Solana risks collapse in April

In early April, the price of the Solana cryptocurrency SOL $118.23 Binance-Peg SOL -6.20% Market capitalization $0.13 billion VOL. 24 hours $0.98 billion remained unstable and below $ 130, despite the positive dynamics of other major digital assets such as Bitcoin BTC $83,622.72 Bitcoin -2.01% Market capitalization $1.66 trillion VOL. 24 hours $3.69 billion and Cardano ADA $0.65 Cardano -4.33% Market capitalization $23.44 billion VOL. 24 hours $0.12 billion . One of the key factors restraining SOL’s growth is the expectation of large-scale sales related to the upcoming payments to creditors of the bankrupt FTX exchange.

Compensation payments worth $ 800 million are scheduled to begin on May 30. Approximately 61% of these assets are Solana tokens, and another 39% are Ethereum. The likelihood that a significant portion of these tokens will be listed on exchanges for sale is causing concern among investors and putting pressure on the SOL market.

The technical picture is not in favor of growth: the short-term moving averages have already crossed the 13-day line from top to bottom, which is a typical signal of a bearish trend. The price is unable to overcome resistance, and the support zone is around $ 120. Under these conditions, the risk of a downward correction in the coming weeks is growing.

Despite the continued optimism in the crypto market, traders remain cautious about SOL. Tension remains, as oversupply due to the withdrawal of FTX assets could cause a short-term price drop.

Against this backdrop, investors should pay particular attention to further announcements about the actions of FTX’s liquidators and technical signals on the SOL chart. In the coming months, these factors will determine the asset’s future movement vector.