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Cryptocurrency News Articles
FTX's 178K SOL Unlock Raises Sell-Off Fears, Pushing Investors Toward Toncoin and Lunex Network, Expected to Surge 1800%
Oct 19, 2024 at 04:48 pm
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
FTX has unlocked another batch of Solana (SOL) tokens from a staking address linked to the crypto exchange. The latest unlock, spotted on May 15, saw 178,631 SOL tokens being transferred out of the address.
According to Solscan data, this is not the first time that such large amounts of Solana have been unlocked and transferred from the address. Notably, around 170,000 SOL tokens are being redeemed and shifted every 12 to 15 of each month.
If a significant portion of the redeemed SOL is sold on exchanges, the altcoin price could face some selling pressure in the near term.
At the time of writing, Solana price is showing signs of strength with a 7% gain on the weekly chart that has seen SOL trading above the $150 mark. This bullish trend is supported by SOL’s 14-day Relative Strength Index (RSI) that is above the 60 mark. The technical indicator suggests a higher probability of profits for Solana crypto in the short term.
Meanwhile, people are also looking at other coins that could bring in big gains in 2023. Two such coins, according to our analysis, are Toncoin and Lunex Network. Both coins are expected to rally massively in the coming months, and here's why you should consider them.
Toncoin is showing signs of preparing for a massive breakout rally on the price chart. The coin has already surged by 130% year-to-date, data from CoinMarketCap reveals. However, one major trend that defines Toncoin is the higher-than-normal volatility.
On the brighter side, CryptoQuant Analyst JA Maartun has highlighted the volatility could be ending soon. According to the analyst, Toncoin price has returned to the low-activity zone.
Highlighting the Sharpe Ratio Risk Indicator of Toncoin being at a "low risk" level for the first time in one year, the analyst adds that the adoption of the cryptocurrency could skyrocket in the coming weeks.
If buying pressure builds up, the value of Toncoin crypto could see a major leap in the coming months. According to TradingView, the coin’s 14-day RSI is currently below the 50 mark but is rising gradually. Analysts expect TON to rally towards the $7 level in the coming weeks.
While Toncoin is expected to rally from its current price levels, another coin that has grabbed the attention of experts is Lunex Network. The coin, which is still in its presale phase, has managed to attract investors with its unique value proposition.
According to our analysis, Lunex Network is the best cryptocurrency to invest in October and could generate gains of up to 1800% before the end of 2024.
Priced at $0.0015 at the moment, LNEX coin has already surged by 25% this month. Notably, buyers have nothing to fear as the team tokens will be vested for 24 months to prevent any dump after launch.
The project’s liquidity pool will also be locked for the same time period. At its core, Lunex Network is an emerging non-custodial crypto exchange platform that allows users to trade and swap cryptocurrencies with little to no costs and across different blockchains.
However, the key aspect that defines Lunex's value is its institutional-grade liquidity. Imagine having the speed and precision of centralized exchanges while at the same time inversely benefiting from decentralization. Investors would be able to enjoy fast execution without having to sacrifice on security.
To top it all, Lunex also rewards its LNEX token holders. Those who choose to stake their coins for 30 days will be able to earn 18% APY in passive income. Additionally, they will also be able to participate in sharing the platform's revenue.
As Solana coin awaits the potential impact of the SOL unlock, investors are pivoting their attention towards Toncoin and Lunex Network. Both coins are expected to be the best cryptos to invest in now as uncertainty looms over Solana.
For more information, visit the Lunex Network official website or join the online community for the latest updates.
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