Bear Grip Tightens on SOL Prices as FTX Hack Fret Investors

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• Bears knock Solana prices down by more than 9.89%.
• The FTX hack may culminate in an even more negative trend
• Technical indicators predict that bears will remain in charge of the market.

In the previous seven days, Solana (SOL), a cryptocurrency sponsored by FTX CEO Sam Bankman-Fried, lost more than 40% of its value.

At the time of writing, the bears have managed to lower its prices by more than 9.89%, valuing it at $15.55. The market capitalization declined by 10.28% to $5,605,725,575 and the over 49.54% reduction in 1-day trading volume to $1,799,777,639 adds to the grim trend.

SOL/USD 1-day price chart (Source: CoinMarketCap)

A bearish trend is anticipated to continue in the SOL market as the Keltner Channels point south and contract on the 2-hour price chart. The upper band makes contact at 18.57, while the lower band makes contact at 14.23. This rapid decline is exacerbated by the market price nearing the lower Keltner band.

The Stoch RSI value of 17.67 is in the oversold range, implying a possible bullish reversal. The flashing upwards of the Stoch RSI line adds to this positive perspective.

The Bull Bear Power (BBP) reading of -1.09 indicates that the market is still trending in this negative control, but the pointing upwards of this BBP line also forecast a bullish reversal if it goes into positive territory.

SOL/USD 2-hour price chart (Source: CoinMarketCap)

Thinning Bollinger Bands indicate reduced volatility in the market, with the upper band touching 18.41 and the lower band touching 14.73. This further bearish run is predicted by the market’s downward trend.

The Coppock Curve sliding downriver with a rating of -19.10 suggests that a dismal trend in the SOL market is expected.

SOL/USD 2-hour price chart (Source: CoinMarketCap)

The bearish trend in SOL price is anticipated to continue as FTX burns over $600 million in a recent hack.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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