FTX’s 178K Solana unlock may trigger sell-off; investors shift to Toncoin and Lunex Network
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FTX’s 178K SOL unlock raises sell-off fears, pushing investors toward Toncoin and Lunex Network, expected to surge 1800%.
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FTX has unlocked 178k SOL tokens, raising concerns about the potential impact on Solana’s (SOL) price. People are keenly waiting for that push that could pull down the market. Meanwhile, smart investors have turned their attention towards other opportunities and started targeting Toncoin (TON) and Lunex Network.
Analysts have tagged them as the best cryptos to buy for profit in the coming months. They forecast the value of the presale coin, Lunex Network (LNEX) could skyrocket by 1800% before the end of the year, attracting SOL investors.
FTX unlocks 178,631 SOL. Could it spark a Solana sell-off?
The Solana staking address associated with FTX/Alameda has unlocked another 178,631 SOL tokens ($128 million). Solscan data reveals that this is not the first of such unlocks and transfers of Solana from this address.
About 170,000 SOL tokens are redeemed and transferred every 12 to 15 of each month. If a large proportion of the redeemed SOL is traded on exchanges, the altcoin price could plummet soon.
According to data from CoinMarketCap, the Solana price has increased by 7% on the weekly chart to trade above the $150 mark. This bullish trend is supported by SOL’s 14-day RSI, which is above 60. The technical indicator strengthens the chances of profits for Solana crypto in the short term.
Toncoin on the verge of a massive leap
Toncoin is among the top performers in the crypto space this year, rising by 130% year-to-date, according to CoinMarketCap. However, the Toncoin token is engulfed by one major trend: higher-than-normal volatility.
On the positive side, CryptoQuant Analyst JA Maartun has explained the volatility could end soon. According to him, the Toncoin price has returned to the low-activity zone.
The analyst stressed the Sharpe Ratio Risk Indicator of Toncoin being at a low-risk level for the first time in one year. This movement means adoption of the cryptocurrency could skyrocket in the coming weeks.
If buying pressure increases, the value of Toncoin crypto could see a major leap in the coming months. According to TradingView, the coin’s 14-day RSI is, however, below the 50 mark but is rising gradually. Analysts expect TON to rally towards the $7 level in the coming weeks.
Experts pick Lunex Network as the best cryptocurrency to invest in This October
Lunex Network has emerged as the best ICO in the market these past few months. The LNEX coin has increased by 25% this month and is now priced at $0.0015. Analysts forecast the price of the coin could rise by 1800% before the end of 2024. Interestingly, buyers have nothing to fear as the team tokens will be vested for 24 months to prevent dump after launch.
The project’s liquidity pool will be locked for the same time period to stop rug pulls. At its core, Lunex Network is an emerging non-custodial crypto exchange platform that lets users exchange and swap cryptocurrencies with little to no costs and across different blockchains.
The major factor that truly defines Lunex’s value, though, is its institutional-grade liquidity. Picture having the speed and accuracy of central exchanges while at the same time inversely benefiting from decentralization. Investors would enjoy fast execution without sacrificing security.
To top it all, Lunex rewards its LNEX token holders. They can get 18% APY in passive income if they stake their coins for 30 days. They will be part of those who will share in the platform’s revenue.
Toncoin and Lunex Network becomes safe haven for investors
As the Solana coin awaits the potential impact of the SOL unlock, investors are focusing on the Toncoin and Lunex Network. Analysts say they are the best cryptos to invest in now for huge gains as uncertainty surrounds Solana.
For more information, visit the Lunex Network official website or join the online community for the latest updates.
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