to join the presale by purchasing the token using ETH, USDT, or BNB.
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