Solana Price Prediction: Are Solana’s Markets Dead or Just Panic Selling?
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Brian Bollinger Solana price prediction. The Solana coin was the most affected by the FTX cryptocurrency exchange collapse. The coin’s market price plunged from $37.2 to $13 in November. Following this fall, the price action went sideways, revealing a bullish reversal pattern.advertisementKey pointsThe ongoing consolidation in Solana reveals an inverted head and shoulder pattern.
The slope of the daily-RSI shows a clear divergence, bolstering price recover
$286 is the 24-hour trading volume for the Solana coin. This is a 41% gain.
Is Solana dead yet? The FTX crypto exchange was a prominent supporter of the Solana ecosystem. It also invested in Serum (DeFi platform on Solana). The FTX crash led to a massive drop in the SOL price. The weak market conditions and the recent announcement by Binance to end strategy trading services for Serum (SRM) pairs only increased the selling pressure on Solana. However, Solana is a highly scalable network that supports several of the DeFi projects. The blockchain can continue to perform fast and cost-efficient transactions, and can be used for mainstream-oriented applications like NFT, crypto gaming, and others. Solana is dead? The answer is no. Trending StoriesHaving said that, the platform needs to resolve the outage issue, which has occurred multiple times this year.Price AnalysisSource-DigitalcoinpriceThe Solana price has been walking a sideways path for over three weeks. The $13.3 and $11 marks have provided significant support to the price action, which currently prevents the altcoin’s further loss. The SOL price also suggests that an inverted head-shoulder pattern has formed in the daily chart. This bullish reversal pattern can often be seen at the market bottom and signals a positive shift of market sentiment. The Solana price traded at $13.5 at press time and tried to hold above the $13 support. If the buyers can hold the support, the altcoin could rise 10% to the $15 neckline resistance. An upside breakout from this barrier will release the bullish momentum that is trapped and allow for a directional price rally. This technical setup allows for a target of the same distance between the lowest swing low and the neckline shot from breakout point. This bullish divergence supports the breakout from the $15 resistance.advertisementEMAs: the large gap between downsloping crucial EMAs(20,05, 100, and 200) accentuates an established downtrend.Solana price intraday levelSpot price: $13.7
Resistance levels: $15 and $18
Support levels: $13 & $11.5
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