Solana Price Prediction as FTX Estate Sells $1.9 Billion Worth of SOL – Will SOL Rally Now?

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7 Apr 2024

Solana Price Prediction
In a startling market move, FTX’s estate liquidated approximately $1.9 billion of its Solana (SOL) holdings, significantly below current market rates, sparking widespread speculation on Solana’s price prediction.
This massive sell-off, constituting over half of FTX’s Solana assets at a 63% discount, has rippled through the cryptocurrency landscape, impacting Solana’s valuation and investor sentiment.
Despite this turmoil, the broader crypto market’s resilience hints at potential recovery, posing the question: could this drastic price drop be an opening for SOL to regain its footing and rally?
With Solana price trading near $180 and showing modest gains, the market’s response to this unprecedented sale could redefine Solana’s financial trajectory.

FTX’s SOL Token Fire Sale Shakes Crypto Market: Investors Beware

FTX’s liquidation of 25-30 million SOL tokens at $64 each, significantly below the current $178 trading price, has stirred the crypto community. Asset managers like Galaxy Trading, Pantera Capital, and Neptune Digital Assets were major buyers, with Galaxy raising $620 million alone.
This discounted sale raises concerns over FTX’s debt repayment capacity and has sparked accusations of creditor rights violations. The locked sale terms for four years have further fueled dissatisfaction, impacting Solana’s market stability and highlighting the volatility and risks in cryptocurrency investments.

Major firms acquired bulk of FTX’s discounted SOL tokens.
Sale’s conditions and discounts provoke creditor concern and market volatility.

FTX and Alameda’s Hefty On-Chain Moves Spark Market Turbulence

FTX and Alameda have initiated substantial cryptocurrency transfers totaling approximately $15 million to centralized exchanges, according to recent blockchain analyses. Notably, these transfers include 1,000 ETH to Coinbase, 1,000 Wrapped Ether (WETH) to Wintermute, and 3,544 Wrapped Binance Coin (WBNB) to Binance.
Additionally, there’s been a shift of around $105.9 million in various altcoins to intermediary wallets and $16 million across 13 assets directly to exchanges.
These activities, likely reflecting strategic financial adjustments post-FTX’s bankruptcy, may significantly influence the cryptocurrency market, altering trading dynamics and investor perspectives.

Solana Price Prediction

Solana (SOL) has seen a price increase to $180, up by around 1%. The asset is currently navigating through key technical levels, with a pivot point at $181. Resistance levels are marked at $195, $209, and $221, while support is established at $169, $160, and $149.
Solana Price Chart
The Relative Strength Index (RSI) is at 43, suggesting a potential for market direction change, and the 50-day Exponential Moving Average (EMA) stands at $184, indicating a bearish sentiment below $181. Should SOL breach this pivot, a shift to a bullish trend could occur, highlighting the market’s dynamic nature.

Catch the Slothana Wave: Invest in $SLOTH Before It Hits the Market

Introducing Slothana ($SLOTH), the latest meme coin merging the leisurely charm of sloths with Solana’s robust blockchain.
This presale event offers a unique chance to buy into the next big meme coin phenomenon at ground level prices.
Drawing lessons from the Slerf coin saga, Slothana, designed by the experienced Smog team, is poised for substantial market impact, having already attracted significant investment.
Why Slothana Stands Out:

Early Bird Advantage: Buy $SLOTH now during presale to maximize potential returns.
Meme Coin Mania: Join the meme coin trend that’s turning heads in the crypto world, with past coins seeing over 10,000% increases.
Solana’s Efficiency: Benefit from low-cost, high-speed transactions on the Solana network.

Presale Details:

Exchange Rate: 1 SOL = 10,000 $SLOTH
Funds Raised: $2,852,027

Don’t miss out on the Slothana wave. Invest today for a shot at exceptional growth!

Get Slothana Here

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

100x Or Bust? Solana Investors Bet Big On This Wild Memecoin

The world of cryptocurrency can be a curious place. While established coins like Bitcoin and Ethereum, and even Solana dominate headlines, a new breed of tokens – meme coins – have captured the imagination (and wallets) of a growing number of investors. These coins, often featuring playful mascots and fueled by online hype, can experience explosive growth, but also come with a significant risk of volatility and even scams.

