SOL trades at $12 with weak momentum
The cryptocurrency is weighed by weak market fundamentals
SOL may consolidate additional earlier than pushing increased or decrease
Solana (SOL/USD) trades with dwindling volumes at $12. For one other time, the cryptocurrency faces bear stress on the now-developed assist zone. Bulls have efficiently defended the extent prior to now, and it stays to be seen whether or not they may for an additional time. The newest cryptocurrency news has been unforgiving for SOL.
A myriad of things has been towards Solana price this yr. Aside from the macro elements and weak crypto sentiment, Solana has suffered by the hands of hackers. Less than per week in the past, Solana-based DEX Raydium misplaced $2.2 million. The exploit on December 16 has been accountable for a lot of the weak spot of SOL at present. The hacks have been many this yr, hitting the native token.
But there may be some excellent news you can need to hear about Solana. According to crypto analytics agency Nansen, Solana competed efficiently with Ethereum earlier than the FTX saga. Nansen says within the three months to October, the day by day transactions on Solana hardly ever fell below 200 million. The analytics agency identified that the energetic addresses on the community have been between 600,000 to 1.1 million in the course of the interval.
The exercise underlined that Solana was catching up with its proclaimed Ethereum killer standing. The collapse of FTX introduced a brand new twist, taking the price considerably decrease. SOL buyers are nonetheless reeling from the aftermath.
SOL trades with weak momentum on the $12 assist
From the day by day chart, the MACD indicator reveals a weak and bearish momentum for SOL. Trading volumes on each the purchase and promote sides are weak for the cryptocurrency. SOL is at present held on the $12 assist.
What subsequent for SOL?
SOL price may proceed consolidating on the $12 assist till it gathers extra liquidity. Based on the elemental developments, a break increased or decrease may happen. Should bears enhance, SOL may fall to or below $10.
Where to purchase SOL
eToro
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Public
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