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  • SOL price bounces off key support at $10 as the price climbs to a high of $14 as bulls sense some safety.
  • The price of SOL continues to look bearish with the current state of the market as most traders and investors remain cautious.
  • SOL price rebounds from a daily low of $11 as price looks weak, trading below 50 and 200 Exponential Moving Average (EMA)

Solana (SOL) had a rocky start to the month as price action did not look pleasant after suffering a drastic price drop from a region of $35 to $11 due to the FTX fiasco , which had a more direct impact on the price. Despite the relief bounce from Solana (SOL), the price is still trading below the key region of interest that would attract the attention of many buyers. 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 shift causing a lot of fear as to where the market might go . (Data from Binance)

Solana (SOL) price analysis on the weekly chart

Despite the uncertainty and turmoil that has plagued Solana (SOL) price and the crypto market as a whole, many altcoins are struggling to survive, trying to stay afloat as altcoin prices continue their downward move. the decline.

Solana (SOL) has suffered more price loss, and the community has been affected and as such needs more rebuilding in terms of price and confidence for the project after the damage caused by FTX.

The price of SOL moved from a region of $35 to a region of $11 as SOL lost its key support at $20. SOL’s price failed to hold above $20, leading to retesting at lower price levels.

SOL price continues to hold above $11 indicating a good sign for SOL price on the weekly chart and other timeframes. If the price of SOL loses this region of interest, it will lead to lower prices and panic may set in.

Weekly resistance for SOL price – $20.

Weekly support for the price of SOL – $10.

SOL price analysis on the daily chart (1D)

SOL Daily Price Chart | Source: SOLUSDT On Tradingview.com

The price of SOL remains significantly weak in the daily timeframe as the price is trading above $14 after SOL saw its price decline from $35 to $11 as the market continues in its state of uncertainty.

SOL price continues to struggle as price targets a bigger bounce from this region. SOL price needs to recover and trade above $20 for a near-term relief bounce. The $20, corresponding to the Fibonacci retracement value of 38.2%, will strongly resist the SOL price.

If the price of SOL swings into the $20 region, we could see more rallies for SOL towards the $30 or higher region.

Daily resistance for SOL price – $20.

Daily support for SOL price – $11.

Featured Image From zipmex, Charts From Tradingview



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