Solana Faces $787M Staking Outflows Amid Golden Cross Formation
Solana (SOL) price gained 3% on October 3, after two days of 6% gains each. The price met resistance below $240 due to supply pressures from recent staking withdrawals.
- Post-Fed rate cut, Solana's total staking deposits dropped from 411.28 million SOL to 407.9 million SOL.
- 3.38 million SOL were withdrawn between September 19 and October 3, valued at $787 million.
- The influx of these tokens increases sell-side liquidity, hampering sustained rallies.
Speculation around potential Solana ETFs remains strong. Eric Balchunas from Bloomberg expressed high confidence in approval odds for a Solana ETF.
Despite positive speculation, persistent staking outflows challenge Solana's short-term price outlook.
Solana Price Forecast
- A Golden Cross has formed, with the 5-day moving average crossing above the 8-day and 13-day averages, indicating a potential upside cycle.
- The MACD indicator shows bullish momentum, while RSI at 57.6 suggests room for further gains.
- If SOL surpasses $245, it may reach $280, but rejection at $240 could push it down to $220 if sell pressure increases.