SOLANA PRICE ANALYSIS CMP-$17.65: Might Solana fall to single digits?

Solana's is trading beneath the 20, 50, 100, and 200-day MA.

Solana experienced a decline of over 4% today, raising concerns about potential liquidation of the token and other crypto assets associated with Solana due to the financial troubles of the cryptocurrency exchange FTX. Amidst this bearish sentiment in the crypto market, there is a growing possibility that SOL could regress to single-digit valuations.

On The Daily Chart: 

Solana is currently in a bearish trend, trading below $20 against the US Dollar, facing challenges that could potentially drive it down to $16.50 or even $15.00. Despite multiple attempts in recent days, SOL couldn't break the $22.00 resistance level, leading to a fresh bearish move below $21.20, similar to Bitcoin and Ethereum.

Adding to the bearish sentiment is FTX's news about a possible SOL sale, further pressuring bullish sentiments. This development pushed SOL's price below the crucial $20.00 support, finding temporary support at around $17.00, with a low at approximately $17.35, currently consolidating these losses.

On The 4-Hour Chart:

On the 4-hour chart, Solana is currently trading below the descending channel. For the past month and a half, the price had maintained its position around the $19 mark. However, following recent news, this support level was broken with significant trading volume. Nevertheless, there has been a rebound as the price found support along an ascending trendline.

According to Coingabbar Price Analysis, Market capitalization of SOL is around $7,250,217,937. Additionally, the trading volume over the past 24 hours has been approximately $447,734,484.

KEY LEVELS :

RESISTANCE LEVEL : $18.80-$20.00

SUPPORT LEVEL : $17.00-$15.50

Is Solana facing a potential threat with a significant bearish movement looming? Is the price of SOL under strain due to the fear, uncertainty, and doubt surrounding the rumored liquidation of Solana by FTX? Could Solana's value potentially drop into the single-digit range? Is there genuine concern about FTX selling its Solana holdings? Are investors debating whether to buy or sell Solana (SOL) amidst these FTX rumors? Share your views in the comments below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.