“There are not a lot of big Solana believers.” Santiment records massive SOL shorts

According to experts, “fear, uncertainty and doubt” (FUD) could cause the asset’s rate to rebound even more

23.11.2022 - 14:00

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2 min

What’s new? According to analysts at Santiment, “there are not a lot of big Solana believers,” even though the price of its native token SOL bottomed out at $11,02 and rebounded to $12,7 over the past 15 hours. According to experts, “fear, uncertainty and doubt” (FUD) could cause an even bigger rebound until traders slow down their bets against the SOL price. A massive shorting of the asset was recorded on the crypto exchange Binance on November 22, when its rate fell by 63% in just under four days. As of November 23, 13:55 UTC, SOL is trading at $12,8, having gained 9,78% in 24 hours, according to Binance.

😒 There are not a lot of big #Solana believers, even as its price bottomed out at $11.02 and rebounded to $12.70 over the past 15 hours. This #FUD could cause more rebounding until traders slow down their nearly unanimous bets against $SOL's price. https://t.co/e2jSAmLEqf pic.twitter.com/1qisr8inaj — Santiment (@santimentfeed) November 23, 2022

What is going on with Solana? One of the largest investors in the project is trading firm Alameda Research, part of the bankrupt FTX Group. Solana’s developers reported that they kept less than 1% of their assets on the FTX exchange, and its collapse has no significant impact on the project.

On November 17, two crypto exchanges announced the implementation of restrictions on USDT and USDC stablecoins issued on the Solana network. Binance suspended accepting deposits, and OKX announced the delisting of both stablecoins.

Shortly thereafter, Tether, the issuer of USDT, assured that Alameda Research and its association with Solana do not affect the operation and issuance of the asset. Tether later announced that it would transfer 1 billion USDT from the Solana blockchain to the Ethereum network, adding that the company’s overall supply will not change after that.

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