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The recent sharp decline in Bitcoin (BTC) has affected all altcoins, as expected. In fact, except for a few exceptional cryptocurrencies in recent weeks, almost all altcoins have experienced a sharp drop. However, Solana (SOL) has shown a very positive chart and continued to rise since its separation from FTX. So, will SOL price be able to escape from this altcoin chaos?
SOL Holds On While Altcoins Fall
SOL is seen as one of the best-performing cryptocurrencies among the top 10, even though it has lost 1.0% in the last 24 hours. During the same period, BTC lost 2% and SOL lost less value than any other cryptocurrency, except for Cardano (ADA). Additionally, XRP lost 2.3%, Ethereum lost 1.7%, and Dogecoin lost 3.4%.
In the past 7 days, SOL has only experienced a 5% decrease and managed to hold on within the top 10. Will SOL price lose the $23 support level? The current chart indicates that once the situation improves, $27 could be tested again.
SOL Price Analysis
Looking at the weekly chart of SOL, it can be seen that the price has broken the long-standing descending resistance point since July. This line is known as a 609-day limit, and the breakthrough is actually very important. Although SOL has retreated below this level again, the breaking of the relevant resistance even once carries great significance.
However, SOL price failed to stay above the $27 resistance and a candle could not close there.
The RSI is still above the 50 level, indicating that the bull cycle may continue. As long as SOL price remains above $22, the situation can be evaluated positively. However, if SOL falls below $22, there is a risk of dropping back to $17.
If SOL can rise above $27 again, the first target here will be the weak resistance at $33. It seems like everything is just beginning for SOL, and the cryptocurrency may try to rise from the ashes.
