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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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Solana Price Falls Below $14 – Does This Signal A Gloomy Week For SOL?

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Solana Price Falls Below $14 – Does This Signal A Gloomy Week For SOL?

In the previous month, Solana (SOL) has failed to make progress as the token fell victim to the market contagion brought about by the collapse of crypto exchange FTX.

As of this writing, all time horizon indicators for Solana’s native token SOL are red.

  • Since succumbing to market contagion, Solana has continued to bleed
  • Using bearish metrics and technical indicators, we may anticipate a more negative outlook.

The token and ecosystem of SOL are not looking good according to other indicators. As per LunarCrush’s data, both social media mentions and engagements are declining.

Messari adds that the asset’s unappealing volatility and low returns make it less attractive to investors and traders.

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What will happen to SOL now that its price has dropped below $14? Will it pull out of the dark or sink much lower?

Solana Price Trajectory: Below Its Target

The coin has been trading around $13.5314, well below the bullish aim of $14 and $15. Recent weeks have seen SOL bulls aiming for this level.

It all starts on November 15 when bulls attempt to reach $15 but fail.

After these attempts, the price fell below $14, where it has remained ever since. Due to bearish technical indicators, it is unlikely that SOL will surpass the $14 or $15 barrier level.

On a timescale of four hours, the token’s RSI values are neutral and declining. The bearishness of SOL is further corroborated by its MFI, which is likewise declining.

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Although the token’s Bollinger band is rather wide, the moving average of is acting as resistance at $13.8150.

In spite of this, a positive price pullback may still be warranted, as the prior price movements were in sync with the bullish XABCD harmonic pattern.

If momentum permits, the price pullback objective will be $14 with a probable aim of $15.

With negative technicals, however, bulls can rely on the $13.3081 support to help maintain sideways momentum and as a potential rally launching point.

SOL Bears Are Everywhere

Although the support has been resilient against the bears’ previous assaults, a breach of the $13.3081 support might send the price below $13.0951. Overall, SOL will not rebound in the near future.

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There is a greater probability of a negative breakout in SOL, so investors and traders should tread carefully.

SOL total market cap at $4.6 billion on the daily chart | Featured image: Freerange Stock, Chart: TradingView.com

Christian Encila

Freelance writing is Christian’s other cup of tea. When not on his computer, he unwinds with a bottle of beer and laughs with his son over cartoons. Other than that, he’s just like everybody else who wants to be happy with their life.

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Up Or Down? What To Expect From Solana (SOL) In The Homestretch Of 2022

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Up Or Down? What To Expect From Solana (SOL) In The Homestretch Of 2022

Solana is among the hardest hit by the demise of FTX, as the two companies have collaborated to establish Serum, a decentralized derivatives market.

This led to Solana being closely associated with the Sam Bankman-Fried crypto exchange, with more than $900 million worth of SOL being held by FTX.

Let’s have a quick overview:

  • The company’s fundamentals are strong, therefore it should be able to start making money again soon.
  • Constant pressure from technicals and bearish market circumstances keeps the price low.

Metrics, though, suggest SOL is making progress in its recovery from the catastrophe. Founder and CEO of the IBC Group Mario Nawfal has stated that the token’s fundamentals are “strong,” noting the token’s development growth, a healthy NFT marketspace, and a relatively high daily transaction volume compared to other L1 chains as evidence.

With SOL registering an increase in the weekly and bi-weekly timescales, is the token really recovering?

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SOL’s Fortunes Have Yet To Improve

Despite Nawfal’s assertions, the data shows that token and ecosystem indicators are not looking well.

Messari data indicates that the asset’s volatility is at an all-time high of 2.00, suggesting that the asset is more likely to move during this period, whether bullish or bearish.

Sharpe’s ratio, which currently stands at -3.73, indicates a pessimistic near-term outlook. This indicates that SOL’s returns in relation to its volatility are close to or equal to zero.

With a rising triangle, SOL technicals continue to support the bearish trend.

The RSI is overbought on the 4-hour time frame, which drives the signal towards a bearish crossover. The MFI confirms the bearishness of SOL as it declines in tandem with the price. At the time of writing, SOL is trading at $13.836 with a red candle.

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At of time of publication, the top and lower halves of the Bollinger band was $14.3602 and $13.3052. It also places SOL in a risky position, as a crunch zone appears to be building.

Too much FUD around Solana. The fundamentals look solid:

Dev growth second to ETH
NFT volume surprisingly healthy
FTX collapse makes SOL MORE decentralized
Nakamoto Coefficient👌
SOL daily transactions higher than all other L1s

Am I missing something?

— Mario Nawfal (@MarioNawfal) November 27, 2022

SOL And FUD

Even with excellent fundamentals, the EMA ribbon is in the midst of a bearish crossover, making recovery tough for SOL bulls.

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Solana struggles to deal with the fear, uncertainty, and doubt around its ecosystem and SOL coin. For a recovery to even be a chance, maintaining support at $13,0769 is beneficial.

With a CMF of -0.07 and a bearish cross on the MACD, the price of SOL should decline to $13.0769 or below.

Crypto total market cap at $796 billion on the daily chart | Featured image: TheNewsCrypto, Chart: TradingView.com

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FTX Crash Triggers Major Selloff In Solana Price – How Deep Will SOL Dive?

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FTX Crash Triggers Major Selloff In Solana Price – How Deep Will SOL Dive?

Solana (SOL), post-FTX life, has been very rough. On a monthly and biweekly time frame, CoinGecko data shows bearishness, while daily and weekly time frames show modest appreciation.

What this proves is that the wounds left by the demise of FTX have not been healed by Solana’s native token.

Ever since FTX collapsed, SOL has been losing a huge amount energy.

As bearish signals continue to emerge from technical analysis, the price decrease is likely to continue.

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It’s possible that prices will fall down below the 61.80 Fibonacci level, which is now at $12.58.

This may be because Alameda Research, FTX’s sibling in the business, had a significant role in the Solana ICO.

Investor trust plummeted as concerns about Solana’s close ties to SBF and his company developed in the wake of the failing exchange’s holding of almost a billion in SOL.

Is The Star Just Fading Or Dying?

SOL was the poster child of DeFi in that side of the crypto industry. As of writing, the token is trading at a red candle at $13.55, a staggering 62.2% decrease in value from its $36.83 price pre-FTX.

However, Solana’s prospects are bleak even before the crash. Messari’s Q3 report on Solana reveals that only certain ecosystem components, such as NFTs, have truly stabilized and even flourished.

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Chart: TradingView

However, the token’s technical aspects show potential. The RSI readings are oversold, while the metric is slowly gaining pace. This is backed by a favorable increase in the CMF index.

However, this occurs on a daily basis. In the 4-hour time frame, it created a triangle that is, to say the least, bearish.

With a Pearson’s R score of 0.7, the regression channel confirms a further downward push, indicating that a downtrend is more likely than an uptrend.

The narrow BB channel is likewise extremely bearish. Not to mention the resistance posed by the center band.

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Anxiety Pervading In Solana’s Ecosystem?

FUD (fear, uncertainty and doubt) is prevalent in this case.

The market is dominated by fear and a negative market mood as a result of Solana’s tight relations to FTX.

The 4-hour timeline provides insight about SOL’s future course. The $13.07 is a vital support zone for SOL to stay out of extinction.

If the indicated support is breached by the bears, a plunge below the 61.80 Fibonacci level is not out of the question.

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SOL total market cap at $4.9 billion on the weekend chart | Featured image from Business 2 Community, Chart: TradingView.com

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