{"id":551242,"date":"2023-09-14T09:50:27","date_gmt":"2023-09-14T09:50:27","guid":{"rendered":"https:\/\/ktsl888.com\/?p=551242"},"modified":"2023-09-14T08:20:42","modified_gmt":"2023-09-14T08:20:42","slug":"solana-gains-5-despite-cpi-latest-data-and-ftx-liquidation-approval-here-could-be-why","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/solana\/solana-gains-5-despite-cpi-latest-data-and-ftx-liquidation-approval-here-could-be-why\/","title":{"rendered":"Solana Gains 5% Despite CPI Latest Data And FTX Liquidation Approval &#8211; Here Could Be Why"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Solana (SOL) has recorded a 5% gain in the last 24 hours amidst certain concerning developments in the crypto space.\u00a0<\/span><span style=\"font-weight: 400\">On Wednesday, the United States <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-13\/us-cpi-report-august-2023-5-key-takeaways-on-inflation-core-measure#:~:text=CPI%20rose%200.6%25%20from%20the,up%204.3%25%20year%20on%20year.\" target=\"_blank\" rel=\"noopener nofollow\">published<\/a> its Consumer Price Index (CPI) data for August, which shows that inflation rose from 3.2% to 3.7%, higher than the predicted outcome by analysts.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition, the bankrupt FTX exchange obtained court approval to liquidate its <a href=\"https:\/\/ktsl888.com\/ftx\/ftx-unveils-3-4b-crypto-holdings-1-16b-solana-560m-bitcoin-is-trouble-on-the-horizon\/\" target=\"_blank\" rel=\"noopener \">crypto holdings worth $3.4 billion<\/a> as it looks to offset its debt. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Normally, developments such as this are expected to <a href=\"https:\/\/ktsl888.com\/news\/solana\/solana-sol-price-plunges-ftx-rumors\/\" target=\"_blank\" rel=\"noopener \">induce a selling pressure on crypto assets.\u00a0 <\/a><\/span><span style=\"font-weight: 400\">However, the majority of the market is staying afloat with slight gains in the last few hours, while Solana has even embarked on a rally, drawing much attention from investors.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Interestingly, popular crypto analyst Micha\u00ebl van de Poppe has given possible reasons as to why the crypto market may not be moving as widely expected.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Most of FTX\u2019s Solana Are Staked And Inaccessible &#8211; Analyst Explains<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to an <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/86151446?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E86151446%7Ctwgr%5Ef44089cbe40882351dbb993532043%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.benzinga.com%2Fmarkets%2Fcryptocurrency%2F23%2F09%2F34561624%2Fbitcoin-ethereum-dogecoin-trade-mixed-after-august-cpi-inflation-comes-in-hotter-than-expe\" target=\"_blank\" rel=\"noopener nofollow\">X post<\/a> on Wednesday, Micha\u00ebl van de Poppe states that there should not be much reaction from the crypto market despite the latest CPI data and the court approval for FTX\u2019s liquidation.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/ktsl888.com\/all\/solana-potential-rebound-30-target-in-sight-according-to-charts\/\" target=\"_blank\" rel=\"noopener \">Solana Potential Rebound: Can Bulls Hit Their $30 Target?<\/a><\/p>\n<p><span style=\"font-weight: 400\">The analyst explains that most of the <a href=\"https:\/\/ktsl888.com\/analysis\/sol-price-prediction-solana-break-moment-20\/\" target=\"_blank\" rel=\"noopener \">Solana<\/a>, which makes up the bulk of the FTX crypto holdings, with a value of $1.2 billion, is currently staked and thus cannot be liquidated.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Van de Poppe states that only 7 million SOL is available to FTX for liquidation, and most of these tokens have been sold in the past week. Given these circumstances, the analyst predicts a \u201csell the rumor, buy the news\u201d scenario would likely occur.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">FTX gets approval to sell $3.4B in <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Crypto<\/a> assets &amp; CPI data comes in worse than expected<\/p>\n<p>Markets aren&#39;t falling down that much, and not much should be happening from it. <\/p>\n<p>The Solana, which corresponds to $1.2 billion of the assets of FTX, is mostly staked and can&#39;t be sold.\ud83d\udc47\u2026 <a href=\"https:\/\/t.co\/uKG9XefCzy\" rel=\"nofollow\">pic.twitter.com\/uKG9XefCzy<\/a><\/p>\n<p>&mdash; Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/86151446?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">In relation to the other crypto holdings of FTX, Micha\u00ebl van de Poppe states the exchange is only allowed to sell $200 million worth of assets per week.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, the current market prices have been factored on during the calculation of this liquidation rate; thus, it will likely not produce a high level of selling pressure.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition to Solana, FTX also looks to liquidate other assets such as Bitcoin (BTC), Ethereum (ETH), Aptos (APT), and XRP, among others.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Van De Poppe\u2019s Take On CPI Report<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Explaining the crypto market\u2019s response to the latest CPI data, Micha\u00ebl van de Poppe explains that while inflation rates rose higher than predicted in August, the core CPI value was 4.3% as expected, which is lower than July\u2019s value of 4.7%<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/ktsl888.com\/analysis\/sol-price-prediction-solana-takes-hit-15\/\" target=\"_blank\" rel=\"noopener \">SOL Price Prediction: Solana Takes Hit and Could Dive To $15<\/a><\/p>\n<p><span style=\"font-weight: 400\">Therefore, the analyst postulates that the US Federal Reserve would likely not be introducing any interest rate hike. This is because the Fed is known to focus more on core CPI data, which provides a long-term outlook on the nation\u2019s inflation rate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Solana trades at $18.69, with a loss of 0.29% in the last hour based on <a href=\"https:\/\/coinmarketcap.com\/currencies\/solana\/\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinMarketCap.