Solana Bulls Defends $10; Here Is Why This Is Good For Bulls
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- The price of SOL bounces from the key support of $10, with the price rising to $14 as the bulls feel safe.
- The price of SOL still looks bearish with the current market situation as most traders and investors remain cautious.
- SOL price bounces off the lows of $11 on the daily time frame as price looks weak and trades below the 50 and 200 exponential moving averages (EMA)
Solana (SOL) has had a rough start to the month, with price action not looking good after suffering a sharp price drop from $35 to $11 due to the FTX fiasco, which has had a more direct impact on the price. Despite Solana’s (SOL) relief, the price is still trading below an interesting area that would attract the attention of many buyers. The domino effect of the FTX saga and other big investors has left the market at a standstill as the market has yet to make a major shift leading to great fear of where the market could be headed. (Binance information)
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 struggling to survive and trying to stay afloat as altcoin prices continue to fall.
Solana (SOL) has suffered more from price loss, and the community has suffered, and therefore needs more price and confidence rebuilding for the project after the damage caused by FTX.
The price of SOL fell from $35 to $11 as SOL lost the key support of $20. The price of SOL did not stay above $20, which led the price to retest lower price points.
The price of SOL is still holding above $11, which shows a good sign for the price of SOL on the weekly chart and on other time frames. If the price of SOL loses this area of interest, this will lead to lower prices and panic may arise.
Weekly resistance at the price of SOL – $20.
Weekly Subsidy for the price of SOL – $10.
SOL price analysis on a daily (1D) chart
The price of SOL remains significantly weak on the daily time frame, trading above $14 after the price of SOL fell from $35 to $11 as the market continued to be uncertain.
SOL price continues to struggle as price looks to add relief from this area. The price of SOL needs to be recovered and traded above $20 for short-term relief. $20, which corresponds to the Fibonacci retracement of 38.2%, strongly opposes the SOL price.
If the price of SOL turns to the $20 area, we could see more of a rally for SOL to $30 or more.
Daily resistance to SOL price – $20.
Daily support for SOL price – $11.
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