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It’s an indecisive moment as Solana is trading at the $13 oversold level. The cryptocurrency has formed multiple pinbars at levels, indicating indecision in the market. A potential breakout to the downside could see SOL claim single-digit prices.
Data from CoinMarketCap shows that SOL has lost more than 25% in a single week. The amount of loss is Cryptocurrency in the top 100 bracket. Concerns that the Solana ecosystem is having a major impact on the collapsed FTX and Alameda are fueling the bear market. Alameda is believed to have his 50.5 million SOL worth $708 million. In the exposure, Solana founder Anatoly Yakovenko claims the investment will not be affected.
SOL is at the mercy of the increasingly active bears at the $13 price level. The price outlook is as follows.
Technically, SOL is creating a support zone at $13. However, a bullish reversal is unlikely as the token loses momentum. The formation of multiple internal bars at key levels suggests that buyers and sellers are matching their efforts.
Turning to the RSI, we can see that SOL is oversold. Attempts to recover weakened and the RSI fell further to 29. The MACD indicator shows weak momentum and getting worse.
Inside bar patterns can be broken on either side. An upward breakout confirms a bullish reversal for SOL. However, if a breakout occurs on the downside, a quick sale of SOL could occur. In such cases, the SOL price may drop below $10.
Weak sentiment increases the likelihood of a bearish breakout.Investors should be aware of buy sol at this level.
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