Solana Price Prediction – SOL Is Up 60% From The Lows, Can it Reach $30 Soon?
Solana price prediction is bearish; as the SOL/USD pair is unable to break above an immediate resistance level of $21.60. Since November 6, the value of the SOL token has fallen by more than 70% to $11.50.
However, a bullish retracement was triggered by weaker US CPI figures and technical indicators, keeping SOL 60% higher from its low on November 9th.
Several hypotheses were presented as the drop proceeded, but the link to FTX's approaching insolvency seemed to hold. The Solana group has provided a form of statement to the press until now.
According to crypto influencer DrProfitCrypto, the Solana (SOL) team has delayed the start of the staking unlock period by two days. Holders of SOL tokens, on the other hand, could continue to access and sell their SOL holdings.
Lock-in for Solana's staking was intended to finish on the 9th or 10th of November. Following the conclusion, 18,000,000 SOL tokens will be made available.
After warning that some investors would try to redeem holdings as the price of digital assets plummeted, a record 31 million Solana blockchain SOL tokens were unstaked from the blockchain's security mechanism on Thursday.
In contrast, the price of SOL soared on digital-asset markets when the Solana Foundation announced it would delay a plan to unstake approximately 28.5 million tokens.
Following the conclusion of the "epoch 370" staking lockup period on the Solana blockchain, 63 million SOL were ready to be unstaked, as stated in a statement released by the Solana Foundation on Thursday.
On Wednesday night, the foundation tweeted that owing to a policy change by cloud service provider Hetzner on November 2, around 28.5 million SOL tokens that had been set to unstake have been re-staked.
The tweet claims that
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