Solana

Bitcoin

<ul>
 <li><strong>The SOL price faced strong resistance after reaching the $45 mark on November 2.</strong></li>
 <li><strong>If the present downfall continues and price goes below $38 then it will likely test $36 level.</strong></li>
</ul>
<p>Despite the recent price slump, <a href="https://thenewscrypto.com/solana-breaks-free-of-ftx-collapse-to-surge-from-its-low/" rel="noopener noreferrer nofollow">Solana</a> has shown incredible resiliency in continuing its upward trend. Recent on-chain statistics shows that the cryptocurrency ended October with a 61.58% rise.</p>
<p>The overall crypto market has been trading in red lately with the price of Bitcoin down 3.17% in the last 24 hours, currently trading at $34,295. Although the exact cause is unknown, it is likely that investors are taking gains after the recent upswing.</p>
<p>The former CEO of the defunct <a href="https://thenewscrypto.com/ftx-and-alameda-research-transfer-cryptocurrencies/" target="_blank" rel="noopener noreferrer nofollow">FTX</a>, Sam Bankman-Fried, was tried in Federal Court in Manhattan for a month before the jury returned a guilty conviction. Given the close relationship between FTX and SOL, this update may explain the current price drop.</p>
<p>Moreover, historical market data shows that following a sustained gain, investors often take profits and the market moves sideways for a while. The present scenario in the market may reflect a similar tendency.</p>
<h3 class="wp-block-heading" id="bulls-losing-control">Bulls Losing Control</h3>
<p>Despite the present optimism, it is important to note that SOL is now in an overbought situation with a reading of 73, according to the RSI. When this happens, it usually means the market is about to settle down or retrace.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img width="630" height="380" src="https://thenewscrypto.com/wp-content/uploads/2023/11/SOL_7D_graph_coinmarketcap-1.png" alt="">
  <figcaption>
   Source: <a target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>At the time of writing, SOL is trading at $38.81, down 11.12% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 33.55%. The price faced strong resistance after reaching the $45 mark on November 2.</p>
<p>If the price manages to go past $41.6 resistance level then it will likely retest the $45 level. Breaking above this level, will likely see price testing $46.8 level. However, if the present downfall continues and price goes below $38 level then it will likely test $36 support level.&nbsp;&nbsp;</p>

Solana’s Price Drops 11% as Crypto Market Faces Selling Pressure

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TheNewsCrypto

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