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The recent collapse of the FTX platform, which was once among the most well-liked exchanges in the world, was a major blow. This fiasco also led to a more than 57% decline in Solana’s (SOL) price.
When investigators discovered financial connections between Solana, FTX, as well as Alameda Research, one of the main causes for this became clear. On FTX, Solana presently owns $1 million in locked cash or comparable assets. Investors in Solana have been driven into a froth as a result and are looking for alternate investments. If SOL rises to $15 by Christmas, it will be a little over $14 now.
Long-term negative pressure on the price of Solana has only grown stronger recently. As the bears growl and the bulls remain mute, there are fewer possibilities for a comeback. It appears that Solana will top out in 2024 at $84.27.
SOL Is Just Below $14; Will We See $15 by Christmas?
Recently, the business has been unkind to Solana; as of this writing, the token is trading at $13.43, down by about 6.42% over the past 24 hours. For the previous two weeks, the price movement has been fluctuating laterally between $11 and $15, with $11 to $12 serving as a key support level. It remains to be seen if Solana can overcome opposition at $15.
Starting with the bearish context, a drop of 9% to 30% is possible if the $11 reliable basis is breached. The price may go as low as $7–10 in the coming days, depending on the level of concurrent support from far back in 2021.
Given that the RSI indicators are now in the 30s while they have been slowly decreasing for the past few days, this scenario looks plausible. This suggests that purchasing momentum is weak and that Solana may be headed in a negative direction.
A move is undoubtedly coming for Solana given the declining volume and narrowing Bollinger bands, but one over $15 appears doubtful.
A breakout from $15 is required for a bullish situation, however, the EMA 20 is serving as direct resistance at $16. The next potential barrier is between $18.30 and $18.90. As in the case of a breakout over $15, a positive argument could only be made if it was backed by enough volume to overcome this initial obstacle.
It’s unclear how the cryptocurrency market will end the year, but with the last month of the year quickly coming, investors should think about diversifying their holdings into cheaper currencies in addition to the typical high-market-value coins like Solana.
What is Solana (SOL)?
A blockchain platform called SOL (Solana) is intended to run scalable, decentralized apps. It was founded in 2017 and is an open-source platform that is now managed by the Geneva-based Solana Foundation.
Compared to other competing blockchains like Ethereum, Solana utilizes transactions substantially faster and charges significantly fewer transaction fees. Further, the Solana (SOLUSD) coins, which has the ticker symbol SOL and are dependent on the Solana blockchain, had an approximately 12,000+% rise in 2021. At one point in time, it had a valuation of more than $66 billion, placing it as the fifth-largest cryptocurrency at that time.
Solana’s design practices place off a collection of software methods that, when used in collaboration with a blockchain, eliminate software as a speed constraint. Adding these two methods enables payment ways throughput to grow in line with network bandwidth.
Secure, scalable and decentralized are all basic requirements for a blockchain that are perfectly met by Solana’s design. According to its technical architecture, the maximum allowable throughput beyond a 40-gigabit network is 28.4 million TPS and 710,000 TPS, respectively.
Other Potential Cryptocurrencies
Dash 2 Trade (D2T)
A recently created cryptocurrency analytics and insights company called Dash 2 Trade has introduced the tax-free D2T token to complement its platform. Users of this intuitive platform have access to a wealth of signals and data, as well as an online trading app, to help them make well-informed trading decisions. Only the most useful signals—such as enumerating updates, presales, technical indications, social analytics, and others—are provided by Dash 2 Trade.
Dash 2 Trade’s social and on-chain analytical insights are among its greatest features. Users of the dashboard may utilize this feature to identify currencies that may see big price changes. Socio-cultural trends have an impact on the majority of significant market moves in the cryptocurrency market. The tracking of societal trends may be automated using the Dash 2 Trade platform, which can also provide D2T token owners with crucial social indicators.
Tora Inu (TORA)
In contrast to a later metaverse integration where users may compete against their Tora NFTs for additional TORA, Tora Inu has several P2E games planned. In the metaverse, your Tora will develop with you, and as it gets more powerful, it’ll be able to reward you with bigger rewards. You may feed it, accompany it on a stroll, or even take it to the gym.
The reward token as well as the “TORA” meme encourage supply and demand. The token has a burnout mechanism as well as a means to give rewards to holders. To effectively establish a play-to-earn environment, Tora Inu plans to leverage meme money, NFT, and metaverse trends.
Calvaria (RIA)
The new cryptocurrency Calvaria is built on play-to-earn strategies. The project’s objective is to promote the acceptance of Bitcoin by the general public by creating a fantastic card game of combat based on popular videogame gameplay, including Magic the Gathering. By attempting to close the gap between the actual world and cryptocurrency, the platform expects to be successful.
By providing people with an entertaining game that they could connect to and play on their smartphones, the initiative seeks to achieve this. Users have a choice of two different games. The first iteration will be available for free in the app store. The other will have blockchain elements that anybody can utilize, even those who are just starting to play crypto games, such as play-to-earn principles.
Tamadoge (TAMA)
The following inexpensive cryptocurrency for 2022 is Tamadoge. It is the accepted method of payment on the Doge platform, where users may build and breed virtual animals. After that, you may participate in user combat to climb the TAMA leaderboards and earn rewards each month.
The pre-sale for TAMA started in the third quarter of 2022 and is currently ongoing. A total of 2 billion crypto tokens will be made available.
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