{"id":319678,"date":"2023-06-11T03:00:21","date_gmt":"2023-06-10T21:30:21","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=319678"},"modified":"2023-06-10T16:44:24","modified_gmt":"2023-06-10T11:14:24","slug":"solana-prices-dive-42-within-a-week-will-there-be-a-quick-recovery","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/solana-prices-dive-42-within-a-week-will-there-be-a-quick-recovery\/","title":{"rendered":"Solana prices dive 42% within a week, will there be a quick recovery"},"content":{"rendered":"<p><i>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n<ul>\n<li><em>Solana registered large losses in the market in recent days.<\/em><\/li>\n<li><em>The lower timeframes showed extreme volatility and risk-averse traders can stay away from SOL in the coming days.<\/em><\/li>\n<\/ul>\n<p>Another day, another market-wide nuke. Welcome to the crypto space, where a 25% price drop genuinely represents a long-term buying opportunity. The argument behind a Solana recovery is the <a href=\"http:\/\/ambcrypto.com\/solana-gets-dragged-into-centralization-vs-securities-tussle\/\" target=\"_blank\" rel=\"noopener\">degree of decentralization<\/a> of the network. <a href=\"https:\/\/app.santiment.net\/s\/UM60MPC7\">Development activity<\/a> was at six-month highs as well, according to Santiment data.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here&#8217;s <a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\">SOL&#8217;s market cap in BTC<\/a> terms<\/p>\n<hr \/>\n<p>Yet, the technical structure was bleak for the bulls on the higher timeframes. Solana has been in a lower timeframe downtrend since late April. Can the bulls defend the support zone at $14.8 or will further bad news drag the market lower?<\/p>\n<h4>November&#8217;s resistance can serve as support for SOL- but it could be a temporary respite<\/h4>\n<figure id=\"attachment_319693\" aria-describedby=\"caption-attachment-319693\" style=\"width: 1940px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-2-SOL-price-2.png\"><img decoding=\"async\" class=\"size-full wp-image-319693\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-2-SOL-price-2.png\" alt=\"Solana prices take a massive turn southward but is the worst of it over?\" width=\"1940\" height=\"1099\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-2-SOL-price-2.png 1940w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-2-SOL-price-2-300x170.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-2-SOL-price-2-1024x580.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-2-SOL-price-2-768x435.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-2-SOL-price-2-1536x870.png 1536w\" sizes=\"(max-width: 1940px) 100vw, 1940px\" \/><\/a><figcaption id=\"caption-attachment-319693\" class=\"wp-caption-text\">Source: SOL\/USDT on TradingView<\/figcaption><\/figure>\n<p>After huge news like the SEC branding SOL a security, the market is likely to take a while to assess the true damage done. If the market concludes that the initial sell-off was an overreaction, prices will eventually climb higher.<\/p>\n<p>This was a possibility, but the why and how of market movement are beyond technical analysis. From a technical standpoint, we find that the $13.8-$15.3 zone was a strong resistance back in November, during the FTX implosion. It was breached during the early 2023 rally.<\/p>\n<p>Hence, it was likely to act as support on the way down. Yet it was still highly likely that Solana could test the $10.56 level and possibly drop to 1-digit prices like December 2022. The RSI and OBV showed intense bearish pressure.<\/p>\n<p>The Fibonacci retracement levels highlighted $16.4, $17.55, and $18.67 as places where a Solana bounce could end. The $16 level represented a significant low from March, and could be retested before another downward move.<\/p>\n<h4>Long liquidations fuel downward surge<\/h4>\n<figure id=\"attachment_319692\" aria-describedby=\"caption-attachment-319692\" style=\"width: 1811px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-2-SOL-liq.png\"><img decoding=\"async\" class=\"size-full wp-image-319692\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-2-SOL-liq.png\" alt=\"Solana prices take a massive turn southward but is the worst of it over?\" width=\"1811\" height=\"483\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-2-SOL-liq.png 1811w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-2-SOL-liq-300x80.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-2-SOL-liq-1024x273.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-2-SOL-liq-768x205.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-2-SOL-liq-1536x410.png 1536w\" sizes=\"(max-width: 1811px) 100vw, 1811px\" \/><\/a><figcaption id=\"caption-attachment-319692\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.coinglass.com\/LiquidationData\" target=\"_blank\" rel=\"noopener\">Coinglass<\/a><\/figcaption><\/figure>\n<p>Coinglass liquidation data showed that the previous 24 hours saw liquidation of $15.03 million worth of positions. $11.95 million worth of positions were long, highlighting that the buyers faced most of the pain in recent hours, as expected.<\/p>\n<p>Across the market, this figure stood at $385.88 million in both directions, which could rise further. After such a steep fall, it was possible that prices bounced back quite a distance without much demand.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check the <a href=\"http:\/\/ambcrypto.com\/calculator\/solana-profit-calculator\" target=\"_blank\" rel=\"noopener\">Solana Profit Calculator<\/a><\/p>\n<hr \/>\n<p>Moreover, it was a weekend, which meant the liquidity was likely lower. Hence, late bears must be extremely cautious. The move downward has likely occurred and passed, and sellers can wait for a bounce to the significant former support levels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Even though Solana has fallen to a long-term support level, buyers banking on a strong bounce to $18 are exposing themselves to a huge risk.2<\/p>\n","protected":false},"author":57,"featured_media":319691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,23,4,20],"tags":[],"class_list":["post-319678","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-no-home","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Solana prices dive 42% within a week, will there be a quick recovery - 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