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A 7-day loss of over 50% causes Solana (SOL/USD) to trade at half the value of the previous week. The loss is the largest among them. Cryptocurrency It’s in the top 100 category, with the exception of FTX exchanges that have been stumped. SOL is currently trading at its lowest level since March 2021. Despite its size, cryptocurrencies could fall further from various insights.
It is correct to assert that SOL’s decline reflects liquidity concerns on the collapsed FTX exchange. SOL buyers were hit hard, but the concerns led to widespread losses in the market. Data from Solana Compass shows that bearish pressure on SOL may increase as the tokens may circulate.
Solana Compass says an unprecedented number of SOL tokens will likely be destaked. Therefore, 60,399,401 tokens worth an estimated $755 million were marked as “deactivated”. The de-staking of these tokens will increase the total supply of SOL tokens in the market by 8.8%, adding further bearish pressure.
As Solana’s Epoch 370 ends, we’re concerned about an increase in SOL supply. Epoch refers to the period of time after the staking reward is earned and issued. During the period, the validator locks the token and unlocks it when the period ends. Unlocking has caused a huge price crash. Technical pointers also show further bearish momentum after the bulls have lost key levels.
Source TradingView
On the weekly chart, SOL is oversold (RSI reading 31) and free falling. A further bear market for the token was welcomed as the critical level of $28 was breached.
SOL is currently without a break after breaking below $28. The only price direction at the moment is down.token is deprecated buy.
SOL’s support potential is at $12, with a 25% drop. Established long-term support is $3. As the bear market continues, SOL trading in the single digits cannot be ruled out.
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