Solana (SOL) continues to exhibit strength despite FTX/Alameda's recent unstaking of over $1 billion in SOL. The coin has held firm near $137.77, even touching a high of $139.76.
This resilience is bolstered by overall market optimism, with the global crypto market cap surging 3.31% to $2.11 trillion and total volume increasing by 8.6% to $66.54 billion.
The positive market sentiment is partially driven by expectations of a Federal Reserve rate cut ahead of the upcoming FOMC meeting. Additionally, the U.S. Producer Price Index (PPI) data exceeding expectations at 0.3% has further boosted confidence in risk assets.
bitcoin breaking the $60K barrier and the wider crypto market following suit on this bullish trajectory. However, the substantial withdrawal of SOL by FTX/Alameda could introduce notable selling pressure, potentially hindering further upward momentum. This massive unstaking event may weigh on SOL's future price movement.
Solana-stays-strong-despite-ftx-alameda-unstaking-1b-will-bullish-momentum-last">Solana Stays Strong Despite FTX/Alameda Unstaking $1B – Will Bullish Momentum Last?
Despite the recent news of FTX/Alameda unstaking over $1 billion in Solana (SOL), the coin has surprisingly maintained its bullish momentum. SOL held strong near the $137.77 mark, even reaching an intra-day high of $139.76.
This resilience is largely supported by broader market optimism, as the global crypto market cap surged by 3.31% to $2.11 trillion, with a total volume increase of 8.6% to $66.54 billion.
The market’s positive sentiment is partly driven by expectations of a Federal Reserve rate cut ahead of the upcoming FOMC meeting. U.S. Producer Price Index (PPI) data, which came in slightly above expectations at 0.3%, further boosted confidence in risk assets.
As a result, bitcoin crossed the $60K mark, with the overall crypto market following this bullish trend. However, FTX/Alameda’s massive withdrawal of SOL could introduce significant selling pressure, potentially limiting further gains. This large unstaking event may weigh on SOL’s upward trajectory in the near future.
Solana-raising-concerns-about-market-impact">FTX/Alameda Unstakes Over $1B in Solana, Raising Concerns About Market Impact
FTX/Alameda has unstaked more than $1 billion of Solana (SOL) over recent months. In the past three months alone, 530,000 SOL, valued at $71 million, have been unstaked, averaging 176,700 SOL ($23.5 million) per month.
Despite this, FTX/Alameda still holds 7.06 million SOL, worth roughly $945.7 million. This large-scale unstaking has sparked concerns about potential selling pressure, which could affect Solana’s market performance.
Meanwhile, Solana continues to show resilience, trading at $139.60 with a 4% increase. The broader crypto market remains bullish, with bitcoin surpassing $60,000 and ethereum climbing past $2,400.
Rising expectations of a Fed rate cut and better-than-expected U.S. PPI data have fueled this momentum. However, the increased supply of unstaked SOL may put downward pressure on its price if selling intensifies.
Solana-sol-usd-daily-technical-outlook-september-14-2024">Solana (SOL/USD) – Daily Technical Outlook: September 14, 2024
Solana (SOL/USD) is currently trading at $137.03, down 1.35% for the day but remains within an upward channel, finding robust support near the $136.04 pivot point.
Immediate resistance is identified at $139.98, and a break above this level could lead to further gains, targeting $144.30 and $148.48.
The 50-day EMA at $134.89 acts as additional support, indicating the potential for the bullish trend to persist if prices surpass this crucial moving average. The RSI is at 54, indicating modest buying momentum.
If SOL drops below $136.04, it could test support at $131.79 and potentially $128.24. Further downward movement could see the price decline to $124.24.
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