FTX’s Fire Sale: SOL And ETH Lead the $316M Exodus

FTX has been channeling a staggering $316 million in digital dough to various crypto exchanges, with $SOL leading the pack. 🎒

This isn’t just a casual crypto clearance sale; it’s a full-blown bankruptcy bonanza, with Ethereum (ETH) and other blockchain bigwigs joining the parade.

The crypto sleuths at Loononchain posted this on X late last evening:

 

Solana’s been the belle of the ball, making up more than half of FTX’s transfers. We’re talking about a whopping 4.8 million SOL tokens, tallying up to $187 million. Despite the potential for a market flood, SOL’s been strutting its stuff, consolidating between the $40 and $44 value area.

And to make things even more interesting, an FTX phoenix rising from the ashes may be a real thing in the future. The Wall Street Journal lifted the veil yesterday, revealing contenders like Tom Farley’s Bullish, Figure Technologies, and Proof Group, all jockeying for FTX’s remnants. 🏇

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One Way To Use Stocktwits’ Social Data Tools

Have you ever heard the phrase ‘volume precedes price’? It’s an old-school technical analysis 101 maxim. For example, if an instrument is in a downtrend but then you start to see volume tick up, the theory is that price will follow the volume. 🧑‍🎓

It’s what technical analysts call a leading indicator—a heads-up or a warning that the probability of change is high and that it might happen soon. Analysts and traders might apply that principle (volume precedes price) to the Stocktwits Social Data. 

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Community Charts – March 6, 2024

GetRichSlow shows off a beautiful logarithmic $BTC chart, hinting at $200k in Q1 2025. 

His Fibonacci expansions highlight a series of projected price levels along with vertical blue bars highlighting when the RSI crosses 70. 

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Bitcoin Hits New All-Time High Then Someone Punched It In The Face

I’m a crypto fanatic. I am constantly observing and looking at what’s going on, and like many of you, the past couple of days, I’ve been glued to my screen or phone waiting for the news when Bitcoin hit a new all-time high. 👀

And now I need your help. Because I need someone to figure out the odds of someone like me, MISSING THE GODDAMN EVENT BECAUSE OF A DR’S APPOINTMENT.

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