In a video discussing Solana as part of a new “watch this before you buy” series, the presenter addresses recent questions about the cryptocurrency’s viability as a buy. Solana’s price has fallen from its all-time high of $260 down to $12, with a recent low of around $11.50. Despite the recent drop and the impact of the FTX situation, the presenter suggests Solana may still be a good buy for those who believe in the currency’s innate value as a competitor to Ethereum. Recent news and analysis suggest a potential jump in price for Solana, with some predicting gains of up to 25%.
The Introduction to Solana
So today we’re going to be talking about Solana and the reason we’re talking about that is as part of the new series we’re doing which is the watch this before you buy. A lot of people have been requesting Solana, they’re saying you know what has happened to it since the FDX situation? Is it still a viable buy? Today, we’ll be hopefully answering all those questions as well as covering analysis, news, and all of that kind of stuff.
Solana’s Price Action
As you can see, Solana is currently priced at 12, it’s just been hanging on. If we look at the last three months of price action you can see it just fell off a cliff, especially when the whole FTX debacle was going on. You can see we have around 30 average going on we have a high being put in around 36 37 and then we just fall right down to a low of Around 11.50. Now we can see if we look down here the all-time high for Solana was actually 260 dollars.
Is Solana a Great Buying Opportunity?
That poses the question is this a great buying opportunity and I think a lot of this you will have to do your own research on whether you think that this coin is going to hold its own obviously it did take a big hit with FTX but I feel like that situation is slowly Coming to an end.
News Affecting Solana’s Price
We have Solana price gets relief after surprise Bank of Japan Intervention this was just a couple of days actually, this was yesterday so you can see Solana price actually jumped over three percent obviously it’s now down three percent but this was due to a few different things and you can see Solana price jumped during the age Asia Pac session as surprise yield curve Intervention from the bank of Japan Shook Up markets.
Technical Analysis of Solana’s Chart
Let’s do a top-down analysis going from the weekly chart down to around the one hour and I’ll show you where I’m at with it. So we’ll start off with the weekly now this obviously is a very depressing Chart to look at you saw the incredible rise where we went up to that 260 high and now we are back down pretty much where we started now let’s zoom in, and go to a daily chart.
Potential Trade Opportunities for Solana
Now the good thing and obviously a lot of people don’t look at this as a good thing but the good thing about us jumping down in price so Rapidly means there’s not a lot holding us back from moving back up and reclaiming those prizes if everything goes to plan. So if Solana does give us a breakout of $15 and then we see a nice retest back into maybe 13 or 12 we can look for a buy with our Stop loss below around 11 and we can look for targets such as this next level of resistance which you know was previous support which you know would be around 26 27 we also have this next level of apply which is this last up move before the major down move which is 33 or 34 and then above that we’ve got levels such as 45 we’ve got some more levels of supply around 62 but let’s just take it one step at a time.