Solana (SOL) Struggles Amid Extended Weakness – $5 Possible?

  • Solana struggled to reclaim its crucial demand territory of $20, with its price hovering at $13.5.
  • Solana remains weak amid the bears’ regime, and breaking past $20 may not be soon.
  • SOL trades beneath the 50 and 200 EMAs (Exponential Moving Averages) amid extended weakness.

Solana’s price remains beneath the $20 value area following rejections amidst the FTX crisis and ongoing market-wide downtrend. Such events have SOL changing hands at $13.69 during this writing, and further declines seem possible.

Solana flashes weakness in its higher timeframe, indicating more possibilities of a dip than an upside. Though the crypto market witnesses a relief bounce, broad market uncertainty, and the FTX crisis remain catalysts for a market bottom.

FTX’s domino effect and other leading investors saw the market stall – yet to make a substantial move – bringing worries about the market direction (Binance data).

Solana Weekly Chart Analysis

Though Solana capitalized on the broad market relief bounce to rally to $14.5 from the $11 weekly low, the cryptocurrency space remains turbulent and uncertain, impacting Solana’s price the most. Many alternative tokens are battling for survival, struggling to stay floating amidst continued price downtrends.

Considering multiple news of an imminent crypto market capitulation as Bankruptcy by FTX and other leading crypto firms continue to deteriorate the market, the bottom might be near. Solana’s price saw a weekly closing beneath the $20 crucial value area after reflecting massive strength during the $11 weekly low to $14.5 move.

The alternative token lacked the steam to climb past $20. The $20 price area remains crucial for SOL to kick-start a relief rally; hovering beneath the mark isn’t lucrative for the bulls.

  • Weekly Resistance – $20
  • Weekly Support – $10

Solana Daily Chart Analysis

Solana’s price remains notably weak in the 24hr timeframe, following the closing beneath $20. Failure to overcome $20 brought worries about the asset plunging to retest $5. While writing this content, Solana hovers at $15, beneath the 50 & 200 EMAs. These Moving Averages serve as hurdles, preventing further Solana surges. SOL should climb beyond $21 & $40 to confirm a reliable recovery.

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