The general slump cryptocurrency had all assets stuck at the support levels to stay afloat. Solana (SOL) was most affected by this movement and departed from his all-time high from $260.06 to currently $13.75.
The total circulating supply of SOL is $362,782,994. Also, the 24-hour low is $11.17 while the high is $13.78.
The current price reflects a rise in Solana price, which is currently ranked 14th CoinMarketCap with a trading volume of $739,091,583, a gain of 38.59% in 24 hours.
Although currently lagging behind in the rankings, Solana is still seeing massive trading gains.
Despite the current trend, what supports the Solana price?
Solana’s current price trend and volume increase are supported by dealer activity in the market. Despite a massive slump in the crypto winter, the project still enjoys widespread acceptance among investors.
It is widely used by institutions and individuals alike due to its fast transaction execution time. Experts predict that Solana’s price could increase in the coming months.
Also the introduction of SOL for games and NFT makes it the ideal futuristic project for investors. However, SOL price is not immune to the crypto winter that is currently taking place.
Solana has seen strong adoption for NFT projects of late, with many big-name gaming giants relying on the asset for their in-game purchases.
Solana is currently attracting investor interest as investors seek 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.
Solana’s price is currently hovering around $13.75. | Source: TradingView.com SOLUSD price chart
SOL is likely to turn bearish in the near term
Source: trading view
With an observed bearish breakout in the sideways channel around the $30-$45 level, the price of SOL plunged below the critical $25-$30 support zone and hit the $12.50 support level. The price bounced off this support level and appears to have started a rally currently trading at $13.75.
The MacD is below the signal line, implying the possibility of an uptrend. The $12 support zone is still valid while the resistance zone is between the $25-30 levels.
The stochastic oscillator shows Solana in the oversold territory. However, the line attempts to re-enter the channel.
Solana’s bearish sentiment was compounded by the demise of its strongest support platform, FTX. Despite its brief 24-hour rally, SOL is likely to continue the bearish move in the near-term.
Solana remains one of the most exciting cryptocurrency projects for investors and shows so much promise for the future. Although investors are panic selling or short selling, institutional investors are taking a long-term view of crypto tokens.
Solana is likely to test the $25-$30 resistance zone before the end of 2022. Experts and investors hope for more positive market prospects in the coming days.
Featured image from Pixabay and chart from TradingView.com
Source: Crypto News Deutsch