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- Solana constantly loses its cost because Alameda can dump it on the market.
- SOL price moves towards latest 52-week low as FTX files bankruptcy.
- Trading volume has decreased by 51% in the last 24 hours, which is reported at $1.8 billion.
Due to the ongoing trending news in the crypto market, investors are scared to keep crypto in their portfolio. The FTX crisis is a hot topic in the market as Bankman Fried has resigned as CEO of FTX. The news undoubtedly affected the overall market, with even bitcoin hitting its 24-month low of $15,682 on 9 November.
Similarly, Solana is continuously losing its value in the market. November looks like a panic for investors as many digital currencies are down more than 20% in the past few days and are more likely to file bankruptcy last night as FTX files. Solana becomes worried as rumors say that Almeida may be dumping millions of SOL tokens in the market.
Let’s Have Close Look at SOL
After hitting the latest yearly low, Solana recovered a little before losing again. Unfortunately, dark clouds hovering over the Solana token after FTX bankruptcy. Thus, price headed towards its latest yearly low while SOL trading at $15.09 mark at the time of writing. Bears have dominated crypto since last night, in fact, it’s down 7.9% in intraday trading session.
Next ideological round level is not far from the current price level and on the behalf of the current market scenario, it’s likely to see this level soon. Besides, the bullish journey will not be an essay for investors, as sellers place selling orders in each previous swing highs.
In the last few days, speculators witnessed a highly volatile market, but last night volatility decreased as trading volume dropped 51% in the last 24 hours, reported at $1.8 Billion. Meanwhile, technical indicators suggest extreme fear for Solana price.
Conclusion
Solana price holds its yearly lower level to avoid more price drop ahead. Unfortunately, dark clouds hovering over the Solana token after FTX bankruptcy and Alameda could sell millions of SOL tokens ahead.
Support level – $12 and $10
Resistance level – $25 and $40
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
