Is SOL about to see a big sell-off?
SOL has reached a critical support level at 17.763.(tradingview.com/chart/SOLUSDT.P/TKDd0FlA-Is-there-hope-for-SOL/) Despite a minor price recovery, the daily candlestick exhibits a notable long upper shadow, indicating the prevailing strength of the bearish trend.
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Analyzing the four-hour chart, there is potential for the formation of a bottoming pattern, as seen here:
It's advisable to closely monitor SOL's price behavior after it reaches the resistance 19.465~20.446.
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Notably, recent information from September 10th this year reveals that as of August 31, 2023, FTX holds $34 billion in crypto assets, with SOL accounting for a substantial $11.6 billion share.
If FTX decides to divest its SOL holdings, the market could experience significant turbulence. Prices may have the potential to descend to a lower support level around $15.985, or potentially break the trendline, giving rise to a bearish flag pattern. In such a scenario, attention should be directed to 12.680~13.160, as this constitutes the critical support zone for SOL.
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Analyzing the four-hour chart, there is potential for the formation of a bottoming pattern, as seen here:
It's advisable to closely monitor SOL's price behavior after it reaches the resistance 19.465~20.446.
-
Notably, recent information from September 10th this year reveals that as of August 31, 2023, FTX holds $34 billion in crypto assets, with SOL accounting for a substantial $11.6 billion share.
If FTX decides to divest its SOL holdings, the market could experience significant turbulence. Prices may have the potential to descend to a lower support level around $15.985, or potentially break the trendline, giving rise to a bearish flag pattern. In such a scenario, attention should be directed to 12.680~13.160, as this constitutes the critical support zone for SOL.
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