tl;dr
FTX/Alameda's unstaking of over $1 billion worth of Solana ($SOL) in the past three months could lead to market volatility for Solana. Solana's price currently sits at $134.21, with $134 as a key support and $135.05 as a significant resistance level. The price has fluctuated between $133 and $136, i...
FTX/Alameda's unstaking of over $1 billion worth of Solana ($SOL) in the past three months could lead to market volatility for Solana. Solana's price currently sits at $134.21, with $134 as a key support and $135.05 as a significant resistance level. The price has fluctuated between $133 and $136, indicating potential volatility, while the 1-day RSI suggests a neutral stance. The 1-day MACD trading below the signal line hints at potential short-term downward pressure.
FTX and Alameda Research have unstaked a massive amount of Solana ($SOL) — over $1 billion worth — in the past three months. According to Lookonchain data, this significant unstaking activity involves 530,000 $SOL valued at $71 million, spread across multiple addresses. On average, these entities have unstaked roughly 176,700 $SOL per month, equivalent to $23.5 million. FTX/Alameda still holds a sizable 7.06 million $SOL, valued at approximately $945.7 million.
This substantial unstaking could influence Solana’s current market dynamics. At press time, Solana’s price sits at $134.21, down 0.64% over the last 24 hours. Examining the price chart reveals key support and resistance levels that could shape future price movements.
The $134 mark acts as near-term support for Solana. The price has hovered around this level, suggesting it’s a critical point of interest. If the price breaks below $134, we could see further declines. On the flip side, $135.05 represents a significant resistance level. The price briefly tested this point before retreating. A decisive move above $135.05 could signal a bullish trend and potentially drive the price higher.
Over the past day, Solana’s price has fluctuated within the $133 to $136 range, indicating volatility. The trend has shown oscillations between bearish and bullish zones. A breakout above $135.05 could lead to an uptrend continuation. On the other hand, a break below $134 may push the price down toward the $133 range.
The 1-day Relative Strength Index (RSI) for Solana stands at 48.28. This suggests that Solana is currently in neutral territory, neither overbought nor oversold. Additionally, the 1-day Moving Average Convergence Divergence (MACD) is trading below the signal line, hinting at potential downward pressure in the short term.
More about
As a seasoned Technical Analyst with over 25 years of experience in the stock market, my approach is fundamentally data-driven. I delve deep into market charts, trends, and a wide array of technical indicators such as moving averages, the Relative Strength Index (RSI), and Bollinger Bands.
My analyses are characterized by a focus on support and resistance levels, breakouts, head and shoulders patterns, and indicators of bullish or bearish trends. I strive to demystify technical jargon and provide concise, direct commentary that is both informative and accessible.
It's important to note that while I offer actionable insights, I also acknowledge the inherent uncertainties of market prediction. Past market behavior does not guarantee future performance, and potential risks should always be considered.
Through my expertise, I aim to empower readers with the knowledge to make informed decisions in the unpredictable landscape of the stock market.
More about MicroStrategy Incorporated
Stock Market Analysis: MicroStrategy Incorporated
Company: MicroStrategy Incorporated
Business Sector: Technology
Industry: Services-Prepackaged Software
Market Cap: 25411357000
Dividend Yield: None
Price/Earnings Ratio: None
Price/Earnings Growth Ratio: -1.87
Revenue: 2.901 billion
Operating Income: -0.437 billion
Net Income: 480634000
Stock Price: $192.41
EPS: -0.775
ROE: -0.074
More about Rush Street Interactive Inc
Rush Street Interactive Inc
Rush Street Interactive, Inc. is an online casino and sports betting company in the United States and Latin America. The company is headquartered in Chicago, Illinois.
Industry: TRADE & SERVICES
Sector: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION
Market Cap: 2255120000
Dividend Yield: None
Beta (5Y Monthly): -0.09
PE Ratio (TTM): 10.78
EPS (TTM): -0.0084
Volume: 801545000
Market Cap (intraday): 13.03
Forward Dividend & Yield: 0 (0.888%)