Wednesday, February 1, 2023
    HomeMarketSolana (SOL/USD) struggles again as price slips below 20-day MA

    Solana (SOL/USD) struggles again as price slips below 20-day MA


    • SOL trades at $12 with weak momentum

    • The cryptocurrency is weighed by weak market fundamentals

    • SOL might consolidate additional earlier than pushing increased or decrease

    Solana (SOL/USD) trades with dwindling volumes at $12. For an additional time, the cryptocurrency faces bear strain on the now-developed help zone. Bulls have efficiently defended the extent up to now, and it stays to be seen whether or not they are going to for one more time. The newest cryptocurrency news has been unforgiving for SOL. 

    A myriad of things has been towards Solana worth this yr. Except for the macro elements and weak crypto sentiment, Solana has suffered by the hands of hackers. Lower than every week in the past, Solana-based DEX Raydium misplaced $2.2 million. The exploit on December 16 has been chargeable for a lot of the weak point of SOL at present. The hacks have been many this yr, hitting the native token.

    However there may be some excellent news you can wish to hear about Solana. Based on crypto analytics agency Nansen, Solana competed efficiently with Ethereum earlier than the FTX saga. Nansen says within the three months to October, the every day transactions on Solana hardly ever fell beneath 200 million. The analytics agency identified that the energetic addresses on the community had been between 600,000 to 1.1 million in the course of the interval. 

    The exercise underlined that Solana was catching up with its proclaimed Ethereum killer standing. The collapse of FTX introduced a brand new twist, taking the worth considerably decrease. SOL traders are nonetheless reeling from the aftermath.

    SOL trades with weak momentum on the $12 help

    SOL/USD Chart by TradingView

    From the every day chart, the MACD indicator exhibits a weak and bearish momentum for SOL. Buying and selling volumes on each the purchase and promote sides are weak for the cryptocurrency. SOL is at present held on the $12 help.

    What subsequent for SOL?

    SOL price might proceed consolidating on the $12 help till it gathers extra liquidity. Primarily based on the elemental developments, a break increased or decrease might happen. Ought to bears enhance, SOL might fall to or beneath $10.

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