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Is this the last flicker before going off?- SOL tries to rise back 

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Solana Price Analysis
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  • The price rallied by 11% in the last 24 hours, amounting to $14.56.
  • The currency hold the market at the #15th position.
  • Solana’s NFT marketplace plans to expand, as one last try of reversal.

The price of SOL witnessed a surge of 11% in the past day, as the news surfaced that its NFT marketplace Magic Eden plans on expanding with Polygon integration. This may be the last try to survive the punch of the FTX meltdown. The major crunch victim was Solana, without any doubt and was left back by many coins who underperformed before this crisis. But after all the force to crush down, it still holds the market at 15th position and plans on doing something about the wounds caused. 

The diagram session

Source: Tradingview

The price tries to rise slightly and recover the shock along with flat looking trading volumes. The price rises to the mid region of the Bollinger band, indicating a struggle to rise back. It may take a few days to reclaim the 20-EMA and the higher EMAs look like a far fetched dream. The price rally may be a short term mirage but may not be there with a strong footing. 

Source: Tradingview

The CMF indicator rises slightly and tries to cross the 0-mark level to mark the surge. It may even rise further before the freefall. The MACD indicator has undergone convergence and recorded diminishing bars. It may diverge to match the short-term rises but remain cold for the big picture. The RSI indicator looks impressive as it returns from the oversold zone to the neutral bounds, about the uprise. It may even rally further to reflect the overwhelming reaction to the rise. 

The closer look

Source: Tradingview

The CMF indicator plummets higher as the rise occurs with greater force. It may form a rising slope before moving down. The MACD indicator diverges slightly with green ascending histograms. It may continue with smaller gaps and soon converge back. The RSI indicator rises closer to the 70-mark as a sudden rise but may soon fall closer to the 50-range. 

Conclusion 

The market is currently in phantasmagoria, but it may end soon as the clouds disappear and the real image appears more in vain. The price may drop near $2 by the end of 2022 and leave investors with negative returns. The harsh truth is that the current situations act as a facade to hide the actual picture, which may be more painful than you think.

Technical levels

Support levels: $11.60 and $7.80

Resistance levels: $34.40 and $43.20

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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