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Solana Price Prediction: Why Upsides Could Be Limited in SOL

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Solana Price Prediction: Why Upsides Could Be Limited in SOL

Solana tumbled below the $20 and $15 levels against the US Dollar. SOL price is now recovering, but upsides might be limited above $15 and $17.

  • Sol price traded as low as $10.92 before it recovered a few points against the US Dollar.
  • The price is now trading below $15 and the 100 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $12.45 on the 4-hours chart of the SOL/USD pair (data source from Kraken).
  • The pair could face a strong selling interest near $15 and $17 in the coming days.

Solana Price Starts Short-Term Recovery

This month, solana price saw a strong downward move below the $30 level. There was a strong move below the $25 and $20 support levels.

Sol price even dumped below the $15 level. Finally, it found support near $11 and traded as low as $10.92. Recently, there was a minor upside correction similar to bitcoin and ethereum. The price was able to climb above the $11.50 and $11.85 levels.

Besides, there was a break above a major bearish trend line with resistance near $12.45 on the 4-hours chart of the SOL/USD pair. However, the pair is still trading below $15 and the 100 simple moving average (4-hours).

On the upside, an immediate resistance is near the $15 level and the 100 simple moving average (4-hours). The next major resistance is near the $17 zone. It is close to the 23.6% Fib retracement level of the main drop from the $38.75 swing high to $10.92 low.

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Source: SOLUSD on TradingView.com

A close above the $17 zone might send the price towards the $20 level in the near term. Any more gains might send the price towards the $25 level.

Fresh Decline in SOL?

If SOL fails to clear the $15 resistance, it could start a fresh decline. An initial support on the downside is near the $13.00 level.

The first major support is near the $12 level. The next major support is near the $11 level or the recent low. If there is a downside break below the $11 support, the bears might even push the price below $10.

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Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $13, $12 and $11.

Major Resistance Levels – $15, $17 and $20.

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ftx

Solana (SOL) Struggles As Investor’s Eye Bonanza Price; Is $5 Possible?

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Solana (SOL) Struggles As Investor’s Eye Bonanza Price; Is $5 Possible?

  • SOL’s price struggles to reclaim the key demand zone of $20 as the price trades around $13.5
  • SOL’s price remains weak as bears dominate the market; the price fails to break and close above $20 with so much uncertainty in the market
  • SOL’s price trades below get the 50 and 200 Exponential Moving Averages as the price continues in bearish movement (EMA)

Solana (SOL) continues to trade below $20 after facing rejection due to the FTX fiasco and the current market downtrend affecting the price to a low of $13.5.

In the high timeframe, the price of Solana (SOL) looks weak, with a probable result of a downtrend movement compared to an upside. Despite the relief bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to act as a catalyst for the market to bottom out.

The Domino effect of the FTX saga and other large investors has stalled the market, as it has yet to make a significant move, raising concerns about the market’s direction. (Data from Binance)

Solana (SOL) Price Analysis On The Weekly Chart

Despite the relief bounce across the market, with the price of SOL rallying from a weekly low of $11 to a high of $14.5, the crypto market remains uncertain and turbulent, affecting the price of Solana (SOL) the most. Many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

With so much news of a capitulation imminent for all crypto assets coupled with the FTX and other crypto projects suffering from bankruptcy, the bottom could be in soon.

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SOL’s price had a weekly close below a crucial area of $20 after showing so much strength rallying from a weekly low of $11 to a high of $14.5 as the price was unable to break above $20. 

The price of $20 remains the key area of interest for SOL to resume a relief bounce; trading below this range isn’t good enough for bulls.

Weekly resistance for the price of SOL – $20.

Weekly support for the price of SOL – $10.

Price Analysis Of SOL On The Daily (1D) Chart

Daily SOL Price Chart | Source: SOLUSDT On Tradingview.com

The price of SOL remains considerably weak in the daily timeframe after closing below $20. With SOL’s price unable to break and close above $20, there are growing chances of price retesting the regions of $5.

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SOL’s price currently trades at $13.5 below the 50 and 200 EMA, acting as resistance for the price of SOL from trading higher. The price of SOL needs to break above $21 and $40 for the price of SOL to kickstart the price recovery plan.

Daily resistance for the SOL price – $15.

Daily support for the SOL price – $10.

