The SOL/USD pair is unable to break above an immediate resistance level of $20.00, indicating a bearish Solana price prediction.
resistance trendline is broken. Since November 6, the SOL token's value has dropped by more than 66.46% to $12.33.
SOL's price fell to a record low of around $12.33 earlier this week before surging 55% to as high as $19.05 on Thursday. However, following the news of FTX's bankruptcy.
On Friday, the price dropped back to around $15.50, down 11.11% on the day. In the last seven days, the price of SOL has dropped by 58.30%.
Solana has already completed a 38.2% Fibonacci retracement to $21.85, and closing candles below this level indicate that the bearish trend is likely to continue. The SOL/USD pair continues to trade below the 50-day moving average, which is extending resistance near $25.
The Solana price started a new fall from the $38.00 barrier level against the US Dollar. SOL price made many tries to break through the $38.00 resistance zone. However, the price made a high of $38.77, but Bulls are unable to hold the price and bears are heavy and break through the $38 barrier and begin a fresh fall from $38.78.
The price fell steadily below the $30.00 support level and the 100 simple moving average (4-hours). Furthermore, the SOL/USD pair's 4-hours chart showed a break below a significant bullish trend line with support at $31.
The price fell below the $20 and $13 support levels, forming a low of $12.33. It is currently trading below $20 and below the 100-hour simple moving average.
An immediate resistance is near $17.00 A clear break over the $17.00 resistance level may signal the start of a continuous rise. The next significant barrier is located at the $18.50 level. Any more rises might push the price of sol towards the $21.00 barrier zone. Any more gains might open the door for a move towards the $25.00 level.
If solana fails to break the resistance of $17.00 then, On the downside, an initial support level is at $14.50. A breach below the $14.50 support level might trigger a significant collapse. In the given scenario, the price might fall as low as $13.00. If SOL fails to hold $13.00 and breach with heavy volume then a new low can be seen in coming weeks near to $10.00-$8.00
According to Price Analysis, The market capitalization of this SOL is estimated to be $5,509,245,268. The 24-hour trading volume for the coin is around $1,816,405,383. SOL market capitalization has fallen by 11.42%. However, trade volume decreased by 52.03% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $17.00-$19.00
SUPPORT LEVEL : $14.00-$12.00
The Solana price dropped significantly during the FTX crypto exchange crisis. As a result, the altcoin has dropped 70.00% from a high of $38.77 to $12.30 since last weekend. Will SOLANA break through its two-year low or revert back to the $20 level in the coming weeks? Could you please share your thoughts?
