SOL Bullish Sentiment: Rising FUD Could Create Opportunity For Buyers

Bits Logics Team . 12th Sep 2023
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  • The crypto community saw Solana’s native token face a drop in price over the week.
  • Currently, SOL is priced at $17.91 after facing a fall of 1.51% in one day.
  • The rising FUD could drop the prices of the altcoin, creating a great opportunity for the SOL’s buyers to enter the market.

Recently, the crypto community saw Solana’s native token face a drop in price, which could have been caused by the fear of bankrupt-FTX preparing to liquidate its SOL’s holdings. SOL still resides in the red region of the chart and struggles to escape from this downtrend. Over the 30-day period, SOL faced a massive double-digit fall of 27.54%, at the time of writing.

Although SOL started this week priced at $19.2656, the altcoin’s price dropped drastically. Currently, SOL is priced at $17.91 after facing a fall of 1.51% in one day. Moreover, the traders’ diminishing interest in this altcoin could be seen through the 9.20% drop in the trading volume in 24 hours.

SOL 1-Day Chart (Source: CoinMarketCap)

The SOL/USDT 4-hour chart shows that the candlesticks may be trading in a falling wedge pattern as it form low lows and low highs. Observing a similar pattern of the falling wedge, we could expect that SOL could climb up once it hits the $15.71 level. At this level, the candlesticks would often hit $15.71 before it once again climbed up. 

However, if SOL, on the off chance, fails to ascend when it reaches this level, then, it could continue to move and reach its support level at $14.14. Ultimately, it is expected that the candlesticks could climb up once the formation of the falling wedge pattern is completed. 

SOL/USDT 4-Hour Chart (Source:TradingView)

Currently, the RSI confirms that there could be more sellers compared to buyers as it points downward. This could be an indication that SOL’s prices may drop for some more time before the altcoin could expect a bullish sentiment. With the market conditions and traders’ behavior, SOL could be greatly affected by these factors. Although the rising FUD could drop the prices of the altcoin, it would be a great opportunity for the SOL’s buyers to enter the market.