The general cryptocurrency slump left all assets clinging to the support levels to stay afloat. Solana (SOL) was one of the most affected by this movement, deviating from its all-time high of $260.06 to currently trading at $13.75.<\/p>\n
The total circulating supply of SOL stands at $362,782,994. Also, the 24-hour low is $11.l7, while the high is $13.78.\u00a0<\/p>\n
The current price reflects an increase in Solana\u2019s price, currently ranked at number 14 on CoinMarketCap<\/a> with a trading volume of $739,091,583, which is a 38.59% gain in 24 hours.<\/p>\n Although Solana is currently down on rankings, it is still recording massive trading gains.\u00a0<\/p>\n Solana\u2019s current price trend and increase in volume are supported by trader activity in the market. Despite recording a massive slump in the crypto winter, the project still enjoys massive adoption from investors.<\/p>\n Its fast transaction execution time has made it widely adopted by institutions and individuals alike. Experts predict that the price of Solana might rise in the coming months.<\/p>\n Also, the adoption of SOL for gaming and NFT makes it the ideal futuristic project for investors. SOL price is however not immune to the crypto winter currently taking place.<\/p>\n Solana has recently enjoyed strong adoption for NFT projects, with many notable gaming giants relying on the asset for their in-game purchases.<\/p>\n Solana is currently generating investors\u2019 interest as investors look to consolidate on older and trusted tokens. With the collapse of FTX and its native token, FTT, Solana presents a viable investment option for users.<\/p>\n Solana\u2019s price is currently hovering around $13.75. | Source: SOLUSD price chart from TradingView.com<\/a><\/p>\n Source: Trading View<\/a><\/p>\n With a bearish breakout observed in the sideways channel, around the $30-$45 level, the price of SOL crashed below the critical support zone of $25-$30, reaching the $12.50 support level. The price bounced off this support level and seems to have begun a rally, currently trading at $13.75.\u00a0<\/p>\n The MacD is below the signal line, and it implies the possibility of a bullish run. The support zone of $12 is still valid, while the resistance zone stands between the $25-30 level.<\/p>\n The stochastic Oscillator shows Solana in the oversold region. However, the line is attempting to re-enter the channel.<\/p>\n Solana\u2019s bearish sentiment was strengthened by the demise of its strongest support platform, FTX. Despite its brief 24-hour rally, SOL will likely continue on the bearish movement for the short term.<\/p>\n Solana remains one of the most exciting cryptocurrency projects for investors and holds so much promise for the future. Although investors are panic selling or shorting, institutional investors are taking a long-term view of crypto tokens.<\/p>\n Solana will likely test the $25-$30 resistance zone before the end of 2022. Experts and investors are hoping for a more positive market outlook in the coming days.<\/p>\n Featured image from Pixabay and chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The general cryptocurrency slump left all assets clinging to the support levels to stay afloat. Solana (SOL) was one of the most affected by this movement, deviating from its all-time high of $260.06 to currently trading at $13.75.<\/p>\n The total circulating supply of SOL stands at $362,782,994. Also, the 24-hour low is $11.l7, while the high is $13.78.\u00a0<\/p>\n The current price reflects an increase in Solana\u2019s price, currently ranked at number 14 on CoinMarketCap<\/a> with a trading volume of $739,091,583, which is a 38.59% gain in 24 hours.<\/p>\n Although Solana is currently down on rankings, it is still recording massive trading gains.\u00a0<\/p>\n Solana\u2019s current price trend and increase in volume are supported by trader activity in the market. Despite recording a massive slump in the crypto winter, the project still enjoys massive adoption from investors.<\/p>\n Its fast transaction execution time has made it widely adopted by institutions and individuals alike. Experts predict that the price of Solana might rise in the coming months.<\/p>\n Also, the adoption of SOL for gaming and NFT makes it the ideal futuristic project for investors. SOL price is however not immune to the crypto winter currently taking place.<\/p>\n Solana has recently enjoyed strong adoption for NFT projects, with many notable gaming giants relying on the asset for their in-game purchases.<\/p>\n Solana is currently generating investors\u2019 interest as investors look to consolidate on older and trusted tokens. With the collapse of FTX and its native token, FTT, Solana presents a viable investment option for users.<\/p>\n Solana\u2019s price is currently hovering around $13.75. | Source: SOLUSD price chart from TradingView.com<\/a><\/p>\nWhat Is Giving Solana Price Support Despite The Current Trend?<\/h2>\n
SOL Predicted To Go Bearish In Short-term<\/h2>\n
What Is Giving Solana Price Support Despite The Current Trend?<\/h2>\n
SOL Predicted To Go Bearish In Short-term<\/h2>\n