Price Analysis

Solana (SOL) Price May Reach its Etermity! Will the Bulls Still Remain Detached?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • The SOL price bounces off the key support levels close to $10 and reclaims the levels around $14 quickly

  • Solana price struggles to reclaim the levels above the key resistance which is a huge matter of concern at the moment

Solana’s price continues to look bearish as the participants remain vigilant and the markets continue to remain uncertain. Amid the bearish clouds, the SOL price recorded a notable bounce from the key support levels, which are also the rare supports that may hold the tokens within the 2-digit levels. 

However, with the fresh sell-off, the fear of SOL price plunging back to $10 emerges. 

The asset has had a very rough start for the month as it suffered a drastic price drop from levels around $36 to as low as $10.6, mainly due to the FTX collapse. While the other assets are struggling to cope with the situation, the SOL price appears to have lowered expectations of a firm upswing.

The SOL price appears to be considerably weak in the daily time frame despite the recovery beyond $14 from $10.6. Moreover, it continues to struggle, aiming for a more relief bounce from the current region. With a bounce, the price may eventually rise beyond 0.23 FIB levels at 17.49 and may reach the required resistance at $20 which corresponds above the FIB levels at $0.38.

Meanwhile, the Solana (SOL) price is more likely to face rejection and again test the lower support close to $10. As the volume has plunged heavily, the price may certainly not ignite a rebound despite the buying volume prevailing to some extent. 

Collectively, considering a bullish breakout, the Solana (SOL) price may rise to $30, if the value surpasses $20 in the next few days. Else may continue to hover below $15 and slowly descend and reach a single-digit figure, slicing through pivotal support at $11. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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