Solana and Cardano are facing significant price declines, with Solana experiencing a 28% crash in 48 hours and Cardano dropping 16% in one day, raising investor concerns. In contrast, Panshibi (SHIBI) is gaining traction in the Asian market, driven by its unique branding and structured presale, which has attracted strong investor interest. As Panshibi positions itself as a competitive alternative in the meme coin space, it offers early buyers exclusive perks and a potential for substantial price growth.
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Solana Shows Signs of Recovery Amid Growing Supply Concerns
Solana is currently trading at $144, showing a recovery of 5.52% in the past 24 hours and holding above the $125 support level, indicating potential bullish momentum toward $157. However, growing supply pressure from recent whale activity and the unstaking of tokens by FTX may pose risks to this recovery. Price fluctuations are expected to challenge the 23.60% Fibonacci level at $157, while a drop below $125 could test the psychological mark of $100.
read moreLayerZero Resolves Legal Dispute with FTX Estate Over Alameda Transaction
LayerZero has reached a settlement in its legal dispute with the FTX estate concerning a prior transaction involving Alameda. This resolution marks a significant step in addressing the complexities surrounding the fallout from the FTX collapse.
read moreBinance Coin Price Surge and Resistance Breakout Analysis
Binance Coin (BNB) is experiencing a significant price surge, currently at $632.17, with a market cap of approximately $105 billion. Following a breakout above the $600-$620 resistance, the next target is $720, indicating a strong uptrend despite some market instability from external factors like the FTX lawsuit. Recent developments, including Binance’s collaboration with Google Cloud, aim to bolster the BNB Chain’s growth in AI, DeFi, and NFT projects.
read moreGary Wang Seeks Leniency as FTX Executives Face Sentencing
Gary Wang, co-founder of the collapsed FTX exchange, is seeking to avoid prison time, citing his early admission of wrongdoing and cooperation with authorities. His lawyer argues that Wang played a limited role in the company’s downfall and received significantly less financial benefit than his co-defendants. Wang is scheduled for sentencing on November 20, following the high-profile trials of other FTX executives, including Sam Bankman-Fried, who is serving a 25-year sentence for fraud.
read moreFTX’s Unstaking of Solana Tokens Raises Sell-Off Concerns Among Investors
Recent unstaking of 177,693 SOL tokens by an FTX-linked wallet has raised concerns within the Solana community about a potential sell-off that could impact SOL’s price. With FTX still holding 7.1 million SOL, valued at approximately $953 million, fears of a large-scale liquidation loom, especially as the timing coincides with legal proceedings involving former Alameda CEO Caroline Ellison. Despite these anxieties, SOL’s price remains relatively stable at $149.43, prompting holders to consider hedging strategies to safeguard their investments.
read moreRegulatory Actions Surge Post FTX Collapse with Record Settlements in Crypto Industry
In the wake of the FTX collapse, US regulators have intensified their enforcement actions, resulting in 16 settlements totaling $12.7 billion in the past two years. Notably, Binance’s $4 billion penalty stands as the highest against an operational crypto firm, while overall penalties in the sector have reached nearly $32 billion. In 2023 alone, regulators resolved eight major lawsuits, amassing a record $10.87 billion in settlements, reflecting a dramatic 8,327.1% increase from the previous year.
read moreFTX Bankruptcy Reorganization Plan Approved to Benefit Creditors Worldwide
The US Bankruptcy Court for the District of Delaware has approved FTX’s reorganization plan, allowing creditors to recover an average of 119% of their claims, with some receiving up to 140% in cash. Approximately 98% of creditors are expected to receive repayments within 60 days of the plan’s effective date, with total recoveries estimated between $14.7 billion and $16.5 billion. This development follows the company’s collapse in November 2022 and the subsequent convictions of key executives involved in the downfall.
read moreSolana Faces Bearish Pressure as Price Targets Drop to 80 Dollars
Solana’s price has dipped to around $138 after failing to surpass $139, raising concerns of a potential drop to $80 if it breaks below the $129 support level, as indicated by analyst Peter Brandt. The cryptocurrency is facing resistance below its 8-day SMA of $133.58, with a Relative Strength Index of 42.17 reflecting ongoing selling pressure. Additionally, a decline in development activity and significant sell-offs by bankrupt firms FTX and Alameda further contribute to a bearish outlook for Solana.
read moreBearish Sentiment Grows for Solana with Potential Drop to 80 Dollars
Market analyst Peter Brandt has identified a bearish pattern in Solana’s price, suggesting a potential drop to around $80 if current support at $129 fails. Currently trading near $138, Solana faces resistance from short-term averages and shows declining development activity, reflecting waning investor confidence. Additionally, ongoing sell-offs from the bankrupt FTX and Alameda group, which have unstaked significant amounts of SOL, may further pressure the market.
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