Solana, which has been one of the top gainers has given up much of its massive gains this week, plunging more than 35% from last week’s record high.
The main reason behind the erratic price drop was the intermittent instability issue on the Solana network. This took the blockchain down for nearly 18 hours, creating panic among the traders. The increasing selling pressure pushed prices down by 17% hitting $142.60.
Is SOL Price Showing signs of Recovery ?
On Friday, SOL price tanked more than 10% reaching $135 which is the lowest level of 2 weeks. As a result, the market value dropped to $40.6 billion, more than $20 billion below its high on September 9.
At the time of writing SOL Price is trading at $146 with a 1.2% drop. It Seems that the altcoin could rebound to hit $170 if the demand wall is not broken.
At present, strong Crucial support lies at $142. If SOL Price fails to hold above this level the altcoin might lead to a steeper correction toward the 50-day moving average and the 61.8% Fibonacci retracement level at $96.
The first support lies at $126. This is followed by $120, $106, $100, and $90.
On the other side, the first resistance lies at $151. This is followed by $160, $180, $200, and $216.
Despite the SOL Price plunging heavily, cryptocurrency analyst and trader with twitter handle @AltcoinSherpa, has decided to buy SOL once it hits $130.