Investors in Solana are bracing themselves for the upcoming coin, as the Ethereum network blossoms
- Solana load
- Ethereum is increasing
As the markets slowly recover after the latest disaster, most of the assets like Ethereum and Chainlink are facing positive prices, making them profitable for those who other temporary investments. However, not everyone joins the party.
As we said before, investors in Solana are preparing themselves for the upcoming increase in sales of the release of 80 million SOL from the contract agreement. Fortunately, the aforementioned funds did not hit the market with a one-time pin, and whales will be able to distribute them effectively across different trading platforms.
However, the impact of five million “free” SOL on the market leads to an inevitable level of pressure selling in the future. As we see now, Solana is already tanking in the market, losing more than 5% of its value in the last 24 hours despite the positivity across the market.
Considering the nose value of the asset after the FTX crash, the 80 million that was poured into the market in a few days will probably run to $ 0 since there is not much support in ‘under the $14 price tag.
Based on the volume profile in the asset, retail traders are no longer trading as they did before the big crash. Most likely the reason is the 80 million SOL mentioned floating on the market and waiting to be dropped on the heads of investors.
Unfortunately, it is not clear if the large volume of sales will be concentrated by some companies or distributed among the buyers and sellers . After the release of 80 million, even other validators closed their positions, which means that the pressure on the market is going to rise quickly, especially if SOL breaks even lower.
Ethereum is increasing
Due to the sustained performance during the FTX crisis and the important progress of the network, Ethereum is seeing new money flowing into it, approaching the regional stop at the $1,372 price level.
According to on-chain data, Ethereum is seeing an increase in new supporters, and staking on the blockchain has gained 10% in the past few days. As panic appears around FTX, network activity in Ethereum is increasing dramatically, the electricity is going up and the monthly highs are different and ETH is becoming deflationary.
Here, even suddenly drop business transactions in the network will not cause an inflationary currency redemption again, and the cryptocurrency’s supply will continue to decrease. Before the Merge update, many analysts believed that deflation would be one of the most important factors for Ethereum’s growth in the foreseeable future.
With the strong performance of Ethereum, the beneficiaries of activities like Lido are seeing the rise of network activity and the strong price of tokens like LDO. In the last 24 hours, LDO has shown a 10% price increase, while Ethereum is running at $1,275 putting it at a 2.7% gain.