We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now


It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers


-0.374765 (-0.64%)
08:46:39 - Realtime Data
Name Symbol Market Market Cap ($) Algorithm
OKB OKBUSD Crypto 3,488,760,427 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  -0.374765 -0.64% 58.12 58.07 58.14
High Price Low Price Open Price Prev. Close 52 Week Range
58.68 57.72 58.50 58.50 18.68 - 64.81
Exchange Last Trade Size Trade Price Currency
OKEX 08:46:20 0.344800 58.12 USD
Price x Volume Volume Base Symbol Related Pairs

Solana (SOL) Plunges Over 13% – Will It Bounce Back?

23/04/2023 4:40am


Solana is facing its share of the bearish sentiment in the cryptocurrency market today. SOL has held above $20 since it jumped from $18 to $24 on January 14.  However, the coin has seen a drop of 12.54% in price in the last seven days. Now, investors wonder if there are any signs of recovery. Related Reading: OKB Token Shines With 23% Gains On Weekly Chart, What’s Pushing It? Crypto Market Plunge Affects Solana After the collapse of Alameda Research and FTX last year, SOL price joined the trend of price losses in the market. The Solana blockchain raised funds from FTX and Alameda Research, the trading firm of FTX former CEO, Sam Bankman-Fried. However, when Binance withdrew from its planned takeover of the exchange, it spooked many investors as it meant the termination of support for Solana. Following the incident, many key investors pulled out from the Solana blockchain. This action led to a drastic drop in price, leaving SOL to struggle. However, the asset started recovering in 2023. It started the year at $9.9610 but gradually climbed, recording rallies and pullbacks until it hit $25 on January 21 before retracing.  The past weeks were eventful for SOL, as it touched a significant high of $24.7 (April 15). But recently, Solana’s price has also been facing challenges as the crypto markets portray several signs of fear due to the threat of economic recession.  At the time of writing, Solana’s price stands at $21.33, indicating a drastic plunge in price by over 13% in the past week, compared to its past week’s performance. For instance, on January 10, 2023, Solana enjoyed a 12% price increase after the blockchain’s Shiba-Inu-themed token, BONK, launched. Related Reading: These Top 5 Cryptos Are Thriving Despite A Slippery Market If another development or event occurs on the Solana blockchain, there could be a possible recovery for the asset. $19.8 Support Critical To Halt SOL’s Downtrend SOL is in a downtrend today, losing most of its gains in the past week. The asset has declined to the $21 price level as the bears seize market control.  Solana is trading a bearish signal below its 50-day Simple Moving Average (SMA). However, it remains above its 200-day SMA, sparking hope of a long-term revival. SOL’s Relative Strength Index (RSI) is 44.61, confirming the bearish trend. Notably, the indicator moves sideways, reflecting trader indecision in today’s market. SOL’s trading volume is down by over 26% today, thus halting its price gains. Solana’s support levels are $14.96 and $19.87. Also, its resistance levels are $23.99, $26.04, $29.79, and $30.  Solana will likely drop below $20 in the short term. However, the $19.87 support level will prove critical to the asset and could be the pivot point for an uptrend if the bulls prevail. Featured image from Pixabay and chart from Tradingview

1 Year OKB Chart

1 Year OKB Chart

1 Month OKB Chart

1 Month OKB Chart

Your Recent History

Delayed Upgrade Clock

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 |