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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions
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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions

Up Or Down? What To Expect From Solana (SOL) In The Homestretch Of 2022

Christian Encila
Christian Encila
2 years ago
3 mins read
Solana

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Solana is among the hardest hit by the demise of FTX, as the two companies have collaborated to establish Serum, a decentralized derivatives market.

This led to Solana being closely associated with the Sam Bankman-Fried crypto exchange, with more than $900 million worth of SOL being held by FTX.

Let’s have a quick overview:

  • The company’s fundamentals are strong, therefore it should be able to start making money again soon.
  • Constant pressure from technicals and bearish market circumstances keeps the price low.

Metrics, though, suggest SOL is making progress in its recovery from the catastrophe. Founder and CEO of the IBC Group Mario Nawfal