Is It Going To Recover?
Since the bull market began on October 10 this year, Solana has risen 67% in just 17 days. However, when it hit a peak of $263, it initially traded sideways before falling. SOL is one of the cryptocurrencies that could really rise; however, the sudden shift in momentum has the community talking. Is this the beginning of a downturn for the fifth largest cryptocurrency or are we missing something?
Solana roller coaster
Solana hit $263 on November 22, but fell to $203 last week. It has been in an ascending parallel channel since October 10 with some rising spikes. It tried several times to cross the ATH, but failed, which pushed it into the parallel channel. Initially it looked like the channel would sustain the price, but soon it fell off the bottom, hitting $203.
This move pushed it below all moving averages, where they are now active resistance. We even witnessed a death cross on the 4-hour chart on December 11th. Even an RSI of 43 signals a lack of momentum. However, trading volume increased by nearly 39% compared to the past 24 hours.
What’s next for Solana?
Solana’s next big goal is $300. But first, it needs to break the $222 resistance and have to fight its way up to $263. Easier said than done.
Currently, the price is at $215.32, with growing interest and open interest increasing by 2.25% to $5.34 billion. Investors are keeping a close eye on these key price points to see where Solana goes next.
New staking opportunities for Solana investors
In terms of investment, Bitwise launched Solana Stake ETP (BSOL) in Europe. This new product aims to solve the previous problem of lack of staking rewards for Bitwise’s Solana ETP and ESOL. BSOL offers a staking reward rate of 6.48%, which is higher than 21Shares’ 5.49%. Although development in the US has been slower, Bitwise has applied for a spot Solana ETF, but approval is still pending.
What’s next for Solana?
Currently, Solana is struggling a bit with price. Some analysts believe it could retest support at $203 before rebounding. It’s a tough place to be, but there’s potential for growth. Small quantity Moments in Cryptocurrency When some stable cryptocurrencies start to fall during a rally. However, this could be a sign of increasing momentum and the price could suddenly surge, surprising the community.
