{"id":154349,"date":"2023-09-12T17:44:05","date_gmt":"2023-09-12T12:14:05","guid":{"rendered":"https:\/\/dripp.zone\/news\/sol-price-relaunches-uptrend-from-18-support-crypto-news\/"},"modified":"2023-09-12T17:44:07","modified_gmt":"2023-09-12T12:14:07","slug":"sol-price-relaunches-uptrend-from-18-support-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/sol-price-relaunches-uptrend-from-18-support-crypto-news\/","title":{"rendered":"SOL Price Relaunches Uptrend From $18 Support – Crypto News"},"content":{"rendered":"

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SOL price, like many of its peers in the market, continues to deal with vulnerabilities both from macro and technical perspectives. On top of the weak market structure that has since June left cryptos significantly depressed, analysts predict a massacre likely to sweep through the Solana ecosystem as the collapsed\u00a0FTX exchange liquidates<\/a>\u00a0massive holdings in SOL.<\/p>\n

SOL Price Up 3% Despite FTX Liquidation Risk<\/h2>\n

The bankrupt FTX exchange, whose implosion sent the crypto market into disarray in November, could be preparing to sell off its massive holdings in crypto \u2013 worth around $3.4 billion.<\/p>\n

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According to a\u00a0report by IntoTheBlock<\/a>, the impending FTX liquidation could adversely impact Solana and Ethereum to the extent of erasing the gains made since December.<\/p>\n

\u201cDespite positive news about Visa and a potential spot ETH ETF, FTX\u2019s impending $3B liquidation could be dictating market movement,\u201d IntoTheBlock commented.<\/p>\n

FTX is looking forward to receiving the green light to liquidate the positions it holds in various cryptocurrencies, mainly altcoins on September 13.<\/p>\n

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Meanwhile, some crypto enthusiasts like the renowned commentator, Hitesh.eth say that calls for a sell-off could be premature noting that the liquidation process is unlikely to start immediately after the green light.<\/p>\n

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Besides,\u00a0court documents reckon that FTX<\/a>\u00a0is seeking approval to offload at least $100 million in crypto assets every week, with the leeway to increase the transactions to $200 million.<\/p>\n

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Some clarification on FTX Crypto Liquidation.<\/p>\n

FTX is likely to get approval to liquidate assets on 13 Sept, It doesn’t mean they would start selling assets immediately after they get approval. They are not allowed to sell anything as of now.<\/p>\n

I cross checked with @sunil_trades<\/a>\u2026 pic.twitter.com\/nmGOZeD0zv<\/a><\/p>\n

\u2014 hitesh.eth (@hmalviya9) September 10, 2023<\/a><\/p>\n<\/blockquote>\n

SOL Price Defends $18 Support<\/h2>\n

SOL price is up 3.5% to $18.4 after bouncing off support at $18 as bulls hold firmly to the lower ascending trendline. Another daily close above this crucial price level would imply that the path with the least resistance is to the upside and that the bearish sentiments regarding FTX liquidations have been kept in check.<\/p>\n