- Price crashes by about 16% and reaches nearly $14.
- Amidst Epoch 370 and FTX meltdown, the Solana ecosystem threatens to implode.
- The FTX turmoil shakes SOL and TVL plummeted nearly 33%over the past 24 hours.
The domino effect is playing out as the Solana ecosystem may fall to pieces, and now the scheduled Epoch 370 is punching it to the ground. The Epoch 370 will release about $1 billion SOL into the market.
Once this is executed, it will crowd the market with millions of tokens into a space already facing sunken demand.The impact of this could be ruinous for the digital asset’s price. The bears will likely continue to hold the market hostage and drag the price.
The char-t-ale
The prices fall with high velocity and continue to fall with heavy sell-offs. The demand is diminishing, and supply is about to flood the market; prices ought to fall. Heavy sell-offs are translating the negative sentiments of the Solana fans. It is observed to break all the previous support levels and may find one at $10. The Bollinger band diverges sharply, indicating the sudden price dip, falling beyond all bounds.
The prices have fallen to a stage where the sell-offs have gained momentum. The RSI indicator has entered the oversold zone below 30-mark. The MACD line moves below the signal live after the bear divergence occurs. The sellers are ruling the market currently and may continue to do so, keeping in mind Epoch 370.
The peep-hole
The 4-hour closeup shows a sudden increase in sales where the MACD line lies below the signal line. The RSI indicator may be retracing to the 30-40 zone but is still in the seller-ruled zone. The prices are struggling but may continue to rush down as the market soon floods.
Conclusion
The market is already going through a tragic phase, so Epoch 370 is all prepared and waiting. The prices are uncontrollably falling and aiming for rock bottom. The investor’s heart is pumping twice as fast as it may fall until it’s reached the grave.
Technical levels
Support levels: $20 and $12
Resistance levels: $36 and $40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/25/sols-grave-traders-are-afraid-of-potential-dump/