Solana (SOL) To Delay Recoveries from FTX-Triggered Losses After 14% Weekly Drop

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  • Solana’s price experienced value declines as the alt dipped from around $24 to hover at $21 during this writing.
  • SOL price still requires a 70% surge to regain its pre-November lump zones of $36.
  • A revival beyond $28 will cancel the bearish narrative if corrections don’t dominate SOL’s price action.

Solana saw its price action exceeding expectations over the past few days. Nonetheless, the ETH killer is now flashing correction possibilities. Such cooldowns after extensive rallies might see the price surrendering its crucial support, which could mean turmoil for SOL traders.

SOL Vulnerable to Losing its Upward Stance

Solana, which recorded a notable 151.82% price increase within three weeks, lost over 14.27% over the past five days. As a result, SOL’s trading price plummeted to $21.07 from $23.43, surrendering the closest $22.77 support.

The ETH killer nears the verge of more slides as the SAR (Parabolic Stop & Reverse) indicator highlights active downward trends. The metric’s blue dots beyond the candle confirms the same, indicating an impending price dip for Solana.

In such cases, traders can watch various levels to reduce losses if further SOL price declines emerge. For example, while publishing this post, Solana had its price action wavering beyond the $19.30 support barrier.

However, losing this foothold would see the alt falling toward the crucial support zone of $17.89. If SOL falls beneath this mark, it might drop to $15.90, translating to a 22% drop.

Nonetheless, there are possibilities that this’s a simple cool down after the mentioned 151% surge, and SOL’s price could rebound from the uptrend line to overcome the closest resistance territory of $22.77.

That can support the alt’s move to switch $22.77 into support, presenting the required ingredients to capture $28.28. A 24Hr candle closing beyond this crucial resistance would annul the bearish narrative, setting Solana on the road of further revivals.

Solana fans can also watch the broad crypto space for more clues about upcoming possibilities. The crypto space has seen a minor slide from its recent upside, though bulls seem dedicated to pushing for more. Bulls or bears? Time will confirm the winner.

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