Enter Slothana (SLOTH), the latest Solana-based meme coin making waves in the crypto community. Launched just recently, Slothana has garnered significant attention during its ongoing presale, exceeding its initial fundraising target and raising nearly $10 million at the time of writing.
This early success has fueled speculation of a massive price increase, with some crypto enthusiasts predicting a staggering 100x gain after the presale concludes.

🌿🦥 Attention, fellow sloths! Poll time. Should we launch on DEX only, embracing the true spirit of decentralization and lazy trading? Or should we go full throttle, hitting up both CEX and DEX like the overachieving sloths we could be? Cast your vote below #slothana #memecoin
— Slothana (@SlothanaCoin) March 29, 2024

Solana Memecoin Mania

Solana, a high-speed blockchain platform, has become a breeding ground for meme coins. Unlike established blockchains like Ethereum, Solana offers faster transaction speeds and lower fees, making it an attractive platform for launching new meme coins.
This year alone, several Solana meme coins have experienced phenomenal growth. For instance, Smog (SMOG), another meme coin launched on Solana in February, witnessed a nearly 8,000% increase in value for early investors.

To the moon 🔥
— SMOG (@SMOGToken) March 26, 2024

This success story has fueled optimism surrounding Slothana, with some speculating a connection between the two projects. A recent “To The Moon” comment from Smog’s official social media account has ignited rumors that the same team may be behind Slothana, further boosting investor confidence.

Can Slothana Avoid The Pitfalls?

Meanwhile, the risk of rug pulls – where developers abandon a project after raising funds through a presale – is a significant concern in the meme coin space.
While Slothana’s presale structure appears transparent, with a “fair launch pricing system” offering equal opportunity to acquire tokens, thorough research into the project’s team and roadmap remains crucial.

SOL market cap currently at $80 billion. Chart: TradingView.com

Riding The Bitcoin Halving Wave?

An additional factor potentially influencing Slothana’s future is the upcoming Bitcoin halving scheduled for later this month. Historically, Bitcoin halvings, which reduce the number of new Bitcoins entering circulation, have been followed by periods of bullish momentum for the entire cryptocurrency market.

This has often led to a surge in meme coin prices as well, as investors seek out high-risk, high-reward opportunities. If Slothana launches on exchanges before or shortly after the halving, it could benefit from this meme coin frenzy.
Featured image from Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Tags: altcoins memecoins Slothana Sol Solana

Solana Shuts its Trading Bot, Polygon Adds New Node as KangaMoon Surges 290%

A review of the trends of top crypto projects in the crypto industry shows that Solana (SOL) will be shutting its telegram bot called Solareum after suffering a notable breach that resulted in over $500,000 exploit. On the other hand, Polygon (MATIC) is looking to add another node to its zkEVM scaling protocol. Meanwhile, KangaMoon (KANG) is on course to reach a new milestone amid the consistent growth of the meme project’s presale.

Solareum Trading Bot on Telegram to Seize Operation

A trading bot that facilitates the trading of Solana-based tokens on Telegram, known as Solareum will be shut down. This is following a security breach that saw over $523,000 worth of Solana coins stolen from the user’s wallet on March 29th. Over 300 users are estimated to have fallen victim to the exploit.
Responding to the breach on X, Solareum refuted the allegations from users, suggesting that they were responsible for the exploit. Meanwhile, the tweet admitted that there may be a chance that they got exploited prior to the drain.

New Node Will be Added to Polygon (MATIC) zkEVM Out for Testing

Polygon (MATIC) will be adding the cdk-erigon RPC node to its zkEVM mainnet in a move that is calculated to enhance the performance and sync times for the Polygon network. According to a tweet from Polygon Foundation on X, the integration of the cdk-erigon RPC node on the Polygon network will bring over 10x less disc space and 150x faster sync times.
This development can be attributed to Polygon’s move to ensure a more steady network and less outage in the future. Currently, the RPC node is undergoing tests before its full implementation on the Polygon network.

KangaMoon (KANG) Raises $4 Million in Overall Presale Funds as Project Enters Stage 5

Following the steady rise of the KangaMoon’s (KANG) presale, the top crypto coin has raised $4M so far in presale. With over 5,800 investors buying the KANG’s presale, the token has entered stage 5 of the presale.

