- SOL price struggles to recapture key $20 demand zone as price trades around $13.5
- SOL Price Remains Weak as Bears Dominate Market; the price fails to break and closes above $20 with so much uncertainty in the market
- SOL price trades below get the 50 and 200 exponential moving averages as the price continues to move lower (EMA).
Solana (SOL) continues to trade below $20 after facing rejection due to the FTX fiasco and the current downtrend of the market impacting the price to a low of $13.5.
On the high time frame, the price of Solana (SOL) looks weak, with a likely outcome of a downtrend move versus up. Despite the relief bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to act as a catalyst for the market to bottom out.
The ripple effect of the FTX saga and other big investors has stalled the market as it has yet to make a significant move, raising concerns about the direction of the market. (Data from Binance)
Solana (SOL) price analysis on the weekly chart
Despite the relief bounce in the market, with SOL price rising from a weekly low of $11 to a high of $14.5, the crypto market remains uncertain and turbulent, impacting Solana (SOL) price the most. Many altcoins are struggling to survive, trying to stay afloat as altcoin prices continue their downward price movement.
With so much news of an impending capitulation for all crypto assets along with the FTX and other crypto projects suffering from bankruptcy, the bottom could hit soon.
SOL price had a weekly close below a crucial $20 area after showing so much strength rallying from a weekly low of $11 to a high of $14.5 as the price failed to break above $20.
The $20 price remains the key area of interest for SOL to resume a relief bounce; trading below this range is not good enough for bulls.
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 price remains considerably weak on the daily time frame after closing below $20. Since the SOL price cannot break out and close above $20, there are higher chances that the price will retest the $5 regions.
SOL price is currently trading at $13.5 below the 50 and 200 EMA, acting as resistance for SOL price to trade higher. The price of SOL must exceed $21 and $40 for the price of SOL to start the price recovery plan.
Daily Resistance for SOL Price – $15.
Daily support for the SOL price – $10.
Featured Image From zipmex, Charts From Tradingview