- Solana’s price surrendered its $20 demand zone as the alt struggles to sustain beyond $10.
- The alt’s current market structure flashes bearishness as things appear uncertain for investors and traders.
- SOL remained weak while struggling to stay beyond $10, and the chances of regaining the daily & weekly 50 & 200 EMA (Exponential Moving Average) remain bleak.
Solana’s price action still appears magical, with most investors and traders distressed following the impacts of the FTX collapse that has impacted even small cryptocurrency projects such as Genesis. Moreover, the market flashes continued weakness each day, suggesting that most digital assets, including SOL, are yet to bottom.
Solana has its price on a balance, fighting for survival. The Domino impact of FTX’s crisis and other leading investors has seen the market stalling as major moves are yet to showcase following previous sessions that saw SOL price battling to remain above $30.
Most alternative tokens have surrendered their primary support zones, losing around 90% of their values. Yet, crypto enthusiasts have nothing left but hope for crypto revivals. Nevertheless, the current market-wide outlook flashes dominant bearishness, and escaping further plummets is almost impossible.
SOL Weekly Timeframe Analysis
The cryptocurrency world has endured massive turbulence over the last few days as most alternative tokens have battled to highlight strength after surrendering their crucial supports amid escalated price dips.
Meanwhile, the uncertainty surrounding the marketplace has led to reluctance by investors and traders to buy alts, as everything points to a worsening case. Furthermore, nothing shows the assets will climb soon.
FTX and the current Genesis news have massively affected Solana’s price, sending the alt into a downside spree toward the value zone of $11. Furthermore, SOL seems too weak to hold beyond $10.
The alternative token increased its chances of dipping lower after closing beneath the $20 weekly high, and the SOL’s price appears more bearish as far as the weekly open is concerned.
- SOL weekly resistance – $20
- SOL weekly support – $5
SOL Daily Chart Analysis
SOL price presents a considerable weakness in the 24hr timeframe as it trades beneath the resistance of 420 following multiple rebounds from $15. Rumors about Genesis’ upcoming bankruptcy filing may impact Solana and other assets. That can see SOL plummeting towards $5 – $6. We can expect more declines from the alt if it breaks beneath $10.
- SOL daily resistance -$15 – $20
- SOL daily support – $5