Home CryptocurrencyAnalysis Solana Bulls defend $10; Here’s why it’s good for the bulls

Solana Bulls defend $10; Here’s why it’s good for the bulls

by SuperiorInvest
  • The SOL price will rebound from the key support of $10 as the price climbs to a high of $14 as the bulls feel some measure of safety.
  • SOL price continues to look bearish with the current market condition as most traders and investors remain cautious.
  • SOL price bounces off $11 low on daily timeframe as price looks weak, trading below 50 and 200 exponential moving averages (EMA)

Solana (SOL) has had a rough start to the month, with the price action not looking pretty after suffering a drastic price drop from the $35 to $11 area due to the FTX fiasco having a more direct impact on the price. Despite the relief bounce from Solan (SOL), the price is still trading below a key region of interest that would attract the attention of many buyers. The domino effect of the FTX saga and other huge investors has stalled the market as the market is yet to make a major move leading to great fear of where the market could be headed. (Data from Binance)

Solana (SOL) Price Analysis on Weekly Chart

Despite the uncertainty and turbulence that has affected the price of Solana (SOL) and the crypto market in general, many altcoins are fighting for survival and struggling to stay afloat as altcoin prices continue to move downwards.

Solana (SOL) has suffered more price loss and community impact and as such needs further reconstruction in terms of price and confidence in the project following the damage caused by FTX.

The price of SOL dropped from the $35 area to the $11 area as SOL lost the key support at $20. The SOL price failed to hold above $20, leading to a retest of the price at lower price points.

The price of SOL continues to hold above $11, indicating a good sign for the price of SOL on the weekly chart and other time frames. If the SOL price loses this area of ​​interest, it will lead to lower prices and panic may break out.

Weekly resistance at SOL price – $20.

Weekly support at SOL price – $10.

SOL price analysis on a daily (1D) chart

Daily SOL Price Chart | Source: SOLUSDT On Tradingview.com

The price of SOL remains quite weak on the daily time frame as the price is trading above $14 after SOL saw a drop from $35 to $11 as the market continues to be in a state of uncertainty.

The SOL price continues to struggle as the price is headed for a bigger bounce from this region. The SOL price must recover and trade above $20 for a short-term relief rebound. $20, which corresponds to the 38.2% Fibonacci retracement value, will strongly resist the SOL price.

If the price of SOL breaks the $20 area, we could see more rallies for SOL to the $30 area or more.

Daily Resilience at SOL – $20.

Daily support at SOL price – $11.

Featured Image From zipmex, Charts From Tradingview

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