Solana Price

Solana has dropped nearly 13% in the last 24 hours. At the time of writing, SOL was trading at $18.21, according to CoinGecko. Solana is still down by over 40% in the past week amid fears of the insolvency of the FTX exchange.

Solana price analysis

In the last 24 hours, Solana has traded between $15 and $18, indicating high volatility. The token has been on wild swings this week, with the recent market sell-off dropping the prices to $12.

SOL’s trading volumes in the last 24 hours stand at over $3 billion, showing that investor interest in the token is still high. Nevertheless, the token is still not out of the woods because the FTX exchange’s future remains unclear.

Solana price analysis

A Relative Strength Index of 52 shows buyers could be flocking in as they accumulate SOL at low prices. The MACD line is also above the signal line, indicating a weak but steady bullish momentum.

Bears will likely attempt to lower SOL prices, with the token expected to retreat to $15 in the short term. The weakening support from the broader market makes such a downtrend more likely.

Solana caught up in FTX’s insolvency

The decline in Solana was triggered by theories about Solana’s connection with FTX and its CEO, Sam Bankman-Fried. The co-founder of Solana, Anatoly Yakovenko, has publicly denied that Solana holds any FTX assets, adding that the company had adequate cash reserves.

FTX, through Alameda, was an investor in Solana. The recent dump could have been triggered by concerns that FTX could dump its SOL holdings. A Solana unlock that was slated to happen on November 10 has since been postponed, which eased the selling pressure.

If these tokens were unlocked, it would have seen around 5.4% of the entire SOL supply, equivalent to 28.5 million SOL, be unstaked. However, there is still the question of what FTX will do with the held SOL tokens, considering that it needs liquidity. Therefore, SOL’s recent pump could be short-lived.

Three altcoin alternatives to buy

As uncertainty continues to mount on Solana, the following cryptocurrencies have the potential to make 10x gains.

Dash 2 Trade (D2T)

Dash 2 Trade is one of the best cryptos to invest in today. Dash 2 Trade gives crypto traders access to information, such as new coins and presales while helping them to build their trading strategy. The platform also boosts engagement by hosting several trading competitions where multiple prizes can be won. The D2T presale has raised $5.93 million. D2T has already confirmed listings on LBank and BitMart after the presale ends.

TARO is another asset that could emerge as the next big thing in the blockchain gaming and metaverse worlds. The presale TARO started recently, and demand is already picking up. TARO powers the RobotEra metaverse, where players create avatars and explore the virtual world. This metaverse allows players to own land alongside other properties and infrastructure.

If you want to invest in a project to reduce carbon emissions, you need to look into IMPT.io. IMPT is one of the greenest cryptocurrencies in the market, and the potential for returns is also notably high. Traders are accumulating IMPT tokens that are currently in the second presale stage. $12.64 million has been raised from this presale.

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