SOL is trading at $12 with weak momentum
Cryptocurrency Weighed Down By Weak Market Fundamentals
SOL may strengthen further before going up or down
Solana (SOL/USD) is trading at $12 with decreasing volume. For the time being, the cryptocurrency is facing pressure from a now developed support area. The Bulls have successfully defended the level in the past, and it remains to be seen whether they will do so a second time. newest cryptocurrency news Has been unforgivable for SOL.
A myriad of factors have been against the Solana’s price this year. In addition to macro factors and weak crypto sentiment, Solana has suffered at the hands of hackers. Less than a week ago, Solana-based DEX Radium lost $2.2 million. The exploit on December 16 is currently responsible for most of the SOL vulnerabilities. There have been several hacks this year, killing native tokens.
But there’s some good news you’ll want to hear about Solana. According to crypto analytics firm Nansen, Solana successfully competed with Ethereum before the FTX saga. Nansen says that in the three months to October, daily transactions on Solana rarely fell below 200 million. The analytics firm reported that active addresses on the network ranged between 600,000 and 1.1 million during this period.
This activity underscored that Solana was coming to grips with its declared Ethereum killer status. The collapse of FTX brought a new twist, which caused the price to drop significantly. SOL investors are still grappling with the aftermath.
SOL is trading with weak momentum near the $12 support
From the daily chart, the MACD indicator is showing weak and bearish momentum for SOL. Trading volume for the cryptocurrency is weak on both the buy and sell side. SOL is currently holding the $12 support level.
What next for SOL?
sol price It could continue consolidating towards the $12 support until it gathers more liquidity. Depending on the fundamental development, there could be a higher or lower break. Should the bears increase, SOL could decline to $10 or below.
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