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Solana token has been integrated for 1 month
FTX crash hit SOL price and recovery
SOL has low trading volume, so potential downside may occur
Solana (SOL/USD) is trading at $13. The cryptocurrency has held this critical level for a month.It reached this level after a sharp sell-off. This gives the buyer confidence that he has SOL integrated prior to a potential takeoff. However, it is also true that SOL is just one of the potential bearish legs and the token will reach sub-$10 levels. Fundamentals aren’t great either.
old coin journal report Its activity on the Solana blockchain has been on the decline. It happens despite the loss of investor confidence in the declared Ethereum killer. Earlier this year, frequent network hacks fueled his SOL bear market as the crypto winter continued. The latest blow came from his FTX crash in November, which took SOL to $13. However, SOL continues to struggle even as other major cryptocurrencies make a comeback. A month after the end of FTX, investors still aren’t convinced.
Solana Compass shows that Alameda Research still holds 48.6 million Solana tokens. The total token value is around $700 million, representing almost 9% of SOL in circulation. Clearly, such a report could spell doom for SOL.
Looking at the daily chart, SOL is trading at a negligible amount despite holding support at $13. The level is in line with the 20-day moving average, but below the 50-day moving average. The MACD indicator is improving slightly, but the momentum is weak and bearish.
From a technical standpoint, SOL is consolidating, but bearish pressure is likely to mount as buyers weaken with support developments.
The weak trading volume suggests that buyers are avoiding SOL even though the price is holding strongly at $13. Consolidation is positive and could give buyers time to push prices higher, but the token is under pressure.Investors should pay attention before buy sol.
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