SOL Price Is Aiming for $50 Even While FTX Is Still Transferring Solana
In the latest altcoin market rise, Solana has reportedly surpassed Ethereum by 50% over the last few weeks.
Solana, a competitor to Ethereum, is one of the top-performing assets in the top ten crypto list despite recent market turmoil. Big investors like VanEck have pushed the SOL price up to $44 because they see enormous potential in the stock.
Price Movements in Solana Amid FTX Transfers
According to on-chain data, major Solana holdings have been transferred from the cryptocurrency exchange FTX. Despite this, SOL bulls keep shrugging off the altcoin’s selling pressure.
Spot on Chain reports that in the last 24 hours, FTX and Alameda have sent approximately $40 million to exchanges. The enormous transfers over the past few weeks will continue at this rate.
Following a jump in the market, the price of SOL has started climbing, creating a rising channel pattern. For the first time since July, Solana was able to break through a key resistance level at $28.16.
The Solana price could gain traction again and go for the higher resistance level at $46.83 if the bulls can gather the strength to break through the $42.50 barrier. Keeping support here might set the stage for a push for this month’s major resistance level of $50.
The price has been supported by the 50-day Exponential Moving Average (EMA), which could foreshadow an upward trend reversal.
If the rising support trendline is broken, however, the price may lose steam and head back toward the $38.77 support level. If the current negative trend were to reverse, the price might drop to $33.29 in the near future.
|Download App for Android
|Download App for iOS
Taking Over Ethereum Like A Boss
Solana has been gaining ground on the largest altcoin, Ethereum, and functioning like a true Ethereum killer. The Solana (SOL) to Ethereum (ETH) ratio has been steadily rising since September, according to a report by Kaiko Research. This surge has returned the ratio to levels seen prior to the bankruptcy of the FTX cryptocurrency exchange in November 2022.
SOL outperforming ETH is shown by a rising SOL/ETH ratio, while SOL underperforming ETH is indicated by a falling SOL/ETH ratio. Kaiko pointed out in its study:
“Since September, SOL has been the clear outperformer, with the ratio between the two jumping from 0.011 to nearly 0.025, breaking the ratio from just before FTX’s collapse.”
Where to Trade Solana (SOL) Futures?
Now you can trade Solana (SOL) futures on BTCC. BTCC, a cryptocurrency exchange , was founded in June 2011 with the goal of making crypto trading reliable and accessible to everyone. BTCC is a crypto exchange offering users liquid and low-fee futures trading of both cryptocurrencies and tokenized traditional financial instruments like stocks and commodities.
BTCC offers exclusive bonus for new users. Sign up and deposit on BTCC to get up to 10,050 USDT in bonuses. Meet the deposit targets within 30 days after successful registration at BTCC, and you can enjoy the bonus of the corresponding target levels. Find out what campaigns are available now: https://www.btcc.com/en-US/promotions
iOS QR Code Android QR Code
|Download App for Android
|Download App for iOS
Why Trade Crypto Futures on BTCC
To trade Crypto futures, you can choose BTCC crypto exchange.BTCC, a cryptocurrency exchange , was founded in June 2011 with the goal of making crypto trading reliable and accessible to everyone. Over 11 years of providing crypto futures trading services. 0 security incidents. Market-leading liquidity.
Traders may opt to trade on BTCC for a variety of reasons:
- Secure：safe and secure operating history of 11 years. Safeguarding users’ assets with multi-risk management through the ups and downs of many market cycles
- Top Liquidity：With BTCC’s market-leading liquidity, users can place orders of any amount—whAVAXer it’s as small as 0.01 BTC or as large as 50 BTC—instantly on our platform.
- Innovative：Trade a wide variety of derivative products including perpetual futures and tokenized USDT-margined stocks and commodities futures, which are innovative products invented by BTCC.
- Flexible：Select your desired leverage from 1x to 150x. Go long or short on your favourite products with the leverage you want.
1.Is BTCC safe?
Since its inception in 2011, BTCC has made it a priority to create a secure space for all of its visitors. Measures consist of things like a robust verification process, two-factor authentication, etc. It is considered one of the most secure markets to buy and sell cryptocurrencies and other digital assets.
2.Is it possible for me to invest in BTCC?
Users are encouraged to check if the exchange delivers to their area. Investors in BTCC must be able to deal in US dollars.
3.Can I Trade BTCC in the U.S?
Yes, US-based investors can begin trading on BTCC and access the thriving crypto asset secondary market to buy, sell, and trade cryptocurrencies.