- Almost 10% of the price of Solana has been wiped off by bears.
- The FTX hack could be the beginning of a downward spiral.
- According to the market’s technical indicators, bears will continue to dominate.
Solana Bears
Solana (SOL), a cryptocurrency backed by FTX CEO Sam Bankman-Fried, saw its value drop by over 40% over the course of the previous week.
As of this writing, the bears have succeeded in driving the price down by 9.89%, to $15.55. The market cap dropped 10.28%, to $5,605,725,575, and the volume of trades dropped 49.54 %, to $1,799,777,639, adding to the gloomy trend.
The Keltner Channels narrow and point south on the 2-hour price chart, signaling a continuation of the bearish trend in the SOL market. The two bands, upper and lower, intersect at 18.57 and 14.23, respectively. The market price is getting dangerously close to the lower Keltner band, which is exacerbating the rapid decline.
Solana Price Analysis
With a Stoch RSI reading of 17.67, we are in the oversold zone, which could lead to a bullish reversal. The Stoch RSI line, which has been trending upwards, lends credence to this optimistic view.
Even though the Bull Bear Power (BBP) line is currently pointing downwards (at -1.09), a move into positive territory would signal a bullish reversal in the market.
The Bollinger Bands have narrowed to 18.41 on top and 14.73 on the bottom, indicating less volatility in the market. As the market continues its downward trend, we can expect this bearish run to continue.
With a score of -19.10, the Coppock Curve is descending downstream, indicating a bleak future for the SOL market.
With FTX losing over $600 million in a recent hack, the downward trend in SOL price is expected to continue.
Source: Coin Edition
READ ALSO:
Leave a Reply