Solana Delays Token Unlock Due To Double Dip Fears, Developers Unaffected

Solana Delays Token Unlock Due To Double Dip Fears, Developers Unaffected

Altcoins

Solana’s price prediction is bearish, however, a daily candle close above $11.50 signals the possibility of a bullish reversal. According to cryptocurrency influencer DrProfitCrypto, the Solana (SOL) team has postponed the start of the staking unlock period by two days. However, token holders can still access and sell their SOL holdings.

Solana’s staking lock was supposed to end on November 9 or 10, after which 18,000,000 SOL tokens would be available. Given the recent events surrounding the collapse of FTX (FTT) and Solana’s ties to FTX, the technical forecast predicted a double dip for SOL as a result of the unexpected increase in supply. Due to the unlock delay, the expected double dip also delayed, giving the Solana developers more time to sell their SOL tokens at the current price before the token’s value drops.

Solana’s current price is $17.83 and the 24-hour trading volume is $2.9 bln. Solana has gained over 10% in the last 24 hours but has lost 46% in the previous seven days. According to CoinMarketCap, SOL is ranked 12th by market capitalization of $6.4 bln. The number of SOL coins in circulation is 362,634,325.

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