Solana Bulls defends $10; Here’s why this is good for bulls

  • SOL price bounces off the key $10 support as price rises to a high of $14 as bulls feel a measure of safety.
  • The SOL price continues to look bearish with the current state of the market as most traders and investors remain cautious.
  • SOL price bounces from a low of $11 on the daily time frame as the price looks weak, trading below the 50 and 200 EMAs

Solana (SOL) has had a rocky start this month, with price action not looking good after suffering a region-wide price drop from $35 to $11 due to the FTX fiasco, which has had a more direct impact on the price. Despite the Solana (SOL) relief bounce, the price is still trading below the key region of interest that would attract the attention of many buyers. The ripple effect of the FTX saga and other big investors has left the market paralyzed as the market has yet to make a major move, leading to a lot of fear as to where the market could go next. (Data from Binance)

Solana (SOL) price analysis on the weekly chart

Despite the uncertainty and turmoil that has affected the Solana (SOL) price and the broader crypto market, many altcoins are struggling to survive, trying to stay afloat as altcoin prices continue to decline.

Solana (SOL) has suffered more price loss, and the community has been affected and therefore needs more rebuilding in terms of price and confidence for the project after the damage caused by FTX.

SOL price declined from a $35 region to a $11 region as SOL lost its key support at $20. The SOL price was unable to stay above $20, which led to the price retesting lower price points.

The SOL price continues to hold above $11, which indicates a good signal for the SOL price on the weekly chart and other time frames. If the SOL price misses this region of interest, this will lead to lower prices and a panic could ensue.

Weekly resistance for the price of the SOL – $20.

Weekly support for the price of SOL – $10.

SOL price analysis on the daily chart (1D)

SOL daily price chart | Source: SOLUSDT In

SOL price remains considerably weak on the daily time frame as the price trades above $14 after SOL saw its price drop from $35 to $11 as the market continues in its state of uncertainty.

SOL price continues to struggle as price points to further relief bounce in this region. SOL price needs to recover and trade above $20 for a short-term relief bounce. The $20, corresponding to the 38.2% Fibonacci retracement value, will strongly resist the SOL price.

If the price of SOL turns around the $20 region, we could see more rallies for SOL to a region of $30 or higher.

Daily resistance for the price SOL – $20.

Daily support for the SOL price – $11.

Featured Image From zipmex, Charts From Tradingview

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