Previous article Solana nears a single-digit price. Here is the price action and what you need to know Next article Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Home Latest Cryptocurrency News Solana nears a single-digit price. Here is the price action and what you need to know Solana nears a single-digit price. Here is the price action and what you need to know By Motiur Rahman - min read 21 November 2022 Anyone would have thought Solana SOL/USD would trade at a double-digit price, let alone a single-digit one? Unfortunately, that is the reality for the lovers of the once promising cryptocurrency labelled the Ethereum killer. Having hit a high of over $265 in November 2021, the SOL was touted as the next token to reach $1,000. It now trades at a mere $11, exactly one year since its all-time high. The cryptocurrency is yet to find a bottom, with technical indicators pointing to a price below $10. While a bear sentiment is to blame for the significant SOL decline, recent woes reflect exposure to collapsed FTX. As CoinJournal reported, Alameda Research has significant holdings of SOL tokens. The exposure has seen Coin Bureau host “Guy” warning his 2.17 million subscribers on YouTube about SOL price. The analyst expects the price of SOL to come under further pressure and fall a further 40%. He says that the token will suffer when FTX and Alameda dispose of their holdings in Solana to pay off creditors and other users. He further notes that the SOL situation could be worse, with the cryptocurrencies showing they are yet to bottom. The analyst is projecting an $8 SOL price. A technical outlook shows we could see an even lower price level for the cryptocurrency. SOL crashing below an inside-bar pattern is a bear indicator SOL/USD Chart by TradingView A technical outlook shows SOL bulls losing the battle at $12. The MACD indicator has pushed further into the bear zone. The indicator shows an increasing bear momentum. Besides, SOL is initiating a bearish breakout from an inside bar pattern. Once confirmed, by the close of the daily candlestick, we should be ready to embrace a lower SOL price. What next for SOL? With weak momentum and a bearish inside bar breakout, SOL could likely head to a single-digit price. There is a potential 50% drop to the next likely support at $5. The level coincided with the start of bullish momentum in February 2021. Where to buy SOL Plus500 Plus500 is a leading provider of Contracts for Difference (CFDs), delivering Leveraged trading on +2,000 financial instruments, including Forex, Commodities, Indices, Shares, Options and Cryptocurrencies. CySEC license number (#250/14) Buy SOL with Plus500 today 82% of retail CFD accounts lose money. eToro eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users. Open Account Share this article Categories Analysis Tags Altcoin News Altcoins Cryptocurrency News