The stablecoin positioning of investors in the Solana Red and a key technical graphic pattern threatens more volatility for Token Solana, which can see a decisive moment for its price action.
Solana’s transport layer saw the “extreme” volatility in the Tether USDT (USDT) stable trade, which may indicate that merchants are repositioning in search of new investment opportunities.
The USDT trade in the Solana transport layer saw an increase of more than 137% during the last week of February, after seeing a 61% drop during the previous week, according to a report of the Mercury Global Payment Infrastructure Platform, shared with Cointelegraph.
Stablecoin’s trade peaks show an incomparable level of commercial activity that can indicate more volatility for the Token Solana (Sun), according to Pet Kozyakov, co -founder and Mercuro CEO.
The “frantic activity” can “indicate that the chain is prone to being more volatile,” the CEO told Cointelegraph, added:
“However, Solana’s inherent strengths (rapid transaction processing, high scalability and an active commercial ecosystem) can also be factors. This is in a context of an ecosystem that attracts the times of high commercial volumes.”
“In particular, Dex in Solana, such as Jupiter and Raydium, have lit a significant interest,” he added.
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Meanwhile, a key -emerging technical graphic pattern can be decisive for the action of the Solana price in the short term.
Fountain: Tarded merchant
“Solana Hoikin Ashi’s time chart shows a convergent triangle. The bullish or bassist movements are possible,” wrote the pseudonym of Cryptographic Analyst Trader Tradigrade in a place of March 19 x.
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Memecoins, FTX Repayments can be limiting the price of sun
While some analysts suggest that the current Memecoin frenzy has been diverting the liquidity of Token Solana, other factors are influencing the sun pricing action.
In particular, entering refunds of bankruptcy FTX Exchange can limit the action of the Price of Solana, explained Kozyakov, adding:
“The missing Exchange FTX has established a payment plan that implies distributing a large number of tokens sun to creditors, which can result in a sales pressure.”
The wallets linked to FTX and Alameda Research without supporting $ 431 million tokens sun on March 4, marking the largest tokens sun unlock since November 2023, Cointelegraph reported.
Although FTX and Alameda unlocked more than $ 400 million in sun, companies may not be able to sell all tokens in a single transaction. In September 2023, the Delaware Banking Court approved the FTX plan to sell digital assets, imposing strict limits on liquidation amounts.
According to the court ruling, bankruptcy exchange can sell digital assets weekly through an investment advisor, with an initial limit of $ 50 million in the first week and $ 100 million in later weeks. If FTX seeks to sell more, you must request the approval of the court to increase the limit to $ 200 million per week.
The next round of FTX payments will take place on May 30. According to the FTX recovery plan, 98% of creditors are expected to receive at least 118% of the value of their cash claim. In May 2024, the exchange estimated the total value of the distribution to range between $ 14.5 billion and $ 16.3 billion.
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