Anybody would have thought Solana SOL/USD would commerce at a double-digit value, not to mention a single-digit one? Sadly, that’s 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 succeed in $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 value beneath $10.
Whereas a bear sentiment is accountable for the numerous SOL decline, latest woes mirror publicity to collapsed FTX. As CoinJournal reported, Alameda Analysis has vital holdings of SOL tokens. The publicity has seen Coin Bureau host “Man” warning his 2.17 million subscribers on YouTube about SOL value.
The analyst expects the value of SOL to return beneath additional stress and fall an additional 40%. He says that the token will undergo when FTX and Alameda eliminate their holdings in Solana to repay collectors and different customers. He additional notes that the SOL state of affairs could possibly be worse, with the cryptocurrencies displaying they’re but to backside. The analyst is projecting an $8 SOL value. A technical outlook exhibits we may see a fair lower cost stage for the cryptocurrency.
SOL crashing beneath an inside-bar sample is a bear indicator
A technical outlook exhibits SOL bulls shedding the battle at $12. The MACD indicator has pushed additional into the bear zone. The indicator exhibits an growing bear momentum.
Moreover, SOL is initiating a bearish breakout from an inside bar sample. As soon as confirmed, by the shut of the each day candlestick, we needs to be able to embrace a decrease SOL value.
What subsequent for SOL?
With weak momentum and a bearish inside bar breakout, SOL may doubtless head to a single-digit value. There’s a potential 50% drop to the subsequent doubtless assist at $5. The extent coincided with the beginning of bullish momentum in February 2021.
The place to purchase SOL
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