SOL, which is the native token of Solana, is a highly-preferred asset that has a market capitalization in excess of $13.6 billion. Yesterday’s price drop was below the 20-day EMA ($40), and it fell to the 50 day SMA ($37). This dip could be caused by the negative publicity that the asset received over the $8 million user fund being taken out of it by unknown hackers from Solana-based hotwallets such as Phantom, TrustWallet, and Slope. This made the Solana ecosystem the largest victim of the hack on crypto assets.
Read more: Solana Ecosystem Under Attack
SOL traded at $39.7 as of the writing.
Solana (SOL) Chart
SOL created a ‘Shooting Star (Bearish-looking) candle at $143 on 2 April and plunged almost 81% in three months to the lowest point of $25.86. The asset formed a Tweezer Bottom’ pattern at the low, and then rallied to $47.36. SOL trades in a Symmetrical triangle’ pattern. The ascending trendline acts like a support, while the descending trendline acts like a strong resistance. The trend will be further determined by breakouts that occur on either side of this pattern, if there are good volumes.
Support 1AssetResistance 1Support 2$25$32SOL$48$60
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation or investment goals of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness or reliability of any information, opinions or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in response to new events or circumstances after the date of the report was made. Trading and Investments in crypto assets viz. Bitcoin Cash, Ethereum, and other crypto assets are highly speculative, and can be subject to market risk. The Author’s analysis should be used only as information and should not necessarily be considered investment advice.
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