The post Is Solana in Danger; Is A Major Bearish Move on the Cards- What’s Next for Bitcoin? appeared first on Coinpedia Fintech News
It’s quite obvious that the crypto markets are trading under a bearish influence. The bitcoin price is unable to rise and sustain itself above $26,000. Bewildered market sentiments have been fluttering around the crypto space, and with the rounds of FTX liquidating its holdings, a fresh bear market is expected to kick off. It is worth noting that the FTX holds a huge share of SOL tokens, and if the value of the token drops, crypto markets may also be badly impacted.
With the uncertainty prevailing around the token, the SOL price is expected to undergo a short-term pullback. As per some reports, FTX is likely to get approval to liquidate its assets on September 13. FTX had $3.4 billion in crypto in April and has proposed a plan to sell assets worth up to $200 million per week.
Therefore, with SOL being its largest holding, worth $685 million, is Solana’s price in deep danger?
While considering the FTX holdings, it is important to note that not only Solana but the entire altcoin and BTC sectors are expected to be impacted. The markets have entered the phase of FUD and fear, which has not even started yet. Besides, some reports suggest the market makers are fake pumping altcoins to liquidate those shorts from above with sudden fake pumps, intending to demolish them afterwards.
Therefore, this indicates that the market makers are aware of BTC’s next move and want to take out most of the altcoin shorts with these fake pumps. Meanwhile, the BTC price is also compelled to maintain a sideways trend, aiming to destroy the altcoin market cap with a massive move ahead.
Therefore, despite the prevailing uncertainty over the crypto space, specifically the Bitcoin price, a minor upswing towards $28,300 could attract more shorts. Besides, the price has not retested the breakdown of the MA 100 that occurred in August. Therefore, this region can be considered a huge liquidity zone, which attracts market makers very often.
Collectively, regardless of the SOL price trend, the BTC price target remains around $23,500, as events like PPI and CPI may have a major impact on the crypto markets.
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