{"id":152376,"date":"2023-09-14T14:15:26","date_gmt":"2023-09-14T14:15:26","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=152376"},"modified":"2023-09-14T15:05:47","modified_gmt":"2023-09-14T15:05:47","slug":"solana-rises-5-despite-an-expected-sol-sell-off","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/solana-rises-5-despite-an-expected-sol-sell-off\/","title":{"rendered":"Solana (SOL) Rises 5% Despite an Expected SOL Sell Off"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Solana has shocked investors and traders with an unexpected rise in the middle of the week. <strong>The coin has rubbished the predictions of a huge decline due to the massive liquidation by the bankrupt crypto exchange, FTX.<\/strong> In a recent development, the US Court has <strong><a href=\"https:\/\/crypto-economy.com\/ftx-receives-permission-to-liquidate-its-assets-could-we-see-a-massive-market-crash\/\" target=\"_blank\" rel=\"noopener\">allowed<\/a><\/strong> FTX to liquidate its crypto holdings. Moreover, Solana (SOL) tops the crypto portfolio of the exchange.<\/span><\/p>\n<p><!--more--><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">As per details from the recent filings, <strong>the FTX exchange is all set to liquidate a total asset pool of $3.4 billion.<\/strong> The holdings include <a href=\"https:\/\/crypto-economy.com\/solana\/\" target=\"_blank\" rel=\"noopener\">Solana (SOL)<\/a>, Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Wrapped Bitcoin (WBTC), and Aptos (APT).<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Since the bankruptcy of FTX Exchange, SOL has been at the receiving end of price degradation. Back in November the coin even dropped to a low of $8 due to these reasons. However, this time around the coin has shown some resistance towards the speculations. Moreover, FTX has reportedly shown no interest in dumping its SOL holdings at once. <strong>It is believed that the exchange will go make a <\/strong><\/span><strong>structured plan to sell $100 million in SOL every week. The limit could be raised to $200 million.<\/strong><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">FTX gets approval to sell $3.4B in <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Crypto<\/a> assets &amp; CPI data comes in worse than expected<\/p>\n<p>Markets aren&#39;t falling down that much, and not much should be happening from it. <\/p>\n<p>The Solana, which corresponds to $1.2 billion of the assets of FTX, is mostly staked and can&#39;t be sold.\ud83d\udc47\u2026 <a href=\"https:\/\/t.co\/uKG9XefCzy\" target=\"_blank\">pic.twitter.com\/uKG9XefCzy<\/a><\/p>\n<p>&mdash; Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1702019063986151446?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">September 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 style=\"text-align: left\"><span style=\"font-weight: 400\">Solana (SOL) Reached the $19 Mark<\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">With an impressive increase of 5%, SOL has quickly approached the $19 mark. <strong>The coin is currently<\/strong><\/span><strong><a href=\"https:\/\/coinmarketcap.com\/currencies\/solana\/\" target=\"_blank\" rel=\"noopener\"> trading<\/a><\/strong><span style=\"font-weight: 400\"><strong> at $18.97 and has a market cap of over $7.77 billion.<\/strong> This price increase suggests an uptrend for the token. However, it has to maintain a position of over $17.5 to avoid a move to the lower side.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-152378 size-full\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/09\/SOL_1D_graph_coinmarketcap.jpg\" alt=\"Solana (SOL) Reached the $19 Mark\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/09\/SOL_1D_graph_coinmarketcap.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/09\/SOL_1D_graph_coinmarketcap-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/09\/SOL_1D_graph_coinmarketcap-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">As per details, FTX has around $1.2 million in Solana (SOL). Therefore, any movement of these funds will have a strong impact on the market. It was further reported that <strong>the exchange has appointed Galaxy Holdings to conduct a gradual liquidation process for the coins<\/strong>. The exchange is in dire need of funds to settle its liabilities.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">On the other hand, the founder of Tron, <strong>Justin Sun has urged the crypto community to join hands and reduce the selling impact of FTX holdings<\/strong>. Despite that, the community has kept an eye on the movement of funds held by the exchange. It is yet to be seen how the latest decision helps the FTX exchange in its bankruptcy proceedings and how it impacts the performance of the overall crypto market. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana has shocked investors and traders with an unexpected rise in the middle of the week. The coin has rubbished the predictions of a huge decline due to the massive liquidation by the bankrupt crypto exchange, FTX. In a recent development, the US Court has allowed FTX to liquidate its crypto holdings. Moreover, Solana (SOL) &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Solana (SOL) Rises 5% Despite an Expected SOL Sell Off\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/solana-rises-5-despite-an-expected-sol-sell-off\/#more-152376\" aria-label=\"More on Solana (SOL) Rises 5% Despite an Expected SOL Sell Off\">Read more<\/a><\/p>\n","protected":false},"author":22,"featured_media":152377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[114,70,74],"tags":[5355,5416],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/152376"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=152376"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/152376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/152377"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=152376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=152376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=152376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}