Solana Price has been On a Continuous Decline For The Past 5 Weeks!

Why is Solana price continuously declining? 

It is mainly due to the continuation of FTX fiasco and fear of another dump. FTX holds a combined $1.5 billion in crypto assets on the Solana network.

The holdings of SOL token account to about $128M is that enough to create a massive dump? Not really. Solana has build up such a huge liquidity and for that reason $128M won't have much effect.

But there might also be another reason why - chart!

If we look at the chart the price should fall to around $16 that is where we have a support and we can expect the price to bounce off!

Of course everything is a speculation why the price is falling as to be honest it can even be due to the fact that nothing is really happening around crypto, it feels very stagnant for some time. 

But form trading point of view the price is going where it should for another bounce.

There are two scenarios for price action:

1. If we ignore the wicks then we say the current price level is ready to bounce off

2. If we take the wicks into the account then the bounce off level is at around $16.40

We can expect some price action on Solana in those coming weeks!

So if you are into Solana price then keep your eyes peeled 

All the Best, 

Aventurine!

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