The Solana price has been in a downward trend since November 2021, bearing the brunt of the FTX disaster. Exactly a year later, as the FTX exchange came under fire and collapsed, this continuous decline intensified. As a result, the fate of all the company’s tokens has been incredibly gloomy. Since its all-time high of $259.90 in November 2021, the price of Solana has decreased by 95%.
As the FTX exchange crashed in the first week of November 2022, this downturn gained momentum. As a result, SOL lost around 70% of its value during the past three weeks. It’s interesting to note that this significant selloff occurs right after the head-and-shoulders pattern, as reported on November 9.
The $13.84 support level has been turned into a resistance barrier as a result of the 70% drop in Solana price. Holders of SOL only have one chance to rebound, and that is above $13.84. Rejection at this price, however, would just encourage a downward trend to continue. Investors should exercise caution when it comes to Solana pricing since it may decline by 62% before reaching a reliable support level at $4.41. The head-and-shoulders objective at $3.59, which is around 18% below $4.41, suggests that SOL may bottom in this region.
However, there is a chance for a comeback if purchasers unite, start amassing SOL, and force the price of Solana to overcome the $13.84 barrier. The bearish thesis will be refuted by a consolidation above this level followed by a change in the market’s structure that results in a higher. Solana Price might attempt to revert to the $24.54 in this circumstance.
