ADVERTISEMENT

cryptocurrency

Solana Bulls defend $10; That’s why it’s good for bulls

ADVERTISEMENT

  • SOL price bounced off the main $10 support as the price surged to a high of $14 as the bulls felt some degree of security.
  • SOL price continues to fall with the current market conditions as most traders and investors remain cautious.
  • SOL bounced off the low of $11 on the daily time frame as the price looks weak and traded below the 50 and 200 exponential moving averages (EMA).

Solana (SOL) has had a bad start to the month with price action not looking good after a massive price drop from $35 to $11 due to the FTX fiasco, which had a more direct impact on price. Despite a relief from Solana (SOL), the price is still trading below a key area of ​​interest that will capture the attention of many buyers. The domino effect of the FTX saga and other major investors has brought the market to a halt as the market has yet to take a major move that could move the market. (Data from Binance)

Solana (SOL) price analysis on the weekly chart

Despite the uncertainty and turbulence affecting the price of Solana (SOL) and the crypto market in general, many altcoins struggle to survive as altcoin prices continue to fall.

Solana (SOL) has suffered more loss of value and community impact and as such the project needs more rebuilding in terms of value and trust after the damage caused by FTX.

SOL price dropped from the $35 area to the $11 area as SOL lost its main support at $20. The SOL price failed to stay above $20, causing the price to test lower again.

Also read  Is Smartsheet Inc. (NYSE:SMAR) Is Now a Good Time to Investigate?

The SOL price remains above $11 which is a good sign for the SOL price on the weekly chart and other time frames. If the price of SOL loses this area of ​​interest, prices will fall and panic may ensue.

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: SOUSDT at Tradingview.com

SOL price remains quite weak on the daily time frame as the price of SOL trades above $14 after falling from $35 to $11 as the market continues to be in a state of uncertainty.

SOL price continues to struggle as price seeks more relief from this area. A short term relief is needed in SOL price to recover and trade above $20. $20, in line with the 38.2% Fibonacci retracement level, will strongly oppose the SOL price.

If the SOL price flips to the $20 area, we could see more rally for SOL to the $30 area or higher.

Daily resistance for SOL price – $20.

Daily support for SOL price – $11.

Featured image of Zipmex, chart from Tradingview

source: newsbtc.com

ADVERTISEMENT

ADVERTISEMENT

Leave a Comment