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Due to its ties to Sam Bankman-Fried’s trading company Alameda Research, Solana suffered a massive crash. While the cryptocurrency has recovered somewhat over the past two days, the question remains whether the worst is over for SOL.
Critical support level: $12. CriticalResistance Level: $15.5
Solana fell from $38 to $12 as issues at FTX and trading affiliate Alameda Research escalated. Indeed, the latter was one of the largest investors and holders of SOL. The price managed to find support at $12, but the sell-off may not be over. Current resistance is at $15, and buyers seem absent.
Trading volume: The daily volume peaked on November 9 when sellers liquidated many tokens.
IRS: The daily RSI fell to 23 points during the selloff but has since recovered somewhat and is now above 30.
MACD: The daily MACD remains bearish and the histogram becomes flat. This shows that the initial wave of sellers has been exhausted
Bias
The bias for SOL is bearish.
Short-Term SOL Price Prediction
The market remains extremely fragile and any further bearish could push Solana even lower. The current support is not particularly strong and the price could drop if the sellers return. If so, the cryptocurrency could fall below $10.
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