- On Tuesday, the Solana price stayed pinned below $130, while BTC, ADA and XRP reached a surplus of 3% gains in the previous 24 hours.
- After several transactions changing holdings into the exchange wallet in March, On May 30, the FTX estate is set to start the major repayments.
- Based on Arkham data, 61% of FTX’s $800 million on-chain assets are held on Solana, while 39% are on Ethereum.
On Tuesday, Solana’s price was secured under $130, experiencing mounting headwinds in April as the holders became increasingly wary of looming FTX sell-offs.
Solana (SOL) Price Remains Subdued as Btc Leads Market Recovery
On Tuesday, the Solana price stayed pinned below $130, while the broader market recovered. While Bitcoin (BTC), Cardano (ADA) and Ripple (XRP) reached a surplus of 3% gains in the previous 24 hours, SOL stayed back. Based on the Tradingview data, SOL slows down under the $130 mark, and at reporting time, it trades at $126.
According to the reports, when consistently important holdings like Solana stayed behind a market-wide rally, it advised the presence of an active internal bearish signal, reducing the holder’s viewpoint.
Solana Experienced April Volatility Risks With FTX Set To Start Major Repayments on May 30
According to the media reports it mentioned that Solana’s weak performance on Tuesday could be an aspect of recent progress surrounding the inactive FTX exchange’s continuing repayments.
After several transactions changing holdings into the exchange wallet in March, on May 30, the FTX estate is set to start the major creditor repayments. Based on Arkham Intelligence Data, it shows that 61% of FTX’s $800 million on-chain assets are held on Solana, while 39% are on Ethereum.
According to the reports, the court has mentioned that the repayments must be made in USD instead of crypto assets. Due to this, on-chain investments are predicted to be sold off before distributions start.
This upcoming sell-off could empty over $800 million in liquidity from both the Solana and Ethereum ecosystems, generating substantial selling pressure. In the upcoming weeks this impending sell-off incident bearishly overhangs Solana’s price action.
The chance of a large-scale sell-off could put pressure on SOL and ETH, making them perform worse than other top-ranked altcoins in April.
Holders will be closely watching how Solana manages this period of surging instability, particularly as the market estimates whether support levels near $120 can be maintained when the current market recovery phase subsides.
Bear’s Eye:- Predicted that the Solana price would have a $120 reversal in April because the FTX impact is increasing
Solana’s price currently remains in a weak position and is trying to bounce back amid broader market uncertainty.
According to the TradingView data, SOL trading at $125.55 failed to reclaim key moving averages. The 5-day and 8-day simple moving averages (SMA) have passed under the 13-day SMA, confirming bearish progress.
In the short term, SMA’s downward crossover generally shows the signals of sustained sell pressure, and due to this, it is difficult for the bulls to get back to the $130 level.
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