Solana has recently been on a massive bearish trend amid a major downtrend across the broader cryptocurrency market. At the time of writing, SOL was trading at $15.26 after an 8.6% decline in 24 hours.
Solana price analysis
Solana has continued with its bearish sentiment today. The token is down 54% in the last seven days, making it one of the biggest losers in the crypto space. The SOL price decrease has seen the token testing multi-year lows.
In the last 24 hours, Solana has traded between $14 and $16, indicating substantial volatility. Despite the recent decline, the volatility for SOL has dropped significantly, indicating that the price movements to be expected in the coming days will be minimal.
Solana has reported trading volumes of over $967 billion in the last 24 hours. The SOL market capitalization currently stands at $5.56 billion, ranking it the 14th largest cryptocurrency by this metric.
If the ongoing price decline continues, SOL will likely fall back to the weekly low support at $12. Such a movement is likely given that the broader market is still bearish. The global cryptocurrency market capitalization is still below $900 billion.
The Relative Strength Index for Soplana is at 57, showing high buying pressure for SOL. The buying pressure has resulted in a slight recovery, as seen in the price chart. Nevertheless, bears are still fighting to have control of the market. If the buying pressure is not strong enough to cause a trend reversal, SOL will likely consolidate at the current prices.
If there is an uptrend, SOL will likely gain to the $18 level. Reclaiming $20 will likely happen if there is support from the broader cryptocurrency market.
FTX woes plunge SOL prices
The former CEO of FTX, Sam Bankman-Fried, was one of the main supporters of the Solana blockchain. Bankman-Fried was an early investor in Solana, and FTX’s sister company, Alameda, was heavily invested in SOL.
In the wake of FTX’s liquidity crisis, there were concerns that FTX would dump SOL to save the exchange, triggering selling pressure. However, the recent bankruptcy filing by FTX has eased this selling pressure as the possibility of dumping SOL in the open market has dropped.
Three altcoin alternatives to buy
As SOL prices continue with their bearish trend, you might look for the next best cryptos to invest in during the bear market. Below are the top three presales happening today.
Dash 2 Trade is a research and analytics platform where cryptocurrency investors can access the best insights to expand their profitability. The platform has a batch of exciting tools for cryptocurrency traders. With the market expected to become bullish again in the long term, equipping oneself with these tools could result in notable gains. The D2T presale has already raised over $6 million.
RobotEra is one of the digital assets you should have in your portfolio if you are interested in the metaverse. TARO, the native token for RobotEra, allows players to access the metaverse as avatars. Players within this metaverse have the freedom to own and contribute to the growth of the virtual world. The TARO presale is currently live, and it is in the first stage.
Investors seeking to make gains from a green crypto should check out IMPT. IMPT.io is a blockchain-based platform where users can offset their carbon footprint by buying carbon credits. Climate change is currently one of the most discussed topics globally. The IMPT presale has already raised more than $12.68 million.
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