- FTX’s former CEO has been arrested on charges of fraud by the SEC.
- Solana was one of the projects whose price got severely impacted by the FTX debacle.
- SOL’s price is now approaching the next resistance level at $14.31.
FTX has been making the headlines over the last 24 hours as the U.S. hearing for the former CEO, Sam Bankman-Fried, has commenced. The disgraced CEO has been arrested and charged with fraud charges by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Despite this, Solana (SOL) has been able to post gains. The altcoin continued printing green candles even as FTX’s rabbit hole continued to deepen by the day. When the crypto market first crashed on November 6 of this year due to the FTX collapse, FTX Token (FTT) experienced the biggest price decline, followed by SOL.
At press time, the price of SOL has risen 6.72% over the last 24 hours, according to the crypto market tracking website, CoinMarketCap. This has also flipped its weekly performance into the green, with SOL’s price up 0.37% over the last 7 days. As such, SOL now trades at $13.92.
SOL’s price is inching closer to its immediate resistance at $14.31, which will serve as an important support level if the altcoin’s price is able to flip it. Should SOL’s price breach this level, it will be able to rise to $14.80 as well. In addition, bouncing off of the level would allow it to reach $16.12.
However, if the bearishness in the market increases and SOL’s price drops, the support level at $12.80 will be tagged. Falling through this level would see SOL’s price targeting a critical support floor at $11.70.
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