What’s Happening in Solana?
Solana, which had a small rally after its agreement with Google Cloud in the past weeks and rose above the $38 level, fell to the level of 11 dollars after the FTX crisis. On Thursday, November 10 last week, 63 million SOLs were ready to be released after the Epoch 370 staking lock-in period on the Solana blockchain expired. But on Wednesday night, the foundation announced via a tweet that 28.5 million SOL tokens were re-stake due to a policy change. 28.5 million SOLs were re-staked while 31 million SOLs were unlocked. After the re-staking amount was announced, the Solana price surged, but the news of FTX’s bankruptcy that followed caused deep losses for Solana. Solana has been one of the crypto assets most affected by the FTX crisis because Solana is said to have ties to FTX. Solana had attracted several private investor groups, including Alameda Research, which invested $300 million in the company’s token sale in 2021.
Starting to recover this week, Solana has gained over 7% according to the latest 24-hour data from CoinMarketCap and is priced just above the $14 level. So, at what levels will the Solana price be in the coming days? Arthur Hayes, former CEO of BitMEX, and Ben Armstrong, who predicted the FTX collapse, commented on this.
Hayes Commented on SOL
Former BitMEX CEO Arthur Hayes has given a price target for Bitcoin, Ethereum and Solana, suggesting that the general decline in the cryptocurrency market will continue. In the post he shared on his social media account on November 10, he targeted 10-15 thousand dollars for BTC, 750-1000 dollars for ETH and 3 dollars for SOL. According to Hayes, there will be a new liquidity crisis in the cryptocurrency market from companies affected by the FTX collapse, which will be the cause of another drop.
Armstrong Speaks Positive for SOL
Ben Armstrong on Twitter: “Where is Solana going from here, with FTT dead?” He shared a tweet he wrote with his followers, asking the crypto community’s thoughts on Solana. Reminding that FTX exchange and Sam Bankman-Fried are a big supporter of Solana, Armstrong still spoke positively for SOL. He had stated that Solana would bounce back despite being in a downtrend and was just in the process of stalling.
What Experts Say about SOL
When we look at the expert opinions, many experts and analysts argue that the current technical developments point to strength in Solana. According to experts, resistance levels could be broken if Solana bulls continue to push prices. Based on Solana’s current price action and technical analysis, many experts say that Solana is not suitable for short-term investing, but technical indicators can be a profitable choice in the long run. Cryptocurrency data service provider Digital Coin Price believes Solana will be trading for around $41 by the end of this year. Traders Union experts, who make long-term comments, believe that the SOL price may exceed the $140 level in 2025.
LEFT Price Analysis
Solana bulls started to push the Solana price upwards after gaining support at $13.16. For Solana, which is priced just above the $14 level, the resistance level to watch is at $16, while the support is at $10.63.
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