Solana Price Analysis & Prediction (Nov 15th) – Volatility Shrinks After Massive Sell-Off: Is SOL Preparing for Another Sell-Off?

solana price analysis prediction nov 15th 2022

Solana has just reacted to a key level due to a current increase in Bitcoin’s price. Though the price is still looking weak in the higher time frame. After collapsing beneath $26, it has lost over 50% of its value in the past seven days of trading.

After the price corrected to around $18.83 last week, Solana initiated another sale, and it started to drop again. Compared to last week’s collapse, the last four daily candles indicate a low sell volume in the market as volatility shrinks.

Two things can be involved here: Solana is likely preparing for another big collapse or exhaustion of the existing (bearish) trend. It’s important to wait to confirm the next price movement.

Meanwhile, Solana fell to a daily low of $12.07, but the price quickly bounced a bit (to $14.3) after it found support around the mentioned low. This daily low technically corresponds with the March 2021 low of $12. It’s likely to hold. 

However, the suspension of the sell actions should not be considered a buy signal – a possible trap. 

The whole setup still appears bearish on the current daily chart, as there’s no strong sign of bulls in the market yet. A lower price should be expected if the crypto continues to dip.

Solana Price Analysis (SOLUSDT) – Daily Chart

Source: Tradingview

Solana now held $18.83 as a resistance level. A recovery above this resistance level should send the price to $23.3. In case of a deeper correction, the resistance level to keep in mind is $26, a significant break level on November 8.

Inversely, if Solana continues to provide a discount and the price plunges below the $12 level, the immediate support level to look out for is $9.3. 

The $7.6 support is also an important level to watch in case of a further dip. If all these supports fail to suppress pressure, there’s crucial support at $5.

Key Resistance Levels: $18.83, $23.3, $26

Key Support Levels: $12, $9.3, $7.6

  • Spot Price: $14.4
  • Trend: Bearish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: skorzewiak/123RF // Image Effects by Colorcinch

Source: https://nulltx.com/solana-price-analysis-prediction-nov-15th-volatility-shrinks-after-massive-sell-off-is-sol-preparing-for-another-sell-off/