Arslan Butt
Solana price prediction has been bearish since the collapse of FTX; however, the odds of a bullish reversal remain strong above the $11.25 level. Despite the bearish cryptocurrency market, the Solana (SOL) coin managed to extend its early upward rally and remain well-bid at around $14.
However, the reason for its modest upward rally could be attributed to reports indicating that Solana attracted fund flows for the second week in a row for the first time. Solana (SOL) coin suffered a significant drop as a result of its association with Alameda Research, a firm managed by Sam Bankman-trading Fried.
Will #solana survive the #FTX meltdown? Can it even come out of this better than before?
— Lark Davis (@TheCryptoLark) November 30, 2022
Solana dropped from $38 to $12 as FTX and its subsidiary trading company, Alameda Research, ran into difficulties. This is because the FTX was one of SOL’s largest stockholders. Although the price appears to have stabilized at $14, this could be due to reports that Solana-focused investment products attracted $200,000 last week. This was regarded as one of the most important factors in maintaining the Solana (SOL) coin’s value.
Solana (SOL) Attracts Fund Flows Second Week Since FTX Collapse
According to new money flow data from CoinShares, Solana-focused investment products attracted $200,000 last week, marking the second week in a row with a positive outcome. The achievement, however, was made for the first time since FTX’s demise, which coincided with a significant sell-off in the crypto market and a withdrawal of funds from similar investment programs.
Crypto Market Keeping Solana Price Prediction Bearish
Since the start of the day, the global crypto market has been flashing red, weighed down by renewed bets on interest rate hikes. It is worth noting that Bitcoin (BTC), the most valuable cryptocurrency, failed to maintain its upward trend and fell by 1.41% on the day.
Despite the minor drop, Bitcoin’s price remained above the $17,000 mark. However, reports claim that previously revealed positive US services data fueled expectations for rising interest rates, which tend to harm the cryptocurrency market and contribute to BTC losses.
As a result, the bearish crypto market was viewed as one of the key factors that limited any further gains in the Solana (SOL) coin. Furthermore, the recovery of the US dollar capped the gains in the Solana (SOL) coin, as cryptocurrency has a high inverse correlation to the US Dollar Index (DXY).
The US dollar index, on the other hand, remained close to levels reached earlier this week as a result of strong US services data, which raised expectations for higher interest rates than previously anticipated.
Let’s now take a look at Solana price prediction below.
Solana Price Prediction
The current price of Solana is $14, with a 24-hour trading volume of $320 million. Solana has risen by over 1% in the last 24 hours. With a live market cap of $5.1 billion, Solana is currently ranked 15th in the market. The circulating supply of SOL coins is 363,963,022, and the maximum amount is unknown.
On the technical front, the SOL/USD pair has found support near $11.25, and candles closing above this level can signal a bullish bounce-off. On the upside, Solana has the potential to test the next resistance level of $17.50, which represents the 23.6% Fibonacci retracement level.
Solana Price Chart – Source: Tradingview
An increased buying trend could push Solana prices up to the next resistance level of $21.50, which is extended by the 38.2% Fibonacci retracement level. The leading and lagging indicators are confusing right now, which is not surprising given that the market is lacking momentum and Solana is stuck in a range. On the downside, a bearish breakout below $11.25 may prompt a sell until $8.
Alternative Coins in the Highlights
Since Solana is not particularly volatile, you may be interested in looking at alternative coins with high upside potential. Let’s go over a few of them.
Dash 2 Trade (D2T)
D2T is a cryptocurrency analytics platform that also serves as a decentralized trading platform, allowing users to backtest strategies and see how they performed in the past. It helps traders by allowing them to carry out transactions automatically without requiring human intervention.
Following the presale, the project will be listed on the BitMart and LBank exchanges. Despite the fact that the presale has only recently begun, the platform is rapidly approaching stage 4’s conclusion.
The platform’s native token, D2T, will be used to pay for platform services and participate in community initiatives and competitions. The cryptocurrency is currently in presale and has raised more than $8.8 million. Its presale stage 4 is approaching to finish line, with a 67% completion rate.
Calvaria (RIA)
Calvaria, a free-to-play game, defies traditional pay-to-earn gaming by awarding NFTs to users immediately after they sign up. As a result, participants in the game do not require any financial or technological resources. Calvaria’s early-round crowdfunding piqued investors’ interest. The first four stages of its presale were quickly sold out, and stage five is nearly 73% sold out.
Investors who want to buy 30.77 RIA tokens for USDT 1 must act fast before the presale ends. Calvaria has raised approximately $2.2 million since the start of the presale. When stage 5 is completed, the total project funding will be $3,075,000. Traders can also use trading signals.
IMPT – Less than a week left to buy presale
IMPT’s team is making the world of carbon credits much more efficient than ever before by putting carbon credits on the chain. Previously, the carbon credit system was extremely opaque; it only applied to businesses, and trading with them was inefficient and out of date. Carbon credits can be traded as NFTs on the blockchain 24 hours a day, seven days a week.
LBank and Changelly Pro, two centralized exchanges, will list IMPT shortly after its DEX launch. The IMPT presale has now raised $14.5 million and is nearly full. The price of the IMPT token has risen with each stage of the presale to $0.023.
Related news:
- Where to Buy Solana Coin – Beginner’s Guide
- Solana Price Prediction – SOL Losing Value near $13.50, Will it Ever Recover from FTX Association?
- FTX Collapse Shows Why We Need Smart Tools Like Those On This Trading Platform
Dash 2 Trade - New Gate.io Listing
- Also Listed on Bitmart, Changelly, LBank, Uniswap
- Collaborative Trading Platform Token
- Featured in Bitcoinist, Cointelegraph
- Solid Proof Audited, CoinSniper KYC Verified
- Trading Community of 70,000+ Members
This article was written for Business 2 Community by Arslan Butt.
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