- SOL’s price struggles to reclaim the key demand zone of $20 as the price trades around $13.5
- SOL’s price remains weak as bears dominate the market; the price fails to break and close above $20 with so much uncertainty in the market
- SOL’s price trades below get the 50 and 200 Exponential Moving Averages as the price continues in bearish movement (EMA)
Solana (SOL) continues to trade below $20 after facing rejection due to the FTX fiasco and the current market downtrend affecting the price to a low of $13.5.
In the high timeframe, the price of Solana (SOL) looks weak, with a probable result of a downtrend movement compared to an upside. 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 Domino effect of the FTX saga and other large investors has stalled the market, as it has yet to make a significant move, raising concerns about the market’s direction. (Data from Binance)
(by jamesobande)
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