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- Solana NFT maker Metaplex and Magic Eden are making allegations on Twitter
- SOL crypto price is currently in a strong downside move.Meanwhile,SOL/BTC pair has seen a decline of over 3% in the intraday session
Solana has been a part of the industry debate since the fall of FTX. Sam Bankman was one of the prominent supporter of the Solana. SOL price has seen a strong fall since the fall of FTX.Meanwhile Solana has also been ground zero for the debate going over NFT creator imposing royalties. This has created a debate between the largest market player. In a tweet on Solana NFT creator has alleged that Solana NFT market place Magic Eden is leading a controlled pressure campaign and trying to control the standard. SOL crypto price has seen a fall of over 95% from its all time high. Yet it was able to survive the fall. Various analysts are expecting an upside move in the future.
SOL is currently ranked 16th in cryptoverse and has a market dominance of over 0.57%. Volume of the asset price has seen a gain of more than 43% in the intraday session. Volume to market cap ratio suggests a strong downside momentum in price.
Bears Of SOL Crypto Price Are Pushing To A New Low
The weekly technical chart of the SOL coin price suggests a consolidated trend in price. On coming to the daily chart the asset price has seen a fall of 3% and is trading near the value of $13 .Resistance of Solana can be seen near $15. Meanwhile the support of the coin price can be seen near $10. The asset price is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover which can push the price down to a new low.
Conclusion
Solana has taken a huge hit since the fall of FTX. SOL coin price is currently trading in a downside trend. It can see a strong move in the future.
Technical Levels
Major Support:$10
Major Resistance: $25
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