Featured Image From zipmex, Charts From Tradingview 

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Solana Bulls Defends $10; Here Is Why This Is Good For Bulls

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Solana Bulls Defends $10; Here Is Why This Is Good For Bulls

  • SOL’s price bounces off key support of $10 as price rallies to a high of $14 as bulls feel a measure of safety. 
  • SOL’s price continues to look bearish with the market’s current state, as most traders and investors remain cautious. 
  • SOL’s price bounces from a low of $11 on the daily timeframe as the price looks weak, trading below 50 and 200 Exponential Moving Average (EMA)

Solana (SOL) has had a rough start this month, with the price action not looking nice after suffering a drastic price decline from a region of $35 to $11 due to the FTX fiasco, which has had a more direct impact on the price. Despite the relief bounce from Solana (SOL), the price still trades below the key region of interest that would attract the attention of many buyers. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market is yet to make a major move leading to much fear about where the market could be headed. (Data from Binance)

Solana (SOL) Price Analysis On The Weekly Chart

Despite the uncertainty and turbulence that has affected the price of Solana (SOL) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

Solana (SOL) has suffered more price loss, and the community has been affected and, as such, needs more rebuilding in terms of price and trust for the project after the damage caused by FTX.

SOL’s price declined from a region of $35 to a region of $11 as SOL lost its key support of $20. The price of SOL failed to hold above $20, leading to price retesting lower price points. 

The price of SOL continues to hold above $11, indicating a good sign for the price of SOL on the weekly chart and other timeframes. If the price of SOL loses this region of interest, this will lead to lower prices, and panic could set in. 

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Weekly resistance for the price of SOL – $20.

Weekly support for the price of SOL – $10.

Price Analysis Of SOL On The Daily (1D) Chart

Daily SOL Price Chart | Source: SOLUSDT On Tradingview.com

The price of SOL remains considerably weak in the daily timeframe as the price trades above $14 after SOL saw its price decline from $35 to $11 as the market continues in its state of uncertainty. 

SOL’s price continues to struggle as price aims for more relief bounce from this region. The price of SOL needs to reclaim and trade above $20 for a short-term relief bounce. The $20, corresponding to the Fibonacci retracement value of 38.2%, will strongly resist the SOL price.

If the price of SOL flips the region of $20, we could see more rallies for SOL to a region of $30 or more.

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Daily resistance for the SOL price – $20.

Daily support for the SOL price – $11.

Featured Image From zipmex, Charts From Tradingview

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Solana (SOL) Struggles As Single-digit Price Knocks; Will Bulls Buy Below $10?

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Solana (SOL) Struggles As Single-digit Price Knocks; Will Bulls Buy Below $10?

  •  SOL’s price lost its demand zone of $20 as the price struggled to hold above $10. 
  •  SOL’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors. 
  • SOL’s price looks weak as the price struggles to hold above $10, with the possibility of reclaiming the daily and weekly 50 and 200 Exponential Moving Averages (EMA) remaining bleak.

The price action displayed by Solana (SOL) has continued to look like a fairytale, with many traders and investors disheartened, following the collapse of the FTX effect affecting small crypto projects like Genesis as the market continues to look weak on each passing day signifying the bottom is not yet in leading to the price of many altcoins, including Solana (SOL) as the price continues to hang on a balance, battling for survival. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market has yet to make a major move after previous weeks saw the price of SOL struggling to hold above $30. Most altcoins have lost their key support and have traded with over 90% loss, with many hoping for a crypto revival. (Data from Binance)

Solana (SOL) Price Analysis On The Weekly Chart

The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.

The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases with the case of SOL worsening, as there is no assurance if they would be heading up any time soon.

FTX and now Genesis news has hugely impacted the price of SOL, sending the price into a spiral movement to a region of $11 as the price struggles to stay above $10. 

After the price of SOL closed below the weekly high of $20, there are high chances of the market going lower, with the prices of SOL looking more bearish with the weekly open.

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Weekly resistance for the price of SOL – $20.

Weekly support for the price of SOL – $5.

Price Analysis Of SOL On The Daily (1D) Chart

Daily SOL Price Chart | Source: SOLUSDT On Tradingview.com

The price of SOL remains considerably weak in the daily timeframe as the price trades below the $20 resistance after bouncing off from the region of $15 on several instances.

Rumor building of a likely bankruptcy of Genesis could affect the price of SOL and other smaller assets, with the price facing a possibility of losing the region of $5-$6. 

If the price of SOL breaks below $10, we could see more sell-off, as this has been an area of interest to hold off bears. 

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Daily resistance for the SOL price – $15-$20.

Daily support for the SOL price – $5.

Featured Image From zipmex, Charts From Tradingview 

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