Solana’s sale goes down [SOL]? Here’s what you need to know

  • SOL was in a very bearish structure.
  • The price could drop below $9.43 and end at $8.12 or $5.99.
  • However, a breach above $10.74 will invalidate the bearish bias.

Solana [SOL] We have yet to get over the FTX debacle. Its R&D remains strong at the time of writing, undermining the once-thriving asset’s performance. to me feelingsSOL loss of 70%+ could be related to the stability of development activity.

Read Solanas [SOL] predict the price for the year 2023-24

At press time, SOL is trading at $9.44, and its price could drop further if R&D strengthens.

SOL Free Fall: Will the Bulls Find Strong Support?

Source: SOL/USDT on TradingView

Although the Relative Strength Index (RSI) on the daily chart was deep in the oversold territory, a price reversal was not expected. The drop in the oversold RSI indicates that buying pressure has eased sharply, which has boosted sellers.

Unbalanced Volume (OBV) also fell sharply, removing volume needed to boost buying pressure. Therefore, selling pressure increased and pushed SOL down. If the selling pressure holds its course at the time of writing, a break below $9.43 is possible.

The bulls may find new support at $8.12, but if this level does not hold, another level at $5.99 could do. Thus, the levels can act as selling targets, with a stop loss above the 23.6% Fibonacci level at $10.74.

A break above $10.74 will invalidate the bias above. However, such an upward movement will only happen when the bulls break above the $9.66 barrier.

Solana was more dangerous and antagonistic, with a negative Sharpe ratio and volatility

Source: Messari

At the time of publication, Sharpe’s percentage in SOL is -3.46%, according to Mesari. The Sharpe ratio indicates how profitable or risky an asset is, compared to risk-free assets such as US Treasury bonds. The negative ratio shows that SOL has incurred more losses compared to risk-free assets.

By comparison, SOL is reporting a loss of 5.78% at press time. In comparison, Ethereum [ETH] and bitcoin [BTC] It posted a daily loss of 5.90% and 5.21% respectively, making them safer options.

How do many SOL Can you get 1 dollar?

However, SOL’s volatility was -0.67, indicating that its current value represents a buyer’s discount. A volatility above one indicates an asset is overvalued, while a negative volatility indicates an undervalued asset.

Could the current lower prices of SOL attract demand for a potential shift?

Source: Messari

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