Solana Price Analysis: Will SOL Price See A Fall To $5?

• Solana has lost approximately $1 Billion USDT to Ethereum in Tether Chain Swap.
• Technical indicators of SOLANA hint towards a consolidated trend in price. Meanwhile, SOL/BTC pair has observed a gain of 1.58%

Tether has recently announced a $1 billion swap to convert USDT, which had on the Solana blockchain, to the Ethereum blockchain. Solana has slipped from the 5th ranking to the 25th ranking with the fall of FTX. According to Solana’s co-founder, theY had no asset funds in FTX. Anatoly Yakovenko also said it still has 30 months of runway under current conditions, which is enough time for things to change. While getting Solana away from the graveyard might be a difficult task.

Solana is currently ranked 15th in the crypto verse and has a market cap of $4,764,918,455.The volume of the asset price has observed a 16% decline in the past 24 hours. The SOL’s volume-to-market cap ratio suggests a consolidated price trend.

Technical Indicators Of SOL Suggests A Consolidated Trend

Source: TradingView

The weekly technical chart of the Solana hints towards a downside momentum. On coming to the daily chart, the asset price has seen a gain of 1% and is currently trading near the value of $13. The asset price currently trades below the 50 and 100 Daily Moving Averages. If it crosses over 50 DMA, a strong upside trend can be seen. Resistance of the asset price can be seen near $20. Meanwhile, support for the coin price can be seen near $10.

Conclusion

Solana has been struck worst by the FTX fall. Solana’s co-founders are looking to push away from the graveyard. It is currently seeing a consolidated downtrend but can move to a new high.

Technical Levels

Major Support:$13

Major Resistance: $20

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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