The market has not been kind to Solana recently, with the token currently sitting at $13.43 with a 24-hour drop of 6.42% as of writing. Price action has been trading sideways for the past two weeks between the area of $11 to $15, with $11 to $12 acting as a major support level. Whether or not Solana can break through resistance at $15 remains to be seen.
Solana Price Prediction and Technical Analysis
Starting with the bearish scenario, a drop of between 9% to 30% is possible should the $11 support level be broken. Based on parallel support from way back in 2021, the price could then go as low as $7 to $10 in the near term.
This seems like a realistic scenario given RSI indicators are currently reading in the 30s and have been steadily declining for the past couple of days. This indicates that there is a lack of buying momentum and a possible bearish trend for Solana.
Solana making a big move to the downside!
1 SOL is now $13.4500 (Down 5.48% since 24h ago)
— Coin.Guru (@coin_guru) November 28, 2022
With volume drying up and Bollinger bands contracting, a move is definitely imminent for Solana, but a move up beyond $15 seems unlikely.
For a bullish scenario, the price needs to break out from $15, but the EMA 20 is acting as immediate resistance at $16. $18.30 to $18.90 is the next possible resistance. A bullish case could be made in the event of a breakout beyond $15 only if supported by significant volume to push through this initial resistance.
With the final month of the year fast approaching, it remains to be seen how the crypto market will close the year, but it’s clear that investors should consider diversifying their portfolios into lower-priced coins as well as the usual high market cap coins like Solana.
Cryptocurrencies for the Bear Market
Projects with strong underlying fundamentals and clear investor interest should be considered. A few presale cryptocurrencies to watch out for include D2T, TARO, and IMPT, which are currently making waves in the cryptoverse and have serious potential going forward into 2023.
Dash to Trade (D2T)
Dash 2 Trade is a crypto intelligence and analytics platform that provides forecasts, social analysis, and trading signals to help traders make informed decisions. D2T is not looking to become merely another cryptocurrency analytics tool that serves the requirements of a select few seasoned investors and big businesses. The platform is made for traders of all levels who want to improve their strategies for trading and investing in cryptocurrencies, from novices to seasoned veteran traders. D2T will offer a wide range of services, such as developing and evaluating trading strategies, keeping up with the most recent cryptocurrency news, and extracting insights from blockchain analysis.
D2T’s presale has raised $7.3 million so far and is 83% through stage 3 before final stage 4 pricing goes into effect at $0.0533 per token.
RobotEra is an Ethereum-based metaverse project with a robot theme that lets users buy land and take part in a variety of interactive experiences. One of the project’s most important aspects is that it lets users create their own experiences and games without knowing how to code. The players will also be able to take part in in-game activities such as concerts and other events. The first phase of RobotEra’s TARO token presale is currently in progress and has recently passed the quarter of a million dollar milestone with $266k raised.
Eco-crypto IMPT intends to lead the fight against climate change using the transparency and trading efficiency of the blockchain. The platform connects businesses and individuals with thousands of socially responsible brands in support of climate action. You can buy, sell, and retire carbon credits on the platform. Investors have already contributed over $12 million to the IMPT project. The IMPT token presale is ongoing right now, so investors should take advantage of this opportunity to get in on the ground floor. IMPT has raised $13.3 million so far in its presale and is still going strong even as the wider crypto bear market continues.
IMPT - New Eco Friendly Crypto
- Carbon Offsetting Crypto & NFT Project
- Industry Partnerships, Public Team
- Listed on LBank, Uniswap
- Upcoming Listings - Bitmart Dec 28, Gate.io Jan 1st