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The year 2023 started off well but seems to be ending on a sour note. Just like last week, Grayscale’s historic victory has been forgotten. This decision, which could have serious long-term consequences, saved the SEC from hiding behind volatility and fraud excuses. As a result, the way has been cleared for the regulatory body to approve spot ETFs. However, as the initial decisions came in the form of postponement (as expected), BTC dragged down all cryptocurrencies.
Solana (SOL) Coin Collapse
FTX experienced a collapse and failed to permanently break the $27 resistance, leading to consistent downward trends. Nevertheless, it is in a better position compared to most altcoins, as it is still above the $8 bottom from last year. Many cryptocurrencies have reached their all-time lows, dipping below the November bottom and even reaching two-year lows.
As the NFT excitement wanes, TVL drops, and investors’ risk appetite weakens, developments do not favor SOL Coin. The massive ecosystem has a large group of victims facing losses of over 90%. Even the highly anticipated BONK Token has been forgotten.
If we replay all of this like a movie, we will remember how ruthless bear markets can be. Remember to do this when we enter a bull market, maybe months or even years later. Witnessing the fall of a giant like SOL Coin should serve as a great lesson in your mind.
Solana (SOL) Analysis
Regarding the price, Solana is in a strong corrective phase. Buyers are attempting to initiate a relief rally, but they are likely to encounter selling pressure at the downtrend line. If the price sharply reverses from the current level or the downtrend line, it indicates negative sentiment and that traders are selling during rallies. This could push the price down to $18.3 and $16.
If the bulls manage to push the price above the downtrend line, this negative view could be invalidated in the near term. This would open the doors to $22.3.
