Will Solana Price Go Beyond $11 Amid Its Ongoing Losing Streak?

The Solana coin price is on a six-day losing streak and plummeted back to the last swing low support of $20. If the coin price rebounds from this level, we can consider this support as a high accumulation zone. However, can a potential recovery lead SOL price to $15

Key points

A bullish reversal from the $11 may drive the Solana price by 15% higher/
The daily- candle closing below the $11 mark will invalidate the bullish thesis
The 24-hour trading volume in the Solana coin is $121.2 Billion, indicating a 15% gain

Why is Solana’s price falling?

Amid the FUD surrounding Solana due to the FTX crypto exchange crash, the SOL market value suffered a significant blow and plunged to the $11 mark. However, recently as the crypto market has been going through a state of uncertainty, the Solana coin remained weak and continued the downward journey. Moreover, this current downfall must be backed by the news that Two Solana’s NFT projects, DeGods, and yOOts, are departing from its blockchain. Moreover, the DeGods announced that they would be joining Ethereum; meanwhile, the yOOts will be joining Polygon. These NFT projects leaving Solona must have increased negatively in the crypto market.

Solana Price Analysis

Source-Tradingview

With the recent downfall in the crypto market, the Solana price turned down from the $15 barrier. Within the past two weeks, this altcoin tumbled 26% and plunged back to the November bottom support of $11.

However, the falling price, backed by decreasing volume, indicated a temporary pullback. If the bullish replenished at the $11 support, the buyers might reattempt to break the $15 barrier. Furthermore, a mid resistance of $12.75 will stands as a tough hurdle to overcome.

On a contrary note, a daily candle closing below $11 accelerates the bearish momentum for a deeper downfall.

Technical indicator

Relative strength index: concerning the last swing low to $11, the daily RSI slope is higher than the last time. A bullish divergence in the RSI indicator reflects the increasing buying pressure and higher change of bullish reversal.

EMA’s: the large gaps between the crucial EMAs(20, 50, 100, and 200) reflect and aggressive and established downtrend.

Solana Coin Price Intraday Levels

Spot rate: $11.19
Trend: Bearish
Volatility: Medium
Resistance level- $12.75 and $15
Support level- $11 and $10

The post Will Solana Price Go Beyond $11 Amid Its Ongoing Losing Streak? appeared first on CoinGape.

Crypto Pulpit