- SOL and MATIC are a part of the tokens that FTX might liquidate this week or subsequent.
- Earlier than the liquidation, SOL might proceed to consolidate round $18 until promoting strain seems.
- MATIC, alternatively, might fall under $0.50, as indicated by the OBV.
Regardless of enduring torrid intervals over the previous few weeks, the crypto market could also be on the verge of one other nosedive. It’s because FTX, the alternate that introduced the market to its knees in 2022, is on the point of liquidate a few of its property, and Solana (SOL) and Polygon (MATIC) are a part of it.
In response to crypto podcast Crypto City Corridor, roughly $650 million value of SOL could possibly be offered by FTX quickly. Different property held by the alternate, and is also offered embody Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and a number of others.
Whereas SOL was the very best holding of FTX, MATIC was the bottom with $39 million. SOL being high of the others might not be stunning. It’s because estranged CEO Sam Bankman-Fried (SBF) by no means hid his admiration for the token when the alternate was nonetheless lively.
Because of this, SOL was one of many cryptocurrencies deeply affected by FTX’s collapse. So, it’s attainable that one other state of affairs of the capitulation could possibly be on the playing cards.
SOL Stays Resolute
On the time of writing, SOL exchanged palms at $18.28, on the again of elevated promoting strain as proven by the 4-hour chart. Since September 8, SOL has tried to rise into the $20 area. However the resistance at $19.58 ensured that it didn’t.
Little did bulls know that sellers had different plans to plunge the worth to $18.16. Nonetheless, the Accumulation/Distribution (A/D) line had risen to fifteen.17 million. A rising A/D pattern alongside a decline in worth suggests a weakening vendor energy. Therefore, this divergence alerts elevated demand, which means SOL’s worth might stabilize.
Nonetheless, it’s probably that the A/D will lose maintain on the upward momentum if FTX lastly liquidates. In consequence, SOL might drop as low s $15.
One other Incoming Dip for MATIC?
MATIC’s market construction was additionally much like SOL. At press time, widespread sell-offs had
brought on MATIC to fall to $0.52. Additionally, earlier makes an attempt to rise to $0.55 have been met with rejection at $0.54 at totally different instances.
Moreover, there was a distinction between the SOL and MATIC circumstances on the charts. Whereas SOL had some type of demand, MATIC didn’t. As per indication from the On Steadiness Quantity (OBV), MATIC’s quantity strain was reducing.
Usually, a rising OBV might result in increased costs. Due to this fact, the falling OBV in MATIC’s case displays one other attainable transfer within the downward course.
In conclusion, MATIC might fall under $0.50 regardless of FTX’s liquidation interval. It could additionally worsen for the token after the alternate liquidates. However SOL might proceed to consolidate round $18 until FTX sells off the token very quickly.
Disclaimer: The views, opinions, and data shared on this worth prediction are revealed in good religion. Readers should do their analysis and due diligence. Any motion taken by the reader is strictly at their very own threat. Coin Version and its associates is not going to be chargeable for direct or oblique injury or loss
