$SOL Is Predicted To Reach $30 After An Increase Of 60% The ATL

The FTX disaster has caused great damage to the crypto market. And $SOL is one of the cryptocurrencies that has suffered a dramatic decrease in price. However, this coin is believed to reach $30 in the future.

Solana price prediction is bearish, as the SOL/USD pair is unable to break above an immediate resistance level of $21.60. The token’s value has dropped by more than 70% to $11.50 since November 6.

A bullish retracement was triggered, however, by weaker US CPI figures and technical indicators, retaining the value 60% higher from its low on November 9th.

As the drop progressed, several hypotheses were advanced, but the link to FTX’s impending insolvency appeared to hold. Until now, the Solana group has issued a form of statement to the press.

The token’s current price is $15.2, with a 24-hour trading volume of $1.8 billion, which has dropped over 11% in the last 24 hours and 56% in the last seven days. With a $5.5 billion live market cap, CoinMarketCap is now ranked 13th. The total number of the coins in circulation is 362,631,690. (At the writing time)

This network has already completed a 38.2% Fibonacci retracement to $21.85, and closing candles below this level indicate that the bearish trend is likely to continue. The pair SOL/USD is trading below the 50-day moving average, which is extending resistance near $26.

Solana closed a downward engulfing candle below the $21.85 resistance level, implying that the downtrend is likely to continue.

If sellers push the price below its immediate support level of $11.50, it could fall to $5.5.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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