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.
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
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.
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.