Main to remember
- The companies deceased FTX and Alameda led 189,851 soil worth $ 30.94 million, which arouses fears of a potential sale. And yet, Coinglass data revealed that the bulls could be in control now, with $ 182.72 million in long positions and 80 million dollars in shorts.
With three consecutive green candles, Solana (soil) has become upward on price graphics. In fact, at the time of writing, it seemed that it could be planned for a massive rally upwards. However, a recent report shared by the transaction tracker based on the Lookonchain blockchain has raised certain concerns concerning a potential drop in prices in the coming days.
FTX, Alameda place $ 31 million in ground
On July 11, Lookonchain shared an article on X (formerly Twitter), revealing that the late Crypto Exchange FTX and the bankruptcy negotiation firm Alameda had not been strewn with 189,851 soil worth $ 30.94 million. The last time they led to soil was for the reimbursement of $ 1.2 billion to the former users of these platforms who lost their funds during the collapse.
A substantial discrepancy could often be a red flag for soil holders. Especially since he has the potential to slow down the increase in assets or even cause a drop in prices. In this case, the amount is not so important. There may therefore be a lower probability than this considerably affects the soil price.
And yet, the impact of this discrepancy had started to appear on the soil price. Especially since he seemed to have trouble maintaining his advantage to the press.
At the time of writing the editorial staff, Sol was negotiated nearly $ 163, with gains over 24 hours over 3.5%. However, overvoltage was previously about 5.5%, the swing price greater than $ 166. It can be said that FTX and Alameda could be responsible for this modest drop in prices.
That’s not all, however. During the same period, investors and merchants showed a strong interest in the crypto, which causes a leap of 55% of the volume of negotiation.
Solana (soil) technical analysis and key levels
According to Ambcrypto’s technical analysis, Sol seemed bullish at the time of the press, after recently bursting with several bruises models.
On the daily delay, the assets first broke out of a prolonged descending channel model, followed by a consolidation zone. More recently, with a price rally of 12%, Sol also broke out with a Haussier inverted head and shoulder model, as well as the exponential mobile average of 200 days (EMA).
Source: tradingView
These multiple upward eruptions could be a sign of the high potential upon Solana. Based on its recent price action and its historical models, if Sol holds above the neckline of the head and shoulder model, there can be a strong possibility that the asset could increase by 15% and reach the level of $ 184.
On the other hand, there is also the possibility of pricing correction due to the continuous rise in the last four days.
At the time of the press, the Relative force index of Solana (RSI) was 63 years, still negotiating below the exaggerated territory – a sign that the asset can have enough space to continue its trajectory in northern direction.
The eyes of traders are on long positions
Given the feeling of the market in force, it would seem that traders are betting strongly on the bullish side.
According to Coinglass, for example, traders seemed to be over-discussed at $ 161.4 on the lower side (where they bet strongly) and $ 167.4 on the upper side.
Source: Coringlass
At these levels, traders built $ 182.72 million in long positions and $ 80 million in short positions. This can be interpreted to refer to the domination of the Bulls, with the same risk of pushing the soil price at higher levels.
