- The price of SOL bounces off the key $10 support while the price surges to a high of $14 as bulls feel some level of safety.
- The price of SOL continues to look bearish given the current market conditions as most traders and investors remain cautious.
- SOL price is recovering from a low of $11 on the intraday as the price looks weak and is trading below the 50 and 200 Exponential Moving Average (EMA).
Solana (SOL) got off to a rough start this month as price action did not look good after suffering a drastic price drop from a $35 region to $11 on the FTX fiasco, which impacted the price more directly. Despite the Solana (SOL) rally, the price is still trading below the key area of interest that would attract the attention of many buyers. The domino effect of the FTX saga and other big investors has stalled the market as the market has yet to make a big move, leading to a lot of anxiety as to where the market might be headed. (Binance data)
Solana (SOL) price analysis on the weekly chart
Despite the uncertainty and turmoil that has affected Solana (SOL) price and the crypto market at large, many altcoins are struggling to survive and trying to stay afloat as altcoin prices continue to trend lower.
Solana (SOL) has suffered further price losses and the community is impacted and therefore needs to be rebuilt in price and confidence for the project after the damage caused by FTX.
The price of SOL dropped from a $35 region to a $11 region as SOL lost its key $20 support. SOL’s price failed to sustain above $20, causing the price to retest lower price points.
SOL price continues to hold above $11 which bodes well for SOL price on the weekly chart and other timeframes. If the price of SOL loses this area of interest, it will lead to lower prices and panic may ensue.
weekly Resistance for the price of SOL – $20.
Weekly support at the price of SOL – $10.
Price analysis of SOL on the daily chart (1D).
Daily SOL Price Chart | Source: SOLUSDT On Tradingview.com
SOL’s price remains significantly weak on the intraday as the price trades above $14 after SOL saw its price fall from $35 to $11 while the market remains in its state of uncertainty.
SOL’s price continues to struggle as the price aims for another upleg in this region. SOL’s price needs to be reclaimed and traded above $20 for a short-term relief bounce. The $20 dem Fibonacciretracement value of 38.2% will strongly resist the SOL price.
If the price of SOL flips the $20 region, we could see further rallies for SOL into a $30 region or higher.
Daily resistance for SOL price – $20.
Daily support for the SOL price – $11.
Featured image by zipmex, charts by Tradingview
Source: Crypto News Deutsch