Solana Price Falls Below $14 – Does This Signal A Gloomy Week For SOL?

Christian Encila

2 years ago

2 mins read

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In the previous month, Solana (SOL) has failed to make progress as the token fell victim to the market contagion brought about by the collapse of crypto exchange FTX.

As of this writing, all time horizon indicators for Solana’s native token SOL are red.

Since succumbing to market contagion, Solana has continued to bleed
Using bearish metrics and technical indicators, we may anticipate a more negative outlook.

The token and ecosystem of SOL are not looking good according to other indicators. As per LunarCrush’s data, both social media mentions and engagements are declining.

Messari adds that the asset’s unappealing volatility and low returns make it less attractive to investors and traders.

What will happen to SOL now that its price has dropped below $14? Will it pull out of the dark or sink much lower?

Solana Price Trajectory: Below Its Target

The coin has been trading around $13.5314, well below the bullish aim of $14 and $15. Recent weeks have seen SOL bulls aiming for this level.

It all starts on November 15 when bulls attempt to reach $15 but fail.

After these attempts, the price fell below $14, where it has remained ever since. Due to bearish technical indicators, it is unlikely that SOL will surpass the $14 or $15 barrier level.

On a timescale of four hours, the token’s RSI values are neutral and declining. The bearishness of SOL is further corroborated by its MFI, which is likewise declining.

Although the token’s Bollinger band is rather wide, the moving average of is acting as resistance at $13.8150.

In spite of this, a positive price pullback may still be warranted, as the prior price movements were in sync with the bullish XABCD harmonic pattern.

If momentum permits, the price pullback objective will be $14 with a probable aim of $15.

With negative technicals, however, bulls can rely on the $13.3081 support to help maintain sideways momentum and as a potential rally launching point.

SOL Bears Are Everywhere

Although the support has been resilient against the bears’ previous assaults, a breach of the $13.3081 support might send the price below $13.0951. Overall, SOL will not rebound in the near future.

There is a greater probability of a negative breakout in SOL, so investors and traders should tread carefully.

SOL total market cap at $4.6 billion on the daily chart | Featured image: Freerange Stock, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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