Solana SOL/USD nears a single-digit price. Here is the price action and what you need to know

Would anyone have thought that Solana SOL/USD would trade in double digits instead of single digits? Unfortunately, this is the reality for the once-promising cryptocurrency enthusiast named the Ethereum Killer. . After hitting a high of over $265 in November 2021, SOL was touted as the next token to reach $1,000. It is currently trading at just $11, just one year after its all-time high. The cryptocurrency has yet to find a bottom and technical indicators are showing prices below $10.

SOL’s sharp drop was due to bearish sentiment, but the recent woes reflect exposure to a collapsed FTX.As coinjournal reported, Alameda Research holds a large amount of SOL tokens. With this disclosure, Coin Bureau host “Guy” has been found warning his 2.17 million subscribers on YouTube about his SOL price.

Analysts expect SOL prices to come under further pressure, dropping another 40%. He said the token would suffer if FTX and Alameda dispose of Solana’s holdings to pay back creditors and other users. He further points out that the SOL situation could get even worse. Cryptocurrency It shows that we have not reached the bottom yet. Analysts are forecasting a SOL price of $8. The technical outlook indicates that cryptocurrency price levels may be even lower.

SOL crashing under the inside bar pattern is a bear indicator

SOL/USD chart by TradingView

The technical outlook shows that the SOL bulls are losing at $12. The MACD indicator has pushed further into the bearish zone. This indicator shows that the bearish momentum is increasing.

SOL is also initiating a bearish breakout from the inside bar pattern. Once confirmed, you should be ready to accept a lower SOL price by the end of the daily candlestick.

What’s next for SOL?

Weak momentum and a bearish inside bar breakout could push SOL towards single-digit prices. A 50% drop to the next possible support at $5 is possible. This level coincided with the start of bullish momentum in February 2021.

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