Fun

Biggest Movers: SOL Gives Up 20% Gains, as FTX Declares Bankruptcy

News Feed - 2022-11-12 02:11:18

Biggest Movers: SOL Gives Up 20% Gains, as FTX Declares Bankruptcy


Solana was up by as much as 20% on Friday, as the token rebounded following recent declines. The token which dropped by over 50% earlier in the week, surged today, as traders seemingly bought the dip earlier in the day. However, sentiment has since shifted following the news that FTX has declared bankruptcy. Polygon was a notable gainer, climbing by as much as 16% prior to the news. Solana (SOL)


Solana (SOL) was one of today’s notable gainers, as the token rebounded following recent losses.


After falling to a low of $15.06 on Thursday, SOL/USD surged to an intraday high of $18.68 earlier in the day.


SOL was one of the most impacted tokens following the recent collapse of FTX and Alameda, however traders seem to have found an opportunity to buy the dip. Still, Friday’s gains have largely been wiped out, as news of FTX declaring bankruptcy emerged. SOL/USD – Daily Chart


Looking at the chart, earlier gains have somewhat eased, as the relative strength index (RSI) of 14 days neared a ceiling.


The index is currently tracking at 38.36, marginally below a key resistance level of 40.00.


In order for SOL to climb closer to $28.00, which seems to be the target of bulls, this RSI ceiling must be broken. Polygon (MATIC)


Polygon (MATIC) was also higher in today’s session, as the token edged closer to a key resistance of its own.


Following yesterday’s bottom of $0.9337, MATIC/USD raced to a peak of $1.15 earlier in the day.


The surge, which occurred earlier in today’s session, saw polygon near its long-term ceiling of $1.20. MATIC/USD – Daily Chart


However, as of writing, the token has moved lower and is currently tracking at $1.04, as sentiment has somewhat shifted.


This appears to be a result of the RSI holding firm, with recent momentum not enough to break a ceiling of 57.20.


The index is now at 53.10, and seems to be moving towards a floor of 51.60, which could lead to MATIC moving back below $1.00.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Cryptocurrency, matic, Polygon, SOL, Solana


What else is behind this afternoon’s change in market sentiment? Let us know your thoughts in the comments. Eliman Dambell


Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: ETH Moves Higher as Markets Continue to React to US Inflation Report MARKET UPDATES | 10 hours ago Bitcoin Price Outlook for November — FTX Crisis Fuels Bearish Momentum MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTroubled Crypto Exchange FTX Files for Chapter 11 Bankruptcy Protection, CEO Steps Down Next article3,500 ‘Sleeping Bitcoins’ From 2011 Worth Over $60 Million Wake up After 11 Years of Slumber Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItSEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale


Grayscale Investments" CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is "a Matter of When and Not ... read more.Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Tom Mitchelhill3 hours agoSEC is ‘wrongfully attempting’ to police crypto markets — Paradigm counselRodrigo Seira has blasted the SEC for overstepping its jurisdiction in its case against crypto exchange Bittrex.12
Portugal Prepares to Tax Crypto Gains at Rate of 28%, Draft Budget Unveils
Portugal Prepares to Tax Crypto Gains at Rate of 28%, Draft Budget Unveils Authorities in Portugal intend to impose a levy on gains from short-term crypto investments with the stat
Gary Gensler Asks SEC Staff to Fine-Tune Crypto Compliance — Says ‘Vast Majority Are Securities’
Gary Gensler Asks SEC Staff to Fine-Tune Crypto Compliance — Says "Vast Majority Are Securities" The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler,
Martin Young4 hours agoDecentralized stablecoins could dominate crypto: MakerDAO founderMakerDAO’s Rune Christensen says appropriate regulation will see stablecoins become mainstream, but the real opportunity is in dec
Spanish Soccer League Laliga Partners With Globant to Support New Web3 and Metaverse Initiatives
Spanish Soccer League Laliga Partners With Globant to Support New Web3 and Metaverse Initiatives Laliga, the premier soccer league organization in Spain, has announced a partnershi
Turbulent Crypto Markets Expected – 87K Worth of Bitcoin Options Set to Expire on Friday
Turbulent Crypto Markets Expected - 87K Worth of Bitcoin Options Set to Expire on FridayMarkets are expected to be volatile this week, as a great number of bitcoin and ethereum opti
Nigerian crypto wallets tied to protests evade government freeze efforts
Amaka Nwaokocha1 hour agoNigerian crypto wallets tied to protests evade government freeze effortsThe discrepancies between the government’s claims and the blockchain data highlight the tense dynamic between digital fin
Mad Money’s Jim Cramer Says Tesla, Paypal, Mastercard Are Pushing Bitcoin More Into Mainstream
Mad Money’s Jim Cramer Says Tesla, Paypal, Mastercard Are Pushing Bitcoin More Into Mainstream Mad Money host Jim Cramer has applauded Elon Musk and Tesla for
Bitcoin exchange inflows drop to 10-year lows after $74K all-time highs
William Suberg9 hours agoBitcoin exchange inflows drop to 10-year lows after $74K all-time highsBitcoin exchanges are seeing the kind of daily inflows more associated with BTC prices under $1,000.4360 Total views5 Total
Jesse Coghlan5 hours ago‘Scammers’ pose as Crypto Twitter users on Threads as sign-ups near 100MThreads are already seeing potential crypto scammers arrive on the platform, with Crypto Twitter users warning of impers
Bitcoin to attract $1T from institutions amid ‘raging bull market’ — Bitwise exec
Ezra Reguerra1 hour agoBitcoin to attract $1T from institutions amid ‘raging bull market’ — Bitwise execBitwise’s Matthew Hougan said the best advice he could give traders is to “keep calm and take the long vie
Mt. Gox Trustee Submits Rehabilitation Plan — Creditors May Soon Be Repaid 150,000 Bitcoins
Mt. Gox Trustee Submits Rehabilitation Plan — Creditors May Soon Be Repaid 150,000 Bitcoins Mt. Gox trustee Nobuaki Kobayashi has finally submitted a draft reh