Solana (SOL) Rebounding After A Major Drop, Will It Recover Previous Losses?
April 24 2023 - 11:30AM
NEWSBTC
Many investors are unsure what will happen to the Solana (SOL)
price going forward after its recent 7 days decline of 13%. Will
SOL make a strong comeback? Solana has emerged as one of the
most popular blockchains in the cryptocurrency industry due to its
fast transactions and expanding ecosystem. However, it had a rough
year in 2022, like others, and even worse due to the crash of FTX.
Fast-forward to January 2023, SOL started the year at $9.9610 and
steadily rose above $20. At one point, SOL traded at $26, but it
declined to $21.65% today due to a market-wide bearish trend. As a
result, both investors and retail traders wonder if there’ll be a
potential rebound or more dips in the future. Reason Behind The SOL
Pullback Solana (SOL), like many other cryptocurrencies, has been
affected by the recent market collapse. SOL’s price may drop
further due to a loss in demand, general negative sentiment, and
selling pressure in the cryptocurrency market. Also, the sudden
decline of other significant cryptocurrencies like Bitcoin and
Ethereum has impacted SOL negatively, leading to a decrease in its
price. Related Reading: Shiba Inu Whales On Buying Spree, Add 311
Billion Tokens During Price Dip SOL had a busy few weeks, reaching
a remarkable high of $24.7 on April 15. Besides, futures traders
with long positions incurred losses of about $650 million due to
the falling price of major crypto assets. The liquidations were
worse in Binance and OKX and continued till Sunday, April 23.
Solana Bearish Trend Continues, When Will It End? A negative trend
remains as SOL dropped to $21.33 today after encountering a
resistance level of $22.35 earlier. SOL has been trading in a
downtrend pattern since today’s trading session. It appears that
the bears are holding their ground as SOL is trading at $21.57,
with a minor recovery. SOL must protect $21.11 as its first defense
against further losses, and the next significant support level will
be below the $20 level if the bears continue to be in charge. If
the market’s structure changes, the resistance to any further gains
may be located near $22.35 at this time. Related Reading: Shiba Inu
Price Holds Above $0.00001 – Is It Time For A Rally? The price has
fluctuated between $21.11 and $21.40 during the last few hours,
making it difficult for the bulls to push it beyond $22.35.
Technical indicators like the RSI and MACD exhibit a gloomy
picture. The RSI is currently at 41.83, indicating that the market
is close to the oversold region and that SOL may decline further if
the buyers don’t take back control. Featured image from
Pixabay and chart from Tradingview
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