Crypto exchange Deribit has announced via Twitter that it will cease offering Solana (SOL) inverse products after the upcoming December 30th 2022 expiry. Once the current inverse Solana products expire, Deribit will not list any new Solana inverse options or futures. However, the move will not affect ‘the trading of the Solana/ USDC LINEAR perpetual.’
#Deribit will cease offering Solana INVERSE products 🧵
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👉 After the upcoming 30 December 2022 expiry, Deribit will not list new Solana inverse options or futures.#Solana #OptionsTrading pic.twitter.com/OLfp3Ikrmp— Deribit (@DeribitExchange) December 25, 2022
All Open Solana Positions Will Be Closed
The team at Deribit added that once the inverse futures and options expire, it will close all residual open positions. The exchange will also ‘not charge settlement fees for the perpetual final settlement.’
Solana Looks Set to Drop to $10
Concerning price action, Solana is yet to shake off the massive selling event kickstarted in early November by the collapse of the FTX crypto exchange. The Sam Bankman-Fried-led exchange was known to be a significant supporter of Solana, with Alameda Research estimated to hold over 13% of its circulation supply.
The one-day SOL/USDT chart below, courtesy of Tradingview.com, shows that not much has changed for Solana as it is trading below the 50-day (white), 100-day (yellow) and 200-day (green) moving averages. The digital asset seems set on a downward trajectory that will ultimately see it retest the psychological $10 support.
The daily MACD also confirms the ongoing weakness of Solana. However, the daily MFI (green) and RSI (red) hint at a potential reversal that could see Solana briefly bounce from current levels of $11.31 to the $12 resistance area, where a rejection might likely occur.
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