FTX reportedly preparing to sell off $628 million of Solana.
Anticipated market impact could plummet Solana’s price to $5-$8 range.
Investors holding SOL might be facing a significant risk.
Solana (SOL) investors, particularly the ever-optimistic “moonboys,” need to pause and reassess the landscape. According to insider reports, cryptocurrency exchange FTX is prepping to liquidate a whopping $628 million worth of Solana. If this turns out to be accurate, the impact on the market—and your investment—could be severe.
Why the gloomy forecast? Because the sheer volume of the liquidation is enough to cause significant downward pressure on Solana’s price. What this implies for ‘HODLers’ of SOL is that they may be sitting on a ticking time bomb, especially if they purchased at recent high prices. The projected price could drop to as low as $5-$8 per SOL.
$SOL I feel sorry for any moonboy holding this knowing that FTX is going to sell off $628 million worth of $SOL imagine the idiocy of hodling when you can just buy it at $5-$8 real soon!! pic.twitter.com/CgTdm5iwIq
— Bleeding Crypto (@Bleeding_Crypto) September 10, 2023
If you’re still optimistic about Solana’s long-term prospects, the good news is that this potential price drop could provide an ideal entry point for buying the asset at a bargain. But holding onto SOL in the face of FTX’s potential liquidation may be the epitome of investing imprudence.
Given the information at hand, a strategy worth considering is to liquidate your holdings before FTX’s alleged sell-off and then rebuy at the lower price point to capitalize on Solana’s future growth potential, assuming you’re bullish on its long-term prospects.
If you’re currently holding Solana, it may be time to weigh your options carefully. With FTX’s pending $628 million sell-off, you might be better off liquidating now and re-entering the market once the price has stabilized at a lower point.
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The post The Risk of Holding Solana Amidst FTX’s Forthcoming Liquidation appeared first on Crypto News Land.
