{"id":528326,"date":"2023-04-24T15:30:16","date_gmt":"2023-04-24T15:30:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=528326"},"modified":"2023-04-24T15:31:08","modified_gmt":"2023-04-24T15:31:08","slug":"solana-sol-rebounding-after-a-major-drop-will-it-recover-previous-losses","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/solana-sol-rebounding-after-a-major-drop-will-it-recover-previous-losses\/","title":{"rendered":"Solana (SOL) Rebounding After A Major Drop, Will It Recover Previous Losses?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Many investors are unsure what will happen to the Solana (SOL) price going forward after its recent 7 days decline of 13%. Will SOL make a strong comeback?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Solana has emerged as one of the most popular blockchains in the cryptocurrency industry due to its fast transactions and expanding ecosystem. However, it had a rough year in 2022, like others, and even worse due to the crash of FTX.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Fast-forward to January 2023, SOL started the year at <\/span><span style=\"font-weight: 400\">$9.9610 and steadily rose above $20. At one point, SOL traded at $26, but <\/span><span style=\"font-weight: 400\">it declined to $21.65% today due to a market-wide bearish trend. As a result, both investors and retail traders wonder if there&#8217;ll be a potential rebound or more dips in the future.<\/span><\/p>\n<h2><b>Reason Behind The SOL Pullback<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Solana (SOL), like many other cryptocurrencies, has been affected by the recent market collapse. SOL&#8217;s price may drop further due to a loss in demand, general negative sentiment, and selling pressure in the cryptocurrency market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Also, the sudden decline of other significant cryptocurrencies like Bitcoin and Ethereum has impacted SOL negatively, leading to a decrease in its price.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-whales-on-buying-spree-add-311-billion-tokens-during-price-dip\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Shiba Inu Whales On Buying Spree, Add 311 Billion Tokens During Price Dip<\/a><\/div>\n<p><span style=\"font-weight: 400\">SOL had a busy few weeks, reaching a remarkable high of $24.7 on April 15. Besides, futures traders with <\/span><a href=\"https:\/\/twitter.com\/defispotlight\/status\/65246977\" rel=\"nofollow\"><span style=\"font-weight: 400\">long positions<\/span><\/a><span style=\"font-weight: 400\"> incurred losses of about <\/span><span style=\"font-weight: 400\">$650 million due to the falling price of major crypto assets. The liquidations were worse in Binance and OKX and continued till Sunday, April 23.<\/span><\/p>\n<h2><b>Solana Bearish Trend Continues, When Will It End?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">A negative trend remains as SOL dropped to $21.33 today after encountering a resistance level of $22.35 earlier. <\/span><span style=\"font-weight: 400\">SOL has been trading in a downtrend pattern since today&#8217;s trading session. It appears that the bears are holding their ground as SOL is trading at $21.57, with a minor recovery.<\/span><\/p>\n<p><span style=\"font-weight: 400\">SOL must protect $21.11 as its first defense against further losses, and the next significant support level will be below the $20 level if the bears continue to be in charge. If the market&#8217;s structure changes, the resistance to any further gains may be located near $22.35 at this time.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-price-holds-support-is-it-time-for-a-rally\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Shiba Inu Price Holds Above $0.00001 \u2013 Is It Time For A Rally?<\/a><\/p>\n<p><span style=\"font-weight: 400\">The price has fluctuated between $21.11 and $21.40 during the last few hours, making it difficult for the bulls to push it beyond $22.35.<\/span><\/p>\n<figure id=\"attachment_528331\" aria-describedby=\"caption-attachment-528331\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-528331 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/SOLUSD_2023-04-24_17-57-24.png?resize=860%2C501\" alt=\"Solana (SOL) Rebounding After A Major Drop, Will It Recover Previous Losses?\" width=\"860\" height=\"501\"><figcaption id=\"caption-attachment-528331\" class=\"wp-caption-text\">SOL price is rising after a major decline l <a href=\"https:\/\/www.tradingview.com\/x\/rac1QDiD\/\" rel=\"nofollow\">SOLUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Technical indicators like the <\/span><span style=\"font-weight: 400\">RSI<\/span><span style=\"font-weight: 400\"> and <\/span><span style=\"font-weight: 400\">MACD<\/span><span style=\"font-weight: 400\"> exhibit a gloomy picture. The RSI is currently at 41.83, indicating that the market is close to the oversold region and that SOL may decline further if the buyers don&#8217;t take back control.\u00a0<\/span><\/p>\n<p>Featured image from Pixabay and chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many investors are unsure what will happen to the Solana (SOL) price going forward after its recent 7 days decline of 13%. Will SOL make a strong comeback?\u00a0 Solana has emerged as one of the most popular blockchains in the cryptocurrency industry due to its fast transactions and expanding ecosystem. However, it had a rough year in 2022, like others, and even worse due to the crash of FTX. Fast-forward to January 2023, SOL started the year at $9.9610 and steadily rose above $20. At one point, SOL traded at $26, but it declined to $21.65% today due to a market-wide bearish trend. As a result, both investors and retail traders wonder if there&#8217;ll be a potential rebound or more dips in the future. Reason Behind The SOL Pullback Solana (SOL), like many other cryptocurrencies, has been affected by the recent market collapse. SOL&#8217;s price may drop further due to a loss in demand, general negative sentiment, and selling pressure in the cryptocurrency market. Also, the sudden decline of other significant cryptocurrencies like Bitcoin and Ethereum has impacted SOL negatively, leading to a decrease in its price. Related Reading: Shiba Inu Whales On Buying Spree, Add 311 Billion Tokens During Price Dip SOL had a busy few weeks, reaching a remarkable high of $24.7 on April 15. Besides, futures traders with long positions incurred losses of about $650 million due to the falling price of major crypto assets. The liquidations were worse in Binance and OKX and continued till Sunday, April 23. Solana Bearish Trend Continues, When Will It End? A negative trend remains as SOL dropped to $21.33 today after encountering a resistance level of $22.35 earlier. SOL has been trading in a downtrend pattern since today&#8217;s trading session. It appears that the bears are holding their ground as SOL is trading at $21.57, with a minor recovery. SOL must protect $21.11 as its first defense against further losses, and the next significant support level will be below the $20 level if the bears continue to be in charge. If the market&#8217;s structure changes, the resistance to any further gains may be located near $22.35 at this time. Related Reading: Shiba Inu Price Holds Above $0.00001 \u2013 Is It Time For A Rally? The price has fluctuated between $21.11 and $21.40 during the last few hours, making it difficult for the bulls to push it beyond $22.35. Technical indicators like the RSI and MACD exhibit a gloomy picture. The RSI is currently at 41.83, indicating that the market is close to the oversold region and that SOL may decline further if the buyers don&#8217;t take back control.\u00a0 Featured image from Pixabay and chart from Tradingview<\/p>\n","protected":false},"author":584,"featured_media":528126,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[5423,6664,83626,83627],"class_list":["post-528326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-bear-trend","tag-crypto","tag-solana","tag-solusdt"],"acf":[],"yoast_head":"\n<title>Solana (SOL) Rebounding After A Major Drop, Will It Recover Previous Losses?<\/title>\n<meta name=\"description\" content=\"Many investors are unsure what will happen to the Solana (SOL) price going forward after its recent 7 days decline of 13%. 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