Solana (SOL) investors, especially the perpetually optimistic “moon enthusiasts,” should take a moment to reevaluate their position. Insider reports indicate that the cryptocurrency exchange FTX is gearing up to sell off a substantial $628 million worth of Solana. If these reports hold true, the consequences for the market and your investment could be quite severe.
Why the somber outlook? The sheer scale of this impending liquidation could exert significant downward pressure on Solana’s price. For those who’ve been “HODLing” SOL, it could mean they’re perched atop a potential time bomb, particularly if they acquired their tokens at recent high prices. Projections suggest that the price might plummet to as low as $5-$8 per SOL.
If you maintain a bullish perspective on Solana’s long-term potential, there’s a silver lining. This potential price decline could offer an opportune entry point to acquire the asset at a discounted rate. However, retaining SOL amidst the looming threat of FTX’s liquidation might be considered a risky investment move.
Given the available information, it might be wise to consider a strategy of liquidating your holdings prior to FTX’s rumored sell-off and then repurchasing at a more favorable price point, capitalizing on Solana’s prospective growth if you maintain a positive outlook.
If you presently hold Solana, it’s advisable to carefully weigh your options. With FTX’s impending $628 million sell-off, it could be advantageous to liquidate your holdings now and re-enter the market once the price stabilizes at a lower level.