<\/a> Meanwhile, the token\u2019s trading volume is up by 47.89% and is now valued at $446.52 million.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/G7EPuW5r\/\" alt=\"Solana\" width=\"1479\" height=\"906\"><\/p>\n<pre style=\"text-align: center\">Solana (SOL) trading at $18.77 on the hourly chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener nofollow\">SOLUSDT chart on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from The Economic Times, chart from Tradingview<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Solana (SOL) has recorded a 5% gain in the last 24 hours amidst certain concerning developments in the crypto space.\u00a0On Wednesday, the United States published its Consumer Price Index (CPI) data for August, which shows that inflation rose from 3.2% to 3.7%, higher than the predicted outcome by analysts. In addition, the bankrupt FTX exchange obtained court approval to liquidate its crypto holdings worth $3.4 billion as it looks to offset its debt. Normally, developments such as this are expected to induce a selling pressure on crypto assets.\u00a0 However, the majority of the market is staying afloat with slight gains in the last few hours, while Solana has even embarked on a rally, drawing much attention from investors.\u00a0 Interestingly, popular crypto analyst Micha\u00ebl van de Poppe has given possible reasons as to why the crypto market may not be moving as widely expected.\u00a0 Most of FTX\u2019s Solana Are Staked And Inaccessible &#8211; Analyst Explains According to an X post on Wednesday, Micha\u00ebl van de Poppe states that there should not be much reaction from the crypto market despite the latest CPI data and the court approval for FTX\u2019s liquidation. Related Reading: Solana Potential Rebound: Can Bulls Hit Their $30 Target? The analyst explains that most of the Solana, which makes up the bulk of the FTX crypto holdings, with a value of $1.2 billion, is currently staked and thus cannot be liquidated. Van de Poppe states that only 7 million SOL is available to FTX for liquidation, and most of these tokens have been sold in the past week. Given these circumstances, the analyst predicts a \u201csell the rumor, buy the news\u201d scenario would likely occur. In relation to the other crypto holdings of FTX, Micha\u00ebl van de Poppe states the exchange is only allowed to sell $200 million worth of assets per week.\u00a0 Furthermore, the current market prices have been factored on during the calculation of this liquidation rate; thus, it will likely not produce a high level of selling pressure.\u00a0 In addition to Solana, FTX also looks to liquidate other assets such as Bitcoin (BTC), Ethereum (ETH), Aptos (APT), and XRP, among others. Van De Poppe\u2019s Take On CPI Report Explaining the crypto market\u2019s response to the latest CPI data, Micha\u00ebl van de Poppe explains that while inflation rates rose higher than predicted in August, the core CPI value was 4.3% as expected, which is lower than July\u2019s value of 4.7% Related Reading: SOL Price Prediction: Solana Takes Hit and Could Dive To $15 Therefore, the analyst postulates that the US Federal Reserve would likely not be introducing any interest rate hike. This is because the Fed is known to focus more on core CPI data, which provides a long-term outlook on the nation\u2019s inflation rate.\u00a0 At the time of writing, Solana trades at $18.69, with a loss of 0.29% in the last hour based on data from CoinMarketCap. Meanwhile, the token\u2019s trading volume is up by 47.89% and is now valued at $446.52 million.\u00a0 Solana (SOL) trading at $18.77 on the hourly chart | Source: SOLUSDT chart on Tradingview.com Featured image from The Economic Times, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":551246,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[84888,26263,71704,83725,83626],"class_list":["post-551242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-cpi","tag-crypto-analyst","tag-ftx","tag-michaal-van-de-poppe","tag-solana"],"acf":[],"yoast_head":"\n<title>Solana Gains 5% Despite CPI Latest Data And FTX Liquidation Approval - Here Could Be Why<\/title>\n<meta name=\"description\" content=\"Crypto analyst Micha\u00ebl van de Poppe has given possible reasons as to why the Solana and other tokens may not be moving as widely expected.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/solana\/solana-gains-5-despite-cpi-latest-data-and-ftx-liquidation-approval-here-could-be-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Solana Gains 5% Despite CPI Latest Data And FTX Liquidation Approval - Here Could Be Why\" \/>\n<meta property=\"og:description\" content=\"Crypto analyst Micha\u00ebl van de Poppe has given possible reasons as to why the Solana and other tokens may not be moving as widely expected.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/solana\/solana-gains-5-despite-cpi-latest-data-and-ftx-liquidation-approval-here-could-be-why\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-14T09:50:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-14T08:20:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/corporate-profitability.jpg?fit=666%2C500\" \/>\n\t<meta property=\"og:image:width\" content=\"666\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Semilore Faleti\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SemiloreFaleti\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Semilore Faleti\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/ktsl888.com\/news\/solana\/solana-gains-5-despite-cpi-latest-data-and-ftx-liquidation-approval-here-could-be-why\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/news\/solana\/solana-gains-5-despite-cpi-latest-data-and-ftx-liquidation-approval-here-could-be-why\/\"},\"author\":{\"name\":\"Semilore Faleti\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/6280b76d69630ffb2f2fa78670d85d49\"},\"headline\":\"Solana Gains 5% Despite CPI Latest Data And FTX Liquidation Approval &#8211; 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