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Solana Bulls Defends $10; Here Is Why This Is Good For Bulls

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Solana Bulls Defends $10; Here Is Why This Is Good For Bulls

  • SOL’s price bounces off key support of $10 as price rallies to a high of $14 as bulls feel a measure of safety. 
  • SOL’s price continues to look bearish with the market’s current state, as most traders and investors remain cautious. 
  • SOL’s price bounces from a low of $11 on the daily timeframe as the price looks weak, trading below 50 and 200 Exponential Moving Average (EMA)

Solana (SOL) has had a rough start this month, with the price action not looking nice after suffering a drastic price decline from a region of $35 to $11 due to the FTX fiasco, which has had a more direct impact on the price. Despite the relief bounce from Solana (SOL), the price still trades below the key region of interest that would attract the attention of many buyers. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market is yet to make a major move leading to much fear about where the market could be headed. (Data from Binance)

Solana (SOL) Price Analysis On The Weekly Chart

Despite the uncertainty and turbulence that has affected the price of Solana (SOL) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

Solana (SOL) has suffered more price loss, and the community has been affected and, as such, needs more rebuilding in terms of price and trust for the project after the damage caused by FTX.

SOL’s price declined from a region of $35 to a region of $11 as SOL lost its key support of $20. The price of SOL failed to hold above $20, leading to price retesting lower price points. 

The price of SOL continues to hold above $11, indicating a good sign for the price of SOL on the weekly chart and other timeframes. If the price of SOL loses this region of interest, this will lead to lower prices, and panic could set in. 

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Weekly resistance for the price of SOL – $20.

Weekly support for the price of SOL – $10.

Price Analysis Of SOL On The Daily (1D) Chart

Daily SOL Price Chart | Source: SOLUSDT On Tradingview.com

The price of SOL remains considerably weak in the daily timeframe as the price trades above $14 after SOL saw its price decline from $35 to $11 as the market continues in its state of uncertainty. 

SOL’s price continues to struggle as price aims for more relief bounce from this region. The price of SOL needs to reclaim and trade above $20 for a short-term relief bounce. The $20, corresponding to the Fibonacci retracement value of 38.2%, will strongly resist the SOL price.

If the price of SOL flips the region of $20, we could see more rallies for SOL to a region of $30 or more.

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Daily resistance for the SOL price – $20.

Daily support for the SOL price – $11.

Featured Image From zipmex, Charts From Tradingview

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Sam Bankman-Fried Reveals About the Properties in The Bahamas

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Sam Bankman-Fried Reveals About the Properties in The Bahamas

Sam Bankman-Fried, the former CEO of FTX, was questioned by New York Times journalist Andrew Sorkin in his very first public appearance through a video call. Sorkin threw a barrage of questions towards the former CEO and also questioned him about the money that had vanished from the exchange immediately after it had filed for chapter 11 bankruptcy. Bankman-Fried briefly touched on this subject while stating that he was currently cut off from FTX’s systems.

The FTX US team and Bahamian regulators had both seized some, along with some “actual improper access,” which he was unable to detail. This was the “answer to the extent that I know it,” SBF said. 

Talking about his contributions and donations which made headlines, SBF said that lawmakers were not ruling FTX. When asked about who’s money they were using to make donations to the Democratic party, SBF said that it was mainly from the profits they made.

“So I mean, lawmakers were not ruling on FTX. FTX didn’t have an application before Congress for anything. You know, my donations were mostly for pandemic prevention. And they were looking at primary elections where there were candidates who are outspoken in favor of doing things now to prevent the next pandemic.”

Bankman-Fried also clarified his real estate in the Bahamas and explained that his parent’s property was not intended to be their long-term property. He said that there were a lot of property purchases in the Bahamas because top Silicon valley employees came down to work there 

“And, you know, we were trying to incentivize that and to, you know, make sure that they had an easy way to find a comfortable life that they’d be willing to move and, and help build out the product,” SBF said.

But he also said that he feels ‘bad’ for them because they bought properties of their own in the Bahamas.

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“And so, you know, those hundred people put together here did end up buying a substantial amount of property. So it kind of, I feel bad about some of how those investments may turn out for them ….”

