- The high hopes of the SOL community have faded as the community shorts SOL heavily.
- Santiment reports SOL crashed by 63% in just four days.
- SOL is on a bullish trail with a trend reversal expected in the near future.
Santiment, a social metrics measuring crypto intelligence platform, shared a Twitter post on Solana’s (SOL) price trend. The post read that albeit the prices of Solana rebounded from $11.02 to $12.70 over the past fifteen hours, the high hopes of the Solana believers seemed to have faded away. As such, the Solana community seems to short the asset heavily.
Furthermore, Santiment predicted that the Fear, Uncertainty, and Doubt (FUD) surrounding the SOL community could make the prices rebound.
According to CoinMarketCap, the price of SOL is $13.03, and SOL is up 12.07% in the last 24 hours. At the beginning of November, SOL started its descent. From as high as $38.72, SOL plummeted to $12.37 in just four days, which according to Santiment, is a 63% drop in prices.
However, after the fall, the price of SOL was moving sideways, with very lethargic movements up and down in the second half of November. Notably, SOL was still on its way down but with a less slope.
The Chart below shows the reduction of the slope of the dropping prices of SOL by the green and grey dotted lines. Notably, SOL reached an unprecedented low of $10.93 on November 22.
Moreover, SOL had been registering lower lows until November 22, starting its ascension, and recorded higher lows.
Meanwhile, the steep slope of the 200-day MA towards the beginning of this month seems to have faded away, as now the 200-day MA has a gentle slope, which is almost parallel to the horizontal axis of the graph.
Interestingly, the Bollinger bands are expanding, and this indicates higher volatility. Moreover, since the price of SOL is touching the upper band, it is overbought, and the market could correct the price.
Nonetheless, if the bull dominates the market, then SOL will be able to break the 200-MA, which is acting as the immediate resistance. If it breaks the 200-MA, SOL will aim to hit Resistance 1 between $14.0 – $14.5. If the bears dominate, SOL may land on Support, positioned between $11.0-$11.5.
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