Matrixport analysts have provided insights into the potential trajectories of major altcoins. Due to a surge in market supply, a significant drop in the value of most cryptocurrencies is anticipated by the close of 2023. Not only is the FTX exchange considering offloading altcoins, but several prominent venture funds are also contemplating similar moves.
In the previous month, FTX approached the court with a request to liquidate some of its crypto holdings. A hearing has been set for September 13. FTX holds crypto assets valued at $3.4 billion, with SOL tokens representing $1.16 billion of this amount. Matrixport analysts believe that liquidating a substantial portion of these assets could trigger a downturn in the altcoin market. They project the SOL price could plummet to $15 and potentially even to $10. The asset’s current trading price stands at $18.3.
There’s also an impending mass release of APE and AXS tokens on the horizon. For the former, it represents 4.2% of its total supply, and for the latter, it’s 11%. Since their last issuance, the asset prices have decreased by 24% and 32% respectively. Matrixport specialists predict this declining trend will continue.
