Solana nears a single-digit price. Here is the price action and what you need to know

Anyone would have thought Solana SOL/USD would trade at a double-digit price, let alone a single-digit one? Unfortunately, that is the reality for the lovers of the once promising cryptocurrency labelled the Ethereum killer. Having hit a high of over $265 in November 2021, the SOL was touted as the next token to reach $1,000. It now trades at a mere $11, exactly one year since its all-time high. The cryptocurrency is yet to find a bottom, with technical indicators pointing to a price below $10.

While a bear sentiment is to blame for the significant SOL decline, recent woes reflect exposure to collapsed FTX. As CoinJournal reported, Alameda Research has significant holdings of SOL tokens. The exposure has seen Coin Bureau host “Guy” warning his 2.17 million subscribers on YouTube about SOL price.

The analyst expects the price of SOL to come under further pressure and fall a further 40%. He says that the token will suffer when FTX and Alameda dispose of their holdings in Solana to pay off creditors and other users. He further notes that the SOL situation could be worse, with the cryptocurrencies showing they are yet to bottom. The analyst is projecting an $8 SOL price. A technical outlook shows we could see an even lower price level for the cryptocurrency.

SOL crashing below an inside-bar pattern is a bear indicator

SOL/USD Chart by TradingView

A technical outlook shows SOL bulls losing the battle at $12. The MACD indicator has pushed further into the bear zone. The indicator shows an increasing bear momentum.

Besides, SOL is initiating a bearish breakout from an inside bar pattern. Once confirmed, by the close of the daily candlestick, we should be ready to embrace a lower SOL price.

What next for SOL?

With weak momentum and a bearish inside bar breakout, SOL could likely head to a single-digit price. There is a potential 50% drop to the next likely support at $5. The level coincided with the start of bullish momentum in February 2021.

Where to buy SOL    

eToro

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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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New CEO hired to tidy up the wreckage of collapsed FTX is billing $1,300 per hour

According to court documents filed on Sunday at the US Bankruptcy Court for the District of Delaware ahead of the first hearing on Tuesday, John Ray who is the seasoned expert brought in to tidy up the wreck of the collapsed FTX is billing $1,300 per hour. The first hearing is aimed at shedding more light on the insolvency proceedings.

The documents further show that the restructuring experts are seeking to go ahead with paying the wages of the senior staff at the collapsed exchange despite a freeze on its funds and lack of a clear record of who is owed what by the exchange.

Continued payment of salaries

About 1 million creditors including crypto users may have their funds locked up in FTX after the exchange collapsed leading to a freeze on its funds.

But even then, Edgar Mosley, the managing director of the restructuring consultancy firm, Alvarez & Marsal hired to clean up the mess, has maintained that continued payment of salaries will help preserve resources and value of FTX’s estate.

Edgar Mosley in his filling said:

“Continued payment of salaries is necessary for the preservation of the resources and value of the FTX estate. Without it, I believe that even more employees may seek alternative employment opportunities … likely, diminishing stakeholder confidence in the Debtors’ ability to successfully reorganize.”

Edgar insisted that the payments made to CEO Ray and also the $975 hourly billing of Chief Administration Officer Kathryn Schultea, Chief Information Officer Raj Perubhatla, and Chief Financial Officer Mary Cilia are important in maintaining and administering what remains of the company as it tries to repay its debts.

According to the court filing, non-employee directors hired for proper governance during the insolvency process will earn a fee of $50,000 per month. They shall also be entitled to some other allowances.

Though the fees seem to catch the attention of the general public, the fees are a drop of water into the ocean in the pricey world of corporate restructuring. Ray’s total fees only account for a fraction of the total amount of money that the $3.1 billion that the FTX allegedly owes to its principal creditors.

Lastly, Mosley also recommended that FTX should go ahead and pay an extra $17.5 million to its critical contractors, especially those that will ensure the security of the crypto assets is maintained to avoid hacking and stealing of the assets.

