The general crypto bearishness saw all assets clinging to support levels to hold. Solana (SOL) was the most affected by this move, moving from an all-time high of $260.06 to currently trading at $13.75.
The total circulating supply of SOL is $362,782,994. In addition, the 24-hour low is $11.17, while the high is $13.78.
The current price reflects an increase in the price of Solana, which is currently ranked 14th on Coinmarketcap with a trading volume of $739,091,583, a gain of 38.59% in 24 hours.
Although Solana is currently lower in the rankings, it is still making huge trading profits.
What Is Solana’s Price Supporting Despite Current Trends?
The current price development of Solana and the increase in volumes is supported by the merchant activity in the market. Despite a sharp drop in the crypto winter, the project is still enjoying massive investor adoption.
The fast transaction execution time has made it widely used by both institutions and individuals. Experts predict that the price of Solana may rise in the coming months.
In addition, SOL’s adoption for gaming and NFTs makes it an ideal futuristic project for investors. However, the price of SOL is not safe from the crypto winter that is currently taking place.
Solana has recently enjoyed strong adoption for NFT projects, with several notable gaming giants relying on the asset for their in-game purchases.
Solana is currently generating interest from investors as investors look to consolidate on older and trusted tokens. With the collapse of FTX and its native token, FTT, Solana offers a viable investment option for users.
SOL predicts a short-term recession
With a bearish breakout in a sideways channel around the $30-$45 level, the SOL price fell below the important $25-$30 support area and reached the $12.50 support level. The price bounced off this support and appears to have started a rally, currently trading at $13.75.
The MacD is below the signal line, indicating the possibility of a bullish move. The $12 support area is still valid, while the resistance area is between the $25-30 levels.
The stochastic oscillator shows Solana in the oversold zone. However, Rekha tries to enter the channel again.
Solana’s bearish sentiment was bolstered by the demise of its strongest support platform, FTX. Despite a brief 24-hour rally, SOL is likely to continue bearish momentum in the near term.
Solana is one of the most exciting cryptocurrency projects for investors and holds great promise for the future. While investors are wary of selling or shorting, institutional investors are looking to take a long-term view of crypto tokens.
Solana will likely test the $25-$30 resistance area before the end of 2022. Experts and investors expect a more positive market outlook in the coming days.
Featured image from Pixabay and chart from TradingView.com