• Thu. Feb 29th, 2024

Solana (SOL) Price Analysis: What Holders May Expect Following This Breakdown

Lisa Reyes

ByLisa Reyes

Nov 12, 2022
  • SOL saw a patterned breakdown as it secured reliable rebounding grounds within the previous 24 hours.
  • The token’s Binance funding rate remained negative.

Cryptocurrencies related to Sam Bankman-Fried & his associated firm Alameda Research have suffered massive sell-offs. As a result, Solana’s fall saw it losing more than 50% of its value over the past 72 hours before bouncing back from the support level of $14.4.

Solana’s funding rates displayed a brief in amplified selling momentum within the previous day. Its recent pullback saw the altcoin dipping into a bearish bias. While publishing this blog, SOL traded near $21.42, gaining more than 30% within the previous 24 hours.

Can Buyers Continue to Castoff Lower Prices?

Solana’s previous bounce-back from the support at $27 triggered a short-term rally. That saw bulls retesting the ceiling at $36. Meanwhile, the alt’s sideways bias printed a rectangle top formation on the 24hr chat. Consequently, SOL stretched its compression phase before the latest breakout rally.

(Advertisement)Artificial Intelligence Crypto Trading
CypherMind-HQ.com Artificial Intelligence Crypto Trading System – Get Ahead of the Curve with this sophisticated AI system! Harness the power of advanced algorithms and level up your crypto trading game with CypherMindHQ. Learn more today!

The token’s breakdown saw SOL dropping beneath its trend-line resistance. SOL might enter a slow phase as buyers show motives to reject price lows around the support at $14.4. Solana sellers might target to limit the buying actions around the trend-line resistance at $23 – $24.

A closing beyond this barrier might confirm a short-term bearish invalidation. An eventual or immediate fall might secure testing ground around the $14.4 mark. The RSI (Relative Strength Index) maintained its sway within the bearish territory, following brief improvements.

Nevertheless, SOL’s 24hr gains couldn’t trigger a corresponding uptick in trading volumes. That made the altcoin more prone to reversals.

Can SOL Witness a Comeback?

SOL unveiled declines in development activity within the past few months. The latest price pullback welcomed a sharp drop in development. Therefore, buyers should watch possible reversals on this front. Moreover, Solana’s Binance funding rate remained negative while printing significant upticks within the previous day.

Possible targets would stay as discussed. Lastly, enthusiasts should watch BTC’s actions to increase their chances of placing profitable bets.

Stay tuned for upcoming cryptocurrency news.

Lisa Reyes

Lisa Reyes

Lisa Reyes is a skilled and experienced news writer known for her compelling storytelling and in-depth research. With a dedication to delivering accurate and informative news coverage, her articles provide readers with a comprehensive understanding of current events.

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't Miss Out On CypherMindHQ

#1 Artificial Intelligence Crypto Trading System

Sign Up Now

Try Crypto Engine With a Trusted Broker