After feeling the ripple effects of FTX’s collapse, Solana (SOL) price is showing positive signs as the market sees a massive upside potential. Bulls are regaining control and this is likely to change the course of the market for the better.
SOL is expected to bask in the bullish period for the next few days. At the time of writing this article, Solana was trading at $14.32. It saw gains of 11.16% in the last 24 hours. This comes as a relief for the popular altcoin as it lost nearly half of its value in less than a day when the crypto market panicked in the wake of FTX’s proposed takeover by Binance which didn’t eventuate. On November 14, Solana saw $1 million worth of assets stuck in the then-drowning FTX crypto exchange. There were about $285 million in assets locked in the Solana ecosystem on November 23, 2022, as per analytics platform DeFiLlama.
Now, SOL is back up on a positive note. It’s likely to touch $15 as the present condition of the market demonstrates bullish potential. Moreover, the crypto market’s volatility follows an increasing movement. This makes cryptocurrency more susceptible to volatile change. Analysts say the upper limit of Bollinger’s band rests at $13.61, serving as the strongest resistance mark for SOL, while the lower limit is at $10.84 – the support point for SOL.
SOL price, in the last few days, has seen a fluctuating movement with decreasing volatility. This makes the value of the cryptocurrency less vulnerable to change. The closing in support and resistance indicates decreasing volatility. Plus, there are chances of maintaining a positive trend.