Recommended
Solana price needs to rally above this level to recover FTX-induced losses
2023/01/17By: L, Laura
- Solana price surged over32% last week, bringing the price to $23.68.
- SOLprice needs to maintain the bullishness and to climb to $36.90 to invalidate losses from FTX collapse.
- Enthusiastic traders must watch out for a decline in price, as losing the $15.90 support level would invalidate the bullish thesis.
Solana price emerged as one of the best-performing assets among the top cryptocurrencies maintaining its uptrend that began at the end of December 2022. Following in the footsteps of Bitcoin and Ethereum, SOL is also close to gaining back all its losses caused by the November 2022 FTX crash. But traders must be wary of a change in the active trend.
Solana price is far from peaking
Solana price managed to rise by almost 140% in the span of 17 days, rising from $9.63 to trade at $23.68 at the time of writing. However, investors waiting to recover their losses might have to wait a while longer as SOL is still pretty far away from its November highs.
Solana price still needs to push by another 40% in order to reach $36.90, the value it was at prior to the FTX-induced crash. In order to do so, SOL needs to first reclaim the support at $28.28, which would enable the cryptocurrency to initiate a rise to breach the critical resistance at $32.06. From here on, the altcoin can climb to $36.90 and invalidate all previous losses.
The Moving Average Convergence Divergence (MACD) also supports this bullish outlook, as the indicator is maintaining its bullish crossover at the moment. As long as the signal line (red) does not crossover the MACD line (blue), Solana price is not likely to face a sharp decline.
Solana MACD
Nevertheless, traders should refrain from getting comfortable with this possibility as the volatility of the market could pull Solana price back down. As it is, the altcoin has been teetering at the immediate support at $23.11 for the last three days.
SOL/USD 1-day chart
If SOL price lost this level, it will find support levels next at $19.30 and $17.89 before diving down to the key support at $15.90. A daily candlestick close below this level would invalidate the bullish thesis, causing the Ethereum-killer to fall below $14.80.
Read More:
Bitcoin Futures Trading for Beginners
Bonk Airdrop: Where to buy Bonk crypto
Pi Network Launch Date: When Will Pi Coin Enter The Market?
Is Pi Network Legit Or Scam: Pi Coin Real Or Fake?
Luna Classic Price Prediction: Will Luna Classic Reach $1?
LUNA Classic Burn: Will LUNC Burn Its Supply?
NIO Stock Forecast 2023: Will NIO Stock Go Up?
NIO Stock Forecast 2025, 2030: Is NIO a Good Stock to Buy?
Wild Cash App by Hooked Protocol: Answer Quiz to Earn $HOOK
Terra LUNA 2.0 vs. Luna Classic (LUNC): What Are the Differences?
Ethereum Price Prediction 2025-2030
ADA Cardano Price Prediction 2025, 2030
Gasoline Price Prediction: What Will It Be In Five Years?
HBAR Price Prediction 2025, 2030
MANA Coin Price Prediction 2030
CRO Crypto Price Prediction 2025: Will CRO Coin Ever Reach $1?
Metamask Airdrop – To Get $MASK Token for Free?
Leverage in Crypto Trading: Something You Need to Know

Register now to begin your crypto journey
Download the BTCC app via App Store or Google Play
Follow us
Scan to download
Related articles
- Solana (SOL) price is down 60% in the past 7 days, down 95% this year
- Solana Price Prediction This Week – SOL May Likely Lose Hold of $10
- Newly Launched Dog-Themed Bonk Token Sends Solana Price Soaring
- SOL price shows it is back from the dead – Can Solana recover?
- Solana 2023 price prediction: SOL up 140% in a month, what’s next?
- Solana price prediction: We asked ChatGPT what will be SOL price by 2030
- Products
- Terms & Agreement
- Customer Service
Quick Links
Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.
The world’s longest-running cryptocurrency exchange since 2011 © 2011-2023 BTCC.com. All rights reserved