Logo
Cardano Ecosystem

Finbold

11/21/2023

·

244 views


Solana falls 6% in a day; Huge crash to $30 incoming?

Even though many assets in the cryptocurrency sector have been recording advances in the past few weeks, Solana (SOL) has dipped more than 6% in a single day, diving below the psychologically important level...

Solana falls 6% in a day; Huge crash to $30 incoming?

Even though many assets in the cryptocurrency sector have been recording advances in the past few weeks, Solana (SOL) has dipped more than 6% in a single day, diving below the psychologically important level of $60 it briefly managed to surpass and threatening to decline further.

Indeed, as crypto trading expert Ali Martinez pointed out, Solana’s TD Sequential indicator has demonstrated a sell signal on the crypto asset’s weekly chart, adding that “the upcoming days could be crucial for traders eyeing profit-booking opportunities,” according to the chart pattern analysis he posted on November 20.

Specifically, as Martinez highlighted, the confirmation of the bearish formation might see Solana continue to downswing further toward the $45 price mark, potentially “even dipping to $30,” which would indicate a decline of a whopping 46.13% from its price at press time.

Solana price action analysis. Source: Ali Martinez

Indeed, created by market analyst Tom DeMark, TD Sequential is a technical analysis (TA) indicator that helps assess the potential trend reversals and continuation patterns in financial markets, including in the crypto market, as it aims to identify points at which an asset’s price may change direction.

Solana price analysis

As things stand, the currently seventh-largest digital asset by market capitalization is changing hands at the price of $55.69, a decline of 6.58% in the last 24 hours but still a 0.71% gain across the previous seven days and an advance of 92.58% in the last month, as per data on November 21.

Solana 24-hour price chart. Source: Finbold

Meanwhile, the sudden dip in the price of Solana followed the bad news in which the United States Securities and Exchange Commission (SEC) marked this asset, along with Cardano (ADA), Polygon (MATIC), and others, as securities in the recently filed lawsuit against one of the largest crypto exchanges in the world, Kraken.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

AD

Proposals Catalyst F14 - Cast your vote, search "Otavio" in the Voting App.

If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Tip: To find them its easiest to search for "Otavio"Vote for Us


Read Original Article on Finbold

ORIGINAL SOURCE

https://finbold.com/solana-falls-6-in-a-...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


More from Finbold

See more
Top Cryptos to Watch This Month: 3 Best Meme Coins for October 2025
Finbold
Top Cryptos to Watch This Month: 3 Best Meme Coins for October 2025

last Wednesday at 7:00 PM

·

13 views

Related News

See more
Banner-Tech-Summit-Rio

Voting for Us - Catalyst Fund 14

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)