{"id":558509,"date":"2023-11-01T03:00:11","date_gmt":"2023-11-01T03:00:11","guid":{"rendered":"https:\/\/uniquehot.com\/?p=558509"},"modified":"2023-10-31T19:16:03","modified_gmt":"2023-10-31T19:16:03","slug":"solana-flying-bulls-post-ftx-collapse-losses-reversed","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/solana-flying-bulls-post-ftx-collapse-losses-reversed\/","title":{"rendered":"Solana Flying, Bulls Reverse Post-FTX Collapse Losses But SOL Analysts Cautious"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">SOL, the primary currency of Solana, is one of the top-performing coins in the top 10, according to CoinMarketCap, a crypto tracker. According to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/coinmarketcap.com\/currencies\/solana\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on October 31, SOL is changing hands above $36, trending at 2023 highs, reversing all post-FTX collapse, which saw the coin tumble to as low as $8 in Q4 2023 before recovering steadily over the past 11 months to spot rates.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Solana Flies 150% To Reverse Post-FTX Losses<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">At present prices, SOL is up more than 150% from November 2022 lows. At this pace, SOL is outpacing Bitcoin (BTC) and Ethereum (ETH), whose prices have also rallied by over 100% from 2022 lows.\u00a0<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/15zKtz4H\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/15zKtz4H\/\" alt=\"Solana price on October 31| Source: SOLUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Solana price on October 31| Source: <a href=\"https:\/\/www.tradingview.com\/x\/15zKtz4H\/\" target=\"_blank\" rel=\"noopener nofollow\">SOLUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Looking at the daily chart, SOL is within a bullish breakout formation, trending above the July 2023 high of around $32. Notably, the leg up is with rising trading volume, suggesting that optimistic traders possibly support the uptrend.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/xrp\/ripple-partner-xrp-holdings\/\" target=\"_blank\" rel=\"noopener \">Ripple Partner\u2019s Staggering XRP Holdings Revealed, Do They Know Something You Don\u2019t?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Besides expanding trading volume, bull bars are riding the upper Bollinger Bands (BB), diverging from the middle BB, indicating that the uptrend momentum is also high and may support prices. BB is a technical indicator for measuring price volatility. Whenever either band diverges from the middle BB, the underlying volatility is high, as with Solana at spot rates.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The bankruptcy of FTX triggered the SOL plunge in November 2022. The exchange was one of the most popular before collapsing after it emerged that its founder, Sam Bankman-Fried, had misappropriated user funds.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bankruptcy Trustee Free To Sell SOL, Why Did They Stake?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">FTX, through its subsidiaries, was one of the largest holders of SOL. Therefore, when FTX filed for bankruptcy protection at the United States Bankruptcy Court for the Southern District of New York in early November 2022, it had a ripple effect on the broader Solana ecosystem, forcing SOL prices lower.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">FTX holds roughly 16% of the SOL outstanding supply worth over $1 billion and over $500 million BTC. According to a ruling by the Bankruptcy Court for the District of Delaware in September, FTX can begin selling and investing its crypto holdings to repay creditors.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-bearish-mvrv-entered-danger-zone\/\" target=\"_blank\" rel=\"noopener \">Ethereum Bearish Signal: MVRV Has Entered The \u201cDanger\u201d Zone<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">In mid-October, the FTX estate staked 5.5 million SOL. According to on-chain\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/whale_alert\/status\/05133136?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">, coins were staked via Figment, a platform leveraged mainly by institutional investors.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">By staking SOL, the FTX estate, which a bankruptcy trustee manages, is bullish on the coin since it has the option, as directed by the court, to liquidate it at any time. Moreover, by staking, the estate will receive more SOL.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Even so, Nansen&#8217;s report on October 31\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/nansen_ai\/status\/47049903\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shows<\/span><\/a><span data-preserver-spaces=\"true\"> that the FTX estate unstaked 1.6 million SOL. It remains unclear if they will be sent to exchanges for liquidation, potentially lowering prices.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>SOL, the primary currency of Solana, is one of the top-performing coins in the top 10, according to CoinMarketCap, a crypto tracker. According to\u00a0data\u00a0on October 31, SOL is changing hands above $36, trending at 2023 highs, reversing all post-FTX collapse, which saw the coin tumble to as low as $8 in Q4 2023 before recovering steadily over the past 11 months to spot rates. Solana Flies 150% To Reverse Post-FTX Losses At present prices, SOL is up more than 150% from November 2022 lows. At this pace, SOL is outpacing Bitcoin (BTC) and Ethereum (ETH), whose prices have also rallied by over 100% from 2022 lows.\u00a0 Looking at the daily chart, SOL is within a bullish breakout formation, trending above the July 2023 high of around $32. Notably, the leg up is with rising trading volume, suggesting that optimistic traders possibly support the uptrend.\u00a0 Related Reading: Ripple Partner\u2019s Staggering XRP Holdings Revealed, Do They Know Something You Don\u2019t? Besides expanding trading volume, bull bars are riding the upper Bollinger Bands (BB), diverging from the middle BB, indicating that the uptrend momentum is also high and may support prices. BB is a technical indicator for measuring price volatility. Whenever either band diverges from the middle BB, the underlying volatility is high, as with Solana at spot rates. The bankruptcy of FTX triggered the SOL plunge in November 2022. The exchange was one of the most popular before collapsing after it emerged that its founder, Sam Bankman-Fried, had misappropriated user funds.\u00a0 Bankruptcy Trustee Free To Sell SOL, Why Did They Stake? FTX, through its subsidiaries, was one of the largest holders of SOL. Therefore, when FTX filed for bankruptcy protection at the United States Bankruptcy Court for the Southern District of New York in early November 2022, it had a ripple effect on the broader Solana ecosystem, forcing SOL prices lower.\u00a0 FTX holds roughly 16% of the SOL outstanding supply worth over $1 billion and over $500 million BTC. According to a ruling by the Bankruptcy Court for the District of Delaware in September, FTX can begin selling and investing its crypto holdings to repay creditors. Related Reading: Ethereum Bearish Signal: MVRV Has Entered The \u201cDanger\u201d Zone In mid-October, the FTX estate staked 5.5 million SOL. According to on-chain\u00a0data, coins were staked via Figment, a platform leveraged mainly by institutional investors.\u00a0 By staking SOL, the FTX estate, which a bankruptcy trustee manages, is bullish on the coin since it has the option, as directed by the court, to liquidate it at any time. Moreover, by staking, the estate will receive more SOL.\u00a0 Even so, Nansen&#8217;s report on October 31\u00a0shows that the FTX estate unstaked 1.6 million SOL. It remains unclear if they will be sent to exchanges for liquidation, potentially lowering prices. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":558510,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[1946,6931,78803,71704,89648,12837,83626,85361,83627],"class_list":["post-558509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-ethereum","tag-ethereum-price","tag-ethusdt","tag-ftx","tag-ftx-estate","tag-sol","tag-solana","tag-solana-price","tag-solusdt"],"acf":[],"yoast_head":"\n<title>Solana Flying, Bulls Reverse Post-FTX Collapse Losses But SOL Analysts Cautious<\/title>\n<meta name=\"description\" content=\"Solana (SOL) is changing hands above $36, trending at 2023 highs, subsequently reversing all post-FTX collapse.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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