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)
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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.
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
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.
Daily resistance for the SOL price – $20.
Daily support for the SOL price – $11.