Thursday, June 13, 2024

Solana (SOL) Struggles As Single-digit Price Knocks; Will Bulls Buy Below $10?

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  •  SOL’s price lost its demand zone of $20 as the price struggled to hold above $10. 
  •  SOL’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors. 
  • SOL’s price looks weak as the price struggles to hold above $10, with the possibility of reclaiming the daily and weekly 50 and 200 Exponential Moving Averages (EMA) remaining bleak.

The price action displayed by Solana (SOL) has continued to look like a fairytale, with many traders and investors disheartened, following the collapse of the FTX effect affecting small crypto projects like Genesis as the market continues to look weak on each passing day signifying the bottom is not yet in leading to the price of many altcoins, including Solana (SOL) as the price continues to hang on a balance, battling for survival. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market has yet to make a major move after previous weeks saw the price of SOL struggling to hold above $30. Most altcoins have lost their key support and have traded with over 90% loss, with many hoping for a crypto revival. (Data from Binance)

Solana (SOL) Price Analysis On The Weekly Chart

The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.

The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases with the case of SOL worsening, as there is no assurance if they would be heading up any time soon.

FTX and now Genesis news has hugely impacted the price of SOL, sending the price into a spiral movement to a region of $11 as the price struggles to stay above $10. 

After the price of SOL closed below the weekly high of $20, there are high chances of the market going lower, with the prices of SOL looking more bearish with the weekly open.

Weekly resistance for the price of SOL – $20.

Weekly support for the price of SOL – $5.

Price Analysis Of SOL On The Daily (1D) Chart

Daily SOL Price Chart | Source: SOLUSDT On

The price of SOL remains considerably weak in the daily timeframe as the price trades below the $20 resistance after bouncing off from the region of $15 on several instances.

Rumor building of a likely bankruptcy of Genesis could affect the price of SOL and other smaller assets, with the price facing a possibility of losing the region of $5-$6. 

If the price of SOL breaks below $10, we could see more sell-off, as this has been an area of interest to hold off bears. 

Daily resistance for the SOL price – $15-$20.

Daily support for the SOL price – $5.

Featured Image From zipmex, Charts From Tradingview 

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