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SOL Trades at $12, Momentum Weak
Cryptocurrencies Are Weighted By Weak Market Fundamentals
SOL may consolidate further before rising or falling
Solana (SOL/USD) trading volume is down at $12. On another occasion, the cryptocurrency faces bearish pressure in its currently developing support zone. No.latest cryptocurrency news SOL had no mercy.
A myriad of factors weighed against Solana’s price this year. In less than a week, his Solana-based DEX Raydium lost his $2.2 million. The December 16th exploit is responsible for many of his current SOL vulnerabilities. There have been many hacks this year, attacking native tokens.
But there is some good news to hear about Solana. According to crypto analytics firm Nansen, Solana was successfully competing with Ethereum before the FTX saga. Nansen said that in his three months through October, Solana’s daily transactions rarely fell below his 200 million mark. The analytics firm noted that active addresses on the network were between 600,000 and 1.1 million during the period.
This activity highlights that Solana is catching up to its declared Ethereum killer status. FTX’s collapse has brought a new twist, driving prices down significantly, and SOL investors are still reeling from the aftermath.
From the daily chart, the MACD indicator shows weak bearish momentum for SOL. Trading volumes on both the cryptocurrency buy and sell sides are weak. SOL currently holds support at $12.
sol price The price may continue to consolidate at the $12 support until more liquidity gathers. A higher or lower break is likely based on underlying developments.
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