Solana Price Prediction – Can SOL Recover as it Falls 40% in a Week?

Solana price prediction is bearish; however, the closing of the daily candle above $11.50 is signaling chances of a bullish reversal. According to crypto influencer DrProfitCrypto, the Solana (SOL) team delayed the start of the staking unlock period by two days. However, token holders could still access and sell their SOL holdings.

Timeline of Solana

Over US$520mln worth of Solana (SOL) was withdrawn by Solana's proof-of-stake (PoS) validators today, with a further US9.3mln already set for withdrawal at the next epoch due in two days. Staking is the process of validating the Solana blockchain network, and large-scale withdrawals cause two major problems.

  14.34: Solana stakers rush for exit Over US$520mln worth of Solana (SOL) was withdrawn by Solana's proof-of-stake (PoS) validators today, with a further US9.3mln already set for withdrawal at the next epoch due in two days. Staking is the process of validating the Solana blockchain network, and large-scale withdrawals cause two major problems.

Solana (SOL) postponed its staking unlock period for two days while Solana developers were still able to unlock and liquidate their SOL tokens, according to crypto influencer @DrProfitCrypto. The post Solana postpones token unlock amid double-dip fears, developers unaffected appeared first on CryptoSlate.

Solana has shed over 20% of its value in the last 24 hours, and over 60% from its monthly high of $38.55. The implosion of the crypto market, the FTX saga, and staking activity by validators this week appear to be its biggest motivators.

A Solana (SOL) whale is struggling to stay afloat amid the current crypto market downstream that pulled SOL down 34% in one day. Colin Wu of Wu Blockchain tells his 237,100 Twitter followers that a Solana whale is in liquidation and currently has 2,450,418.5 SOL in collateral and 44,871,609 USD Coin (USDC) in debt.

Having been in the top-10 digital currencies for over a year, the massive hit to Solana's market cap has knocked Solana down to 15th place. Embattled FTX and Alameda Research founder Sam Bankman-Fried has strong ties with the blockchain, showing just how toxic his name has become in a mere matter of days.

Solana (SOL) has been one of the tokens hit by the FTX decline in the last few days. Given FTX's exposure to the token and the fact that they hold a sizable position, it has suffered a massive decline in tandem with the FTT token.

The domino effect of the rumors of the FTX carnage is playing out as the Solana ecosystem threatens to implode on the back of the crisis unfolding at FTX and Alameda Research.  According to CoinMarketCap, the SOL price had dropped to a low of $12.62.

SOL saw a 55% discount during this week's bearish onslaught More sell pressure might be on the way as over 47 million SOL is unstaked Solana's native cryptocurrency SOL has had an unexpectedly bearish week so far.

Solana price prediction remains negative, having broken below all significant support levels on all timeframes. Solana has dropped by almost 26% in the last 24 hours and nearly 50% in the last seven days.