🔥SOLANA DESTROYED: FTX collapse, Tether, $10B TVL wiped out❗
🔥 Hi friends! There were a lot of reasons for Solana dump BY 80%❗ during the last few weeks. I describe the 3 main reasons you've never even heard of. Also, I explain the most important things to SOL recovery.
📊 FTX COLLAPSE
FTX fund Alameda was top-2 holder of the SOLANA. The news about the collapse of this exchange dump the price.
The fund could start selling off its reserves at any time to plug the hole in the "budget". And they had quite a lot of coins. Alameda's balance sheet shows the fund held $292 million of “unlocked SOL,” $863 million of “locked SOL” and $41 million of “SOL collateral.”
🚩 A lot of traders and small holders sell the coins and dump the price because of fear about Alameda position.
📊 TETHER (USDT)
Yesterday the biggest stablecoin Tether announce swap of 11B USDT on SOL blockchain to ETH blockchain. Previously, the biggest exchange blocked the transactions in USDT on SOL, but in 1 day unblock it.
🚩The total amount of USDT based on SOL is close to 55B, so more news may be released soon.
📊 TVL
TVL or Total Value Locked is the amount of money that is locked in staking, smart contracts, liquidity pools, or lending or simply put, how confident investors/traders are in this project that they can "freeze" their money for a long time.
🚩 Each altcoin has such an indicator and the closer TVL is to the capitalization of the altcoin, the safer it is.
The TVL of SOL fall from 110B on it's peak to 11B on Nov 6. It's usual thingsfor altcoin on the bear market. But after the FTX collapse it fall from 11B to $0.29 by almost 4 times.
🔥DOES SOLANA HAS ANY CHANCE TO SURVIVE?
Any "good news" for this blockchain could PUMP it so high, so I don't recommend you to forget about SOL. At least, you can trade it on high volatility using scalping or mid-term strategies.
The preconditions to open a long trade are squeeze to the trendline, which show the pressence of buyer. The price can start the pump, If the price close above $13-15 value area. The main reason are the short traders that may become the FUEL🔥 for growth. Also, bullish BTC is a key to grow. There is no chance to grow without bullish BTC and it's return to 19k.
✅The 2 short and mid-term targets:
🔥 $18.9 - the closest key level
🔥 $27 - key level and HUGE resistance
🚩 If the price close below the local lows of $11.4, SOL will fall to $10-8-6. The best chance to open a short trades.
Traders, does SOL have a chance to survive at this bear market and become the top gainer on upcoming bull market? Or it completely destroyed? Wrote in the comments!
💻Friends, press the "boost"🚀 button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade
📊 FTX COLLAPSE
FTX fund Alameda was top-2 holder of the SOLANA. The news about the collapse of this exchange dump the price.
The fund could start selling off its reserves at any time to plug the hole in the "budget". And they had quite a lot of coins. Alameda's balance sheet shows the fund held $292 million of “unlocked SOL,” $863 million of “locked SOL” and $41 million of “SOL collateral.”
🚩 A lot of traders and small holders sell the coins and dump the price because of fear about Alameda position.
📊 TETHER (USDT)
Yesterday the biggest stablecoin Tether announce swap of 11B USDT on SOL blockchain to ETH blockchain. Previously, the biggest exchange blocked the transactions in USDT on SOL, but in 1 day unblock it.
🚩The total amount of USDT based on SOL is close to 55B, so more news may be released soon.
📊 TVL
TVL or Total Value Locked is the amount of money that is locked in staking, smart contracts, liquidity pools, or lending or simply put, how confident investors/traders are in this project that they can "freeze" their money for a long time.
🚩 Each altcoin has such an indicator and the closer TVL is to the capitalization of the altcoin, the safer it is.
The TVL of SOL fall from 110B on it's peak to 11B on Nov 6. It's usual thingsfor altcoin on the bear market. But after the FTX collapse it fall from 11B to $0.29 by almost 4 times.
🔥DOES SOLANA HAS ANY CHANCE TO SURVIVE?
Any "good news" for this blockchain could PUMP it so high, so I don't recommend you to forget about SOL. At least, you can trade it on high volatility using scalping or mid-term strategies.
The preconditions to open a long trade are squeeze to the trendline, which show the pressence of buyer. The price can start the pump, If the price close above $13-15 value area. The main reason are the short traders that may become the FUEL🔥 for growth. Also, bullish BTC is a key to grow. There is no chance to grow without bullish BTC and it's return to 19k.
✅The 2 short and mid-term targets:
🔥 $18.9 - the closest key level
🔥 $27 - key level and HUGE resistance
🚩 If the price close below the local lows of $11.4, SOL will fall to $10-8-6. The best chance to open a short trades.
Traders, does SOL have a chance to survive at this bear market and become the top gainer on upcoming bull market? Or it completely destroyed? Wrote in the comments!
💻Friends, press the "boost"🚀 button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade
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