Solana has continued with a bearish outlook in the last 24 hours. During this time, Solana dropped 3.5%, trading at $13.66 at the time of writing. Solana is yet to recover after last week’s decline, and it is currently down 23% within seven days.
Solana price analysis
Solana is bearish today. The token has traded between $13.07 and $14.26 in the last 24 hours, with over $635 million in trading volumes. The recent price decline has affected the token’s market cap, which now stands at $4.92 billion. Solana now ranks as the 15th-largest cryptocurrency by this metric.
If the price of SOL continues with the bearish outlook, it will likely drop toward the $12 support zone. This price currently ranks as the 7-day low for this token. If it fails to hold this support, the token could plunge toward $10 and possibly lower.
The recent price dip has seen SOL drop nearly 95% from its all-time high, making it the greatest loser in the past year.
The SOL price analysis shows the price volatility for this token. Solana has a Relative Price Index of 55, pointing toward increased buying support. If the buyers can start buying the dip, the price will likely continue to gain, and SOL will break past $15.
Solana had strong ties to Alameda Research, which was the trading unit for Sam Bankman-Fried. Solana suffered a notable price decline after the collapse of FTX and Alameda due to fears that the company would liquidate the massive amount of SOL tokens it has in its portfolio.
The FTX bankruptcy filing was done last Friday. The company is currently under the leadership of the new CEO, John J. Ray, who has said that the company’s finances and the situation were worse than anticipated. The bankruptcy filings have also pointed to the mismanagement of the FTX exchange.
New cryptos that you should consider buying
As SOL continues to decline, you should consider investing in some of the best new presales of 2022. Some of the best presales today are Dash 2 Trade and IMPT.
Dash 2 Trade
The collapse of FTX has not just caused losses for Solana, but most cryptos are down by significant margins in the last week. FTX’s collapse was unprecedented, which is why crypto traders are searching for a tool they can use to become proactive traders and make informed decisions.
One such reliable tool is Dash 2 Trade, whose presale has raised more than $6.47 million. Dash 2 Trade is a crypto signals trading platform allowing crypto traders to make informed decisions. The presale is in the third stage, where 1 D2T is $0.0513. The price for this token will increase to $0.0533 during the next stage.
The other top-performing presale that is happening today is for IMPT. The IMPT presale is in stage two and has raised more than $12.91 million. During the current stage, 1 IMPT is $0.023.
IMPT is the native token for the Impact project focused on lowering carbon emissions. The IMPT ecosystem is a platform connecting socially-responsible businesses and individuals to support them in reducing their carbon footprint. The platform allows users to buy, sell and retire carbon credits.
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