Anyone would have thought Solana SOL/USD would commerce at a double-digit price, not to mention a single-digit one? Unfortunately, that is the actuality for the lovers of the as soon as promising cryptocurrency labelled the Ethereum killer. Having hit a excessive of over $265 in November 2021, the SOL was touted as the subsequent token to attain $1,000. It now trades at a mere $11, precisely one yr since its all-time excessive. The cryptocurrency is but to discover a backside, with technical indicators pointing to a price under $10.
While a bear sentiment is to blame for the vital SOL decline, current woes mirror publicity to collapsed FTX. As CoinJournal reported, Alameda Research has vital holdings of SOL tokens. The publicity has seen Coin Bureau host “Guy” warning his 2.17 million subscribers on YouTube about SOL price.
The analyst expects the price of SOL to come beneath additional stress and fall a additional 40%. He says that the token will endure when FTX and Alameda eliminate their holdings in Solana to repay collectors and different customers. He additional notes that the SOL state of affairs may very well be worse, with the cryptocurrencies displaying they’re but to backside. The analyst is projecting an $8 SOL price. A technical outlook reveals we may see a fair decrease price stage for the cryptocurrency.
SOL crashing under an inside-bar sample is a bear indicator
A technical outlook reveals SOL bulls shedding the battle at $12. The MACD indicator has pushed additional into the bear zone. The indicator reveals an growing bear momentum.
Besides, SOL is initiating a bearish breakout from an inside bar sample. Once confirmed, by the shut of the each day candlestick, we ought to be prepared to embrace a decrease SOL price.
What subsequent for SOL?
With weak momentum and a bearish inside bar breakout, SOL may possible head to a single-digit price. There is a potential 50% drop to the subsequent possible assist at $5. The stage coincided with the begin of bullish momentum in February 2021.
Where to purchase SOL
eToro
eToro gives a big selection of cryptos, similar to Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro customers can join with, study from, and copy or get copied by different customers.
Binance
Binance is one in all the largest cryptocurrency exchanges in the world. It is higher suited to extra skilled traders and it gives a massive variety of cryptocurrencies to select from, at over 600.
Binance is additionally recognized for having low buying and selling charges and a a number of of buying and selling choices that its customers can profit from, similar to; peer-to-peer buying and selling, margin buying and selling and spot buying and selling.
