Solana (SOL) Price news: The latest SOL price pump invigorated the traders who saw huge unrealized losses due to the FTX collapse. With the FTX related liquidity crisis in November, the coin’s price has been on a steady downward trend. Due to the cryptocurrency’s affiliation with the Sam Bankman-Fried ecosystem, SOL price suffered a major blow. In the context of the negative sentiment seen around the cryptocurrency last month, the recovery is quite surprising and unexpected.
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Solana Price Recovery
While the overall trend is currently bullish for the cryptocurrency, it remains to be seen if there will be another rally in near term. The Bollinger band indicator suggests the possibility of a rapid Solana rally in the short term. This means the recent price recovery could act as a precursor to another quick pump. Also, the moving average convergence or divergence (MACD) points to a growing bullish momentum for the cryptocurrency.
The $18.10 mark was seen as the next resistance level if the SOL price breached the $15 mark. Although the milestone was breached all the way to above $17, it failed to reach $18. As of writing, SOL price stands at $16.23, down 0.54% in the last 24 hours, according to CoinGape price tracker. At one point, the SOL token had a weekly price jump by a staggering 44%.
The weekly gains were second only to Lido DAO which had a rise by 60% due to Ethereum upgrade anticipation. The 11th ranked cryptocurrency currently has a market cap of around $6 billion, compared to the $13 billion in the first half of November 2022.
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In this context, another potential price pump could trigger the SOL token price to the range of $20. This could also act as a catalyst to the psychological recovery from its FTX affiliation.
Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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