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Home»ALTCOIN NEWS»Solana suspends FTX clearing and open interest
ALTCOIN NEWS

Solana suspends FTX clearing and open interest

By Crypto FlexsMay 9, 20243 Mins Read
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Solana suspends FTX clearing and open interest
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  • The price of Solana has been experiencing a downward trend since the FTX announcement.
  • As uncertainty increases, open interest falls.
  • Technical indicators are still showing bullish signals.

Known for its fast speeds and low fees, Solana recently demonstrated resilience amid the ongoing FTX bankruptcy. Despite the massive sale of FTX’s Solana holdings to major institutions, the token has so far been protected by a significant lockup.

However, the price of Solana has recently fallen as concerns over FTX liquidation have resurfaced. Open interest decreased significantly as traders reassessed their positions.

Solana Raises New Concerns About FTX

On Thursday, May 9, Solana (SOL) fell 3.43% to $143.08 due to FTX’s plan to sell assets to repay creditors. FTX announced that selling all of its assets would free up enough funds to repay its creditors.

Accordingly, derivatives trading is decreasing due to liquidation concerns. Solana’s derivatives trading volume fell 6.52% to $5.53 billion, suggesting traders are refraining from making speculative bets. This hesitation is further highlighted by open interest falling 5.53% to $1.8 billion and traders reducing their exposure.

In the last 24 hours, Solana had total liquidations of $7.61 million, with long positions worth $4.7 million and short positions worth $2.91 million. However, that could change if Solana experiences a rebound. The data suggests that is likely to be the case.

Learn more

The long-short ratio reveals traders’ optimism about a potential rebound for Solana. For example, Binance’s long-short ratio is 2.3557, which means more accounts are betting on a SOL bounce. On OKX, the ratio is 1.75, showing similar bullish sentiment. Technical analysis also shows bullish signals.

Solana Technicals lean bullish

Solana’s technical indicators mainly reveal a bullish mood. First of all, the 10-day exponential moving average (EMA) of 144.29 and the simple moving average (SMA) of 142.20 are both buy signals. However, longer-term moving averages, including the 30-day EMA and SMA, indicate potential resistance at higher levels.

The oscillator is generally neutral and does not indicate overbought or oversold conditions, with a relative strength index (RSI) of 47.89. Moreover, the Stochastic %K of 64.59 and the MACD level of -3.00 both suggest neutral to some bullish momentum.

The indicators show a generally positive sentiment for SOL/USD in the near term, but indicate a more neutral outlook in the medium term.

On the flip side

  • Technical indicators reflect current market sentiment rather than predictions of future movements.
  • Solana is battling persistent congestion issues primarily caused by increasing DEX volumes.

Why This Matters

Understanding Solana’s technology can provide insight into how the market will react to SOL’s FTX sale. This is important for both traders and investors in the SOL ecosystem.

Learn more about Solana’s bid to become the top three cryptocurrencies:
Here’s how Solana outperforms BNB and USDT: Franklin Templeton

Learn more about Solana trailing Ethereum in key metrics:
Ethereum faces Solana challenge as validator income increases

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