Notably, over 20,000 members have registered on the KangaMoon platform, making the project one of the top-performing projects on the blockchain. Meanwhile, the KANG token has generated over 290% ROI for early investors. At the current trajectory, the token is likely to see a 700% growth before the end of the presale. This makes KangaMoon one of the top crypto projects to invest in now.
Meanwhile, the KANG token is sold for just $0.019 with a 10% deposit bonus attached. This represents cheap crypto with exponential growth potential. The team has announced plans to list the token in a major CEX exchange in Q2 and that has led to analysts projecting a 50x rally in the coming months. Meanwhile, members can earn the KANG token by engaging in KangaMoon’s social media campaigns.
As a platform, KangaMoon facilitates the meeting and interaction of meme enthusiasts through the SocialFi structure. Similarly, the GameFi feature spices things up with its immersive play-to-earn gaming adventure that rewards players with NFTs, collectibles and the KANG token. Conclusively, KangaMoon is the next-rated platform for investment and interaction.

Discover the Exciting Opportunities of the KangaMoon(KANG) Presale Today!
Website: https://KangaMoon.com/
Join Our Telegram Community: https://t.me/KangaMoonofficial
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

$115-Million Bitcoin Whale Wakes Up From 10-Year Slumber – What’s Next?

Bitcoin is still pushing a price recovery on its quest to return to the $70,000 price level. This has seen the cryptocurrency now trading above $69,000, up by 1.6% in the past 24 hours. This price fluctuation has occurred in the middle of increased accumulation activity from some whales and some short-term holders.

Blockchain analytics platform Lookonchain has revealed an instance of whale activity on social media. An interesting transaction came from a whale wallet which recently woke up after 10 years of dormancy to transfer 246 BTC worth $16.73 million.

Bitcoin Whale Wakes Up From 10-Year Slumber

The Bitcoin blockchain is home to a vast number of early investors with large amounts of BTC that have remained dormant for many years. In fact, the re-ignition of dormant Bitcoin addresses has been sporadic for the past six months, particularly as the price of Bitcoin surged to new all-time highs and with most causing a stir and rising interest amongst Bitcoin investors.

According to Lookonchain, a new Bitcoin whale address has been added to the roster of wallets raised from the dead. The whale address “1CLxmH” which held 1,701 BTC (worth $115 million at the time of writing) during its 10-year period of dormancy, recently woke up and transferred 246 BTC worth $16.73 million into another wallet. Interestingly, on-chain data shows the whale address received 4,272 BTC throughout 2013 at an average price of $29.39.

A whale with 1,701 $BTC($115.42M) woke up after 10 years of dormancy and transferred 246 $BTC($16.73M) out 20 mins ago.
The whale received 4,272 $BTC($125,541 at the time) in 2013 at an average price of only $29.39.
Address:
1CLxmHRhoi9VpSj5QihqPEdbhLL8E1oeUZ pic.twitter.com/W45On1Q7vb
— Lookonchain (@lookonchain) April 6, 2024

Incoming Sell Pressure?

Reactivations of old dormant wallets are often driven by whales looking to sell all or some of their holdings. Massive selloffs like this often lead to a price slump and increase the selling pressure from short-term investors. However, the motive behind the reactivation of dormant addresses is impossible to predict and not all of them indicate profit-taking.

Bitcoin market cap currently at $1.3 trillion. Chart: TradingView.com

In this case, transaction data shows the assets were transferred into two new private wallets. 50 BTC were transferred into address “1PRREb,” while 195 BTC were transferred into address “bc1qga.” At the time of writing, address “1CLxmH” still holds 1,455 BTC worth $100.89 million.

In the ongoing spirit of an accumulation from whales, Lookonchain outlined a new purchase from another whale address. This address, which has accumulated 1,308 BTC worth $89.75 million at an average price of $68,617 since March 6, purchased another 113.735 BTC worth $7.85 million from Binance less than 12 hours ago. With Bitcoin trading at $69,348, this wallet now holds $90.7 million worth of the cryptocurrency.
Blockchain analytics platform Santiment noted this accumulation pattern by the whales, revealing wallets holding between 100 and 100,000 BTC have purchased $21.6 billion worth of the cryptocurrency in the last three months.