Solana Price Prediction as SOL Pumps Up 10% on Spot Bitcoin ETF and FTX Estate Staking Optimism
Solana (SOL) is the best-performing cryptocurrency within the prime 20 by market capitalization up to now 24 hours, as per CoinGecko, with the SOL value having pumped a large close to 10% on the day.
SOL was final altering arms north of the $24 stage, having begun the day below $22, aided by a good pump in Bitcoin (BTC) on spot ETF optimism, in addition to aided by studies that the property belonging to bankrupt crypto change FTX has simply staked $121 million value of SOL tokens, easing issues about near-term token gross sales.
FTX Stakes 5.5 Million SOL Tokens
The FTX property simply staked 5.5 million (value $122 million) of SOL tokens, a pseudonymous crypto analyst reported on Friday.
Solana affords enticing annual staking yields of round 7%, near double that which traders can obtain by staking Ether (ETH).
The FTX property owns over $1 billion in SOL tokens, although most of those tokens are vested over the approaching 5 years, that means near-term mass gross sales that would reason for SOL value crash are unattainable.
The FTX property not too long ago bought permission to start out promoting its crypto holdings as a way to start paying again its collectors (i.e. former customers), however mentioned it might strategically promote these holdings with notifying the general public beforehand.
The truth that the property simply staked $121 million tokens suggests its executors don’t plan to promote them anytime quickly, explaining the cryptocurrency’s outperformance on Monday.
Value Prediction – What’s Subsequent for Solana ($SOL)?
Solana’s technical outlook might be on the verge of turning considerably for the higher.
The cryptocurrency’s newest pump has despatched it rallying considerably to the north of its main shifting averages.
If SOL can break to the north of its August/September highs, this may open the door to a rally again towards yearly highs at $32, that means potential near-term beneficial properties of near 35%.
The truth that SOL stays in a robust long-term uptrend from the 2022 lows is a robust signal that the latest rally has legs.
Crypto Alternate options to Contemplate
Solana (SOL)’s outlook is sweet, however the cryptocurrency stays a giant danger, because of the SEC claiming it’s a safety in a lawsuit filed earlier this 12 months.
For these searching for an excellent higher chance of near-term beneficial properties, an alternate high-risk, high-reward funding technique to think about is getting concerned in crypto presales.
That is the place traders purchase the tokens of upstart crypto initiatives to assist fund their growth.
These tokens are almost all the time offered cheaply, and there’s a lengthy historical past of presales delivering big exponential beneficial properties to early traders.
Many of those initiatives have unbelievable groups behind them and an excellent imaginative and prescient to ship a revolutionary crypto utility/platform.
If an investor can establish such initiatives, the chance/reward of their presale funding is excellent.
The group at Cryptonews spends numerous time combing via presale initiatives to assist traders out.
Here’s a checklist of 13 of what the undertaking deems as one of the best crypto presales of 2023.
See the 13 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This text is supplied for informational functions and doesn’t represent funding recommendation. You may lose all your capital.