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Bitcoin could slip below $16k soon as market losses nearly $40 billion over the weekend

The cryptocurrency market has started the week in a negative manner, with prices of most coins down by more than 4% in the last 24 hours.

Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the last few hours. The price of Bitcoin is down by more than 3% in the last 24 hours and is now trading at around $16,071 per coin.

The poor performance could see Bitcoin drop into the $15k region over the next few hours. There is no major catalyst behind Bitcoin’s poor performance as it coincides with that of the broader crypto market.

The total crypto market cap has dropped below the $800 billion mark for the first time in months, after losing 4% of its value in the last 24 hours.

Ether, the second-largest cryptocurrency by market cap, has lost 7% of its value today. The price of Ethereum is now trading at around $1,110 per coin.

Key levels to watch

The BTC/USD 4-hour chart is bearish as Bitcoin has been underperforming over the last 24 hours. The technical indicators show that the bears are in control.

The MACD line has dropped into the negative zone, due to Bitcoin losing 3% of its value in the last 24 hours. The 14-day relative strength index of 32 also shows that Bitcoin could enter the oversold region soon if the bearish trend continues.

If the bears remain in charge, Bitcoin could fall below the first major support level at $15,813 before the end of the day. In the event of an extended bearish performance, BTC could dip toward the $15,500 support level.

However, the bulls could make a comeback and push Bitcoin toward the $16,535 resistance level over the next few hours. Unless there is a massive bullish run, BTC will find it hard to move past the $17k resistance level in the near term. 

Where to buy Bitcoin now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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FTX begins strategic review of all company assets

  • FTX has engaged US-based firm Perella Weinberg Partners LP as its lead investment bank to help with the sale or reorganisation of subsidiaries.

FTX Trading is set to review all of the bankrupt cryptocurrency exchange’s assets around the globe, the team handling the collapsed company’s bankruptcy process said Saturday.

According to a press release FTX.com and about 101 affiliate companies, collectively the “FTX Debtors”, are rolling out a strategic review of all of the collapsed company’s global assets.

FTX review shows some subsidiaries are solvent

The exercise is part of the broader Chapter 11 process, the companies noted in the announcement, with the objective being to maximise asset recovery and to offer as much value as possible to FTX stakeholders.

These were the sentiments of John J. Ray III, the new Chief Executive Officer of FTX.

Ray is a prominent bankruptcy lawyer who took over from Sam Bankman-Fried as CEO last week. He noted in a statement published Saturday that the review will take note of the fact that some of FTX’s subsidiaries are solvent.

“Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises,” Ray said.

As such, some affiliated companies like LedgerX, (which FTX acquired in 2021) and Embed Clearing, part of FTX’s acquisition spree in 2022, are not debtors. However, others like the Japanese crypto exchange Liquid and FTX Turkey are part of the bankruptcy cases as debtors.

FTX has engaged Perella Weinberg Partners LP as its lead investment bank as it looks to sell some businesses and reorganise others.  FTX’s engagement with the investment banking advisor is, however, pending approval by the Court.

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7 strange facts about Bitcoin casinos

Bitcoin casinos have seen a great increase in popularity recently, with many people now looking for cool games to play. On such a website, just like on the vast majority of online casinos, offers great bonuses. But what’s unique about these crypto casinos is that they also accept payment with Bitcoin, making it easier for those holding crypto.

Bitcoin as a gambling financier

Bitcoin is the world’s most popular and most valuable cryptocurrency. It has grown enormously since it was first launched in 2009. Now a Bitcoin is worth around NOK 195,000, but historically it has been worth even more. Those who have Bitcoin thus have some money they can spend, and many prefer to use it when they gamble online. This is partly because they are protected by blockchain technology, which ensures that no one can cheat or lie about payments or deposits.

1. The very first crypto casino

Bitcoin as a cryptocurrency first appeared in January 2009, after a person under the pseudonym Satoshi Nakamoto launched it. No more than one year and nine months later, the first crypto casino was launched. This was called SatoshiDice online casino, and they were able to accept their first Bitcoin gamblers in October 2010. Here the very first bet was made on the K-League football league in South Korea.

It was no more than 0.2 Bitcoin, which at the time was worth 24 US dollars, and today a little more than 18,000. The casino still exists, but is not so popular. Part of the reason is that they do not accept any cryptocurrency other than Bitcoin as payment. 

2. Crypto gamblers are more anonymous

Despite the fact that gambling is a common, and possibly incredibly exciting hobby, there are many people who want to remain anonymous on the various gambling sites. This can be for various reasons, including related to work, gains and income. When you gamble with cryptocurrency, you have precisely this opportunity, to be more anonymous. This is because crypto casinos online are completely decentralized and unregulated, which means that transactions are not linked to the player’s identity, and the site does not ask Bitcoin gamblers for personal information.

3. Lower fees

In connection with deposits and games, there are some fees when gambling, which can be annoying for many. When you gamble with cryptocurrency, on the other hand, you can worry about these to a lesser extent. There are lower and fewer fees here as the casinos are looking for cryptocurrency with low transaction and exchange costs. Many Bitcoin casinos even offer fee-free transfers to your Bitcoin wallet.

4. More games for gambling

Games are obviously an incredibly important part of playing at online casinos, and when you gamble with cryptocurrency, you actually have the opportunity to test out more games. 

Many crypto casinos will offer more variety in the game, and games from a bunch of categories. Some crypto casinos offer both casino games and betting on sports, and even crypto trading in some cases. 

On average, you can check out between 300 and 500 different gaming experiences on such sites, and many games are completely unique to each individual platform.

5. Good customer service

Another big advantage of playing at crypto casinos is the good customer service. It is set up so that you can always contact the site if you have any questions regarding transactions, exchanges, bonuses and games. 

The best Bitcoin casinos all offer these and more, with some pages even having VIP communication with some of the most loyal customers, and you can contact them on several digital platforms. 

Bitcoin casinos are always digital and online, which means that both you and customer service can be logged in at all hours of the day. This is a great advantage, and a luxury you only get at the best casinos. This is one of the many good reasons to check out the casino you want to play at carefully, so that you can make sure that it is safe and can offer you the help you need.

6. New casinos

When you gamble online, you often find a casino that you like playing at the most. This allows you to get to know the site well, and play from the same user all the time. Nevertheless, it is always exciting to check out new sites, to see what new games are available, and whether there are various bonuses elsewhere. 

New crypto casinos are constantly being created, in fact as many as 150 casinos every year! The online casino industry is worth an enormous amount, and it grows every year, and among these we find crypto casinos, which are increasing in value. 

There is a high demand for such pages, which is why many new pages are created every year.

7. Exciting bonuses

One reaction to the increase in the number of ideas that people can play on is bonuses. The already existing pages must ensure that they remain relevant, and new pages must be able to compete with those that already have many customers. They do this with the help of bonuses, which can be very fun and beneficial for you to use. There are many different bonuses out there, for example welcome bonuses. 

You can find these at the vast majority of online casinos, and they can contain different types of bonus. It is common for them to have free spins, which can be used when playing slot machines. In addition, you can get deposit bonuses, which increase your first bet by a set proportion. 

Such bonuses make it a little more fun to get started, if more desirable to continue playing.

Conclusion

Cryptocurrency has been a relevant topic since Bitcoin was launched in 2009, and it is no wonder that many people want to use them to gamble. Right now, many people are keeping their eyes open for Bitcoin’s little brother, and changes happening in the network. This can also be used to gamble with. Crypto casinos help connect a number of hobbies and interests, such as gaming technology, money, cryptocurrency, trends, sports, gambling, and much, much more.

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