Solana ($SOL ) Faces FTX Sell-Off Shock -
Will Panic Drive Price Crash or Spark a Massive Rally?
The highly anticipated repayment of creditors from FTX and Alameda Research is set to begin tomorrow, February 19, with priority given to small claims of $50,000 or less.
What You Need to Know
1. Investors must file claims and the required tax paperwork to be eligible.
2. The deadline to file claims is January 20.
3. The total repayment is set to reach $20 billion.
4. The claims are pegged to the value of the assets as of November 2022 - when FTX filed for bankruptcy.
Will the repayment impact SOL price action?
Of course! SOL is already in a major downward spiral awaiting the next massive unlock. Key support levels hold at $134-135 and the RSI is at 48.28, indicating a somewhat stagnant market outlook. With the entire crypto market in a state of uncertainty, the subsequent selling pressure could push sol lower further.
What to do?
Traders can take advantage of this opportunity to short sol as prices are expected to fall further. However, this may not last long as market makers and institutional investors step in to absorb the selling at lower prices.
