\nSolana price retests support at $60 as FTX moves millions of SOL tokens to Coinbase. If investors buy the dip, a recovery could follow swiftly.\t\t\t\t<\/p>\n
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\n <\/div>\n Solana Price Forecast: The unofficial \u2018Ethereum killer, is reaching out for fresh gains following a correction due to resistance encountered at $65. Bitcoin changed the outlook<\/span><\/a>\u00a0of the crypto market during the weekend as it blasted above $40,000, and $42,000 on Monday.<\/p>\n <\/p>\n While\u00a0Solana price<\/span><\/a>\u00a0sustained the uptrend, a brief correction followed to $60. This support must hold to keep the competitive smart contracts token buoyant, otherwise, investors may begin acclimatizing to a sub $50 SOL.<\/p>\n Many people feel that buying Solana at $60 is still a steal despite the rally from $20 in early October and $8 following the FTX crash in November 2022.<\/p>\n Although support at $60 is not guaranteed, declines into the $50 range might be a lifeline opportunity to buy the dip ahead of the next breakout targeting $100. During the previous bull run, Solana exploded to $260 in months before trimming most of the gains due to the crypto winter and other internal forces like the Terra Luna crash and the FTX implosion saga.<\/p>\n Solana price currently sits on top of support provided by the 50 Exponential Moving Average (EMA) (red) at $60.57 while the 21 EMA (blue) caps upward price action at $61.37.<\/p>\n The Moving Average Convergence Divergence (MACD) indicator conveys a grim picture, with Solana likely to fall into the bearish trap or consolidation before the next move up.<\/p>\n Traders may want to keep an eye on the MACD because a bullish crossover would imply that a trend reversal is on the way.<\/p>\n <\/p>\n Two ascending trendlines drawn on the chart are in line to provide the much-needed support. The first dotted trendline could see Solana<\/a> abandon the bearish outlook immediately and start reaching for gains toward $100.<\/p>\n If overhead pressure overwhelms the bulls perhaps due to resistance at the 21 EMA, the lower trendline would be in place to arrest the bearish situation, with support at $58 standing out. Other key levels to keep in mind while trading SOL are $54 and $52, respectively.<\/p>\n Recommended for you:<\/b>\u00a0Binance Lists LUNC, IOTA, & Other Spot Trading Pairs As Terra Classic Price Rallies<\/span><\/a><\/span><\/p>\n Solana\u2019s uptrend started to falter on Tuesday after blockchain data company Lookonchain highlighted a couple of SOL transactions linked to FTX\u2019s cold wallet.<\/p>\n According to the post on Twitter (now X), a cold wallet connected to FTX unstaked 1.5 million SOL, worth around $90 million at the time. Another transaction of 4.13 million SOL worth approximately $248 million to Coinbase also raised eyebrows.<\/p>\n 1\/ FTX-related address “4Axqyo\u2026HswTAh” unstaked 1.5M $SOL<\/a>($90M) 2 hours ago and transferred it to “3vxheE\u20265mgkom”.<\/p>\n And we noticed that “3vxheE\u20265mgkom” deposited 4.13M $SOL<\/a>($248.67M) to #Coinbase<\/a> 11 hours ago. pic.twitter.com\/pQRNDZCvgy<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) December 5, 2023<\/a><\/p>\n<\/blockquote>\n The bankrupt exchange has been liquidating its crypto holdings, including Solana to repay creditors. Prior to filing for bankruptcy in November last year, FTX held $1.2 million SOL.<\/p>\n <\/p>\n If Solana continues to exhibit resilience amid FTX liquidations, the gap to $100 could narrow quickly as FOMO kicks in for another ride toward the all-time high.<\/p>\n \n Share this article on:<\/p>\n John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market. <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n <\/p><\/div>\n
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\n <\/span><\/div>\n<\/p><\/div>\nSolana Price Forecast: Bullish Euphoria Could Propel SOL To $100<\/h2>\n
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FTX Cold Wallet Transfers Shake Solana Price<\/h2>\n
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