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Can Solana resume the uptrend at support?

Is Solana’s (SOL) Bear Trend Opening up a Great Investment Opportunity?

Posted Wednesday, November 9, 2022 by
Timothy St. John • 2 min read

A number of major cryptos are down in a big way today, not least among them is Solana (SOL) with a 38% dive compared to yesterday’s numbers. This brings the SOL rate to $16.68 compared to $37.81 just a few days ago. Is Solana in trouble or preparing for a rebound?


The Crypto Goes Low

The crypto currency market is down an astounding 11.99% today, which means a lot of investors are panicking about how much they are losing. Others are taking the opportunity to buy up tons of coins at the historically low prices.

Solana currently has a trade volume increase of 53% compared to yesterday, raking in $6.227 billion over the last 24 hours. The coin is at a nearly all-time low, though. That is worrying for many Solana investors who are seeing their profits disappear. Because the downturn is market-wide, though, there is hope that things will turn around soon and the market will begin to stabilize.

It should be noted that the high of $38.71 from November 5th was as high as we have seen this coin climb in about two months. To go from such a high to a serious low, though, is almost unheard of.

When is the Turnaround Coming?

We do expect the market to normalize in the coming days or weeks. Such a drastic drop across the crypto tokens is indicative of a crash, but we are not seeing the kinds of indicators you would expect from a market crash. All signs point to an imminent turnaround after the dust settles on the Binance deal. We covered that change-up in another article, and Binance’s buyout of FXT is shaking things up for the entire industry.

What will likely happen is that investors will continue to buy up the low-priced coins in record numbers, and then the price will increase in the coming days. That will mean lots of profits for the new investors.


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