Analyst OxNobler highlights that a majority of the affected FTX clients are retail investors, indicating that a significant portion of the recovered funds is likely to re-enter the crypto market. Related Reading: Here’s How Cardano Price Will Survive’ A US Recession: Crypto Analyst The expectation is that a substantial share of these funds will flow into Bitcoin and other dominant cryptocurrencies such as Ethereum (ETH), Solana, and Binance Coin (BNB).
As the first week of September concluded, the Solana (SOL) price settled at $124, raising concerns for investors as the fifth largest cryptocurrency risks breaching the critical $100 threshold. According to market analyst Ali Martinez, recent technical analysis indicates that a sustained close below the channel’s lower boundary at $126 could trigger a significant price correction for Solana, potentially dropping to $110 or even $90.
Influx of Capital From FTX Creditors And Historically Bullish Q4 Further adding some sense of hope for SOL investors, the fourth quarter post-Bitcoin (BTC) Halving events has historically shown bullish trends, suggesting a potential market recovery that could also benefit SOL significantly. Adding to this hopeful outlook, the now-defunct crypto exchange FTX is set to distribute over $16 billion in cash to creditors affected by its collapse.
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