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Sam Bankman-Fried Disclosed His Relationship With Alameda Research

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Sam Bankman-Fried Disclosed His Relationship With Alameda Research

At New York Times Dealbook Summit, Sam Bankman-Fried opens up about FTX and alameda research

Former Chief Executive  Sam Bankman-Fried entered the media limelight as the collapse of FTX continues to cast a shadow over the cryptocurrency market. At the newspaper’s annual DealBook Summit, Andrew Ross Sorkin of The New York Times peppered him with a barrage of questions. SBF also gave an interview with Axios and revealed his current net worth. 

Bankman-Fried virtually participated in the meeting from the Bahamas and asserted that he did not try to fraud anyone and called it a ‘bad month’.

“I didn’t ever try to commit fraud on anyone. I was shocked. I’ve had a bad month. This has not been any fun for me. But that’s not what matters here. What matters here is the millions of customers, what matters here is the stakeholders in FTX. And what matters is trying to help them out,” Bankman-Fried told Sorkin. 

SBF added that he wanted to help in getting the investors’ money back and disclosed that he only has $100,000 in his bank account.

“I think I might have one working credit card left.” In a Tuesday interview with Axios, he said he had no idea where his current net worth stood: “Am I allowed to say a negative number?” he joked, later offering he “had $100,000 in my bank account last I checked,” he added. SBF was once worth $26 billion. 

I wasn’t running Alameda: SBF

Talking about his relationship with Alameda, SBF said that he was not running the firm. He said :

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I wasn’t running Alameda, I didn’t know exactly what was going on. I didn’t know the size of their position. A lot of these are things that I’ve learned over the last month that I learned as I was sort of frantically digging into this on November 6, November 7, and November 8. And obviously, that’s a pretty big mistake.”

In the lengthy interview, SBF also revealed that he has no plans for his future as of now.  

“I don’t know what my far future is. When you fast forward I have no idea what I’m going to be doing a long time from now”, he added.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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SBF claims to have only thousands of dollars left in bank after FTX’s collapse

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SBF claims to have only thousands of dollars left in bank after FTX’s collapse

  • SBF claims to be down to a hundred thousand dollars, with almost all of his wealth wiped out with FTX’s collapse
  • The former CEO also expressed that there could have been a 50-50 chance for FTX had CZ not expressed concerns

The founder of the infamous crypto exchange, FTX – Sam Bankman-Fried has spilled quite a lot of tea in recent interviews. The man once hailed as the crypto mogul revealed that he has lost almost all of his wealth. Speaking with Axios, SBF claimed that his bank account had $100,000 the last he checked.

This is over 99% fall from his net worth, which was once said to be over $16 billion before the collapse of FTX. Moreover, the former FTX CEO’s wealth even peaked at nearly $26.5 billion at one point. This, however, came crashing down as most of it was tied to FTX. SBF said, “It’s complicated. Basically everything I had was just tied up in the company”.

FTX’s SBF wanted more regulation

Bankman-Fried also weighed on the aspects that could have prevented the fall of one of the largest crypto exchanges in the world. According to the former billionaire, “regulation and proper oversight” would have prevented FTX’s collapse. He added,

I think one thing is… if you looked at the reporting, and CFTC applications, that would have been extremely helpful here on international rigor

SBF further noted that there should have been an additional person handling “conflicts of interest”. This remark was in tangent to the bankruptcy hearing held days ago. During the hearing, it was claimed that the exchange was run like the “personal fiefdom” of Bankman-Fried, with nearly $300 million spent on holiday homes and real estate for senior staff.

SBF makes dark donations to Republicans

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Subsequently, SBF made more explosive revelations in two interviews with Tiffany Fong. Here, he claimed to have made “dark” donations to Republicans. Notably, SBF had already poured millions of dollars in political donations. He even had plans to pour an additional $100 million into the 2024 elections.

Speaking about the events that lead to FTX’s collapse, SBF expressed that it was a combination of multiple events. He said,

“the crash in the spring that took 50% out of asset values, combined with a hyper-correlated crash scenario this month in which simultaneously we saw a 50% decline in relevant asset prices over a two-day period, combined with a complete run on the bank on FTX (…)”

Additionally, SBF stated that there could have been a 50% chance for FTX had Binance’s CEO – Changpeng Zhao – not expressed concerns. He said,

“Things would certainly be a lot more stable and there’s a lot more ability to generate liquidity and there would still be too much margin in the system (…) I don’t know for sure I think like 50-50”

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