Founder of Equation: Closed XPL long positions, reduced SOL long positions by half

BlockBeats News, on October 12, Formula News founder Vida posted on his personal channel, stating, "I have closed my XPL long position and reduced my SOL long position by half, only to profit from the rebound after last night's second dip. I don't want to take uncertain trades."

In the current market environment, I prefer to hold the meme contract with a $10 million FDV bought yesterday for the long term, expecting to hold it for several months without issue, as it has a clear floor value and is resistant to declines, while major coins lack clear bottom support."

Previously reported, Vida posted on his personal channel this morning, stating, "Once again went long on $4 million worth of SOL at an average price of $175.8; $500,000 worth of XPL at an average price of $0.395. This is equivalent to 1/10 of my bullets. There is no certainty in this position, it's just a gamble. My bet is: the market will quickly recover after the US stock market opens on Monday, just like every previous time there was negative news over the weekend."

The crypto market has now dropped an average of 30%, pricing in an abnormal 5% drop in the S&P 500 at Monday's open. But if the S&P 500 doesn't drop as much as expected on Monday, sentiment will quickly recover."