Solana’s price continues to look bearish as the participants remain vigilant and the markets continue to remain uncertain. Amid the bearish clouds, the SOL price recorded a notable bounce from the key support levels, which are also the rare supports that may hold the tokens within the 2-digit levels.
However, with the fresh sell-off, the fear of SOL price plunging back to $10 emerges.
The asset has had a very rough start for the month as it suffered a drastic price drop from levels around $36 to as low as $10.6, mainly due to the FTX collapse. While the other assets are struggling to cope with the situation, the SOL price appears to have lowered expectations of a firm upswing.
The SOL price appears to be considerably weak in the daily time frame despite the recovery beyond $14 from $10.6. Moreover, it continues to struggle, aiming for a more relief bounce from the current region. With a bounce, the price may eventually rise beyond 0.23 FIB levels at 17.49 and may reach the required resistance at $20 which corresponds above the FIB levels at $0.38.
Meanwhile, the Solana (SOL) price is more likely to face rejection and again test the lower support close to $10. As the volume has plunged heavily, the price may certainly not ignite a rebound despite the buying volume prevailing to some extent.
Collectively, considering a bullish breakout, the Solana (SOL) price may rise to $30, if the value surpasses $20 in the next few days. Else may continue to hover below $15 and slowly descend and reach a single-digit figure, slicing through pivotal support at $11.
Written by: Sahana Vibhute