SOL trades at $12 with weak momentum
The cryptocurrency is weighed by weak market fundamentals
SOL might consolidate additional earlier than pushing larger or decrease
Solana (SOL/USD) trades with dwindling volumes at $12. For an additional time, the cryptocurrency faces bear stress on the now-developed assist zone. Bulls have efficiently defended the extent up to now, and it stays to be seen whether or not they’ll for one more time. The newest cryptocurrency information has been unforgiving for SOL.
A myriad of things has been towards Solana value this 12 months. Other than the macro components 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 liable for a lot of the weak spot of SOL presently. The hacks have been many this 12 months, hitting the native token.
However there’s some excellent news you may wish to hear about Solana. In line with 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 under 200 million. The analytics agency identified that the lively addresses on the community have been between 600,000 to 1.1 million throughout 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 buyers are nonetheless reeling from the aftermath.
SOL trades with weak momentum on the $12 assist
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 presently held on the $12 assist.
What subsequent for SOL?
SOL value might proceed consolidating on the $12 assist till it gathers extra liquidity. Primarily based on the elemental developments, a break larger or decrease might happen. Ought to bears enhance, SOL might fall to or under $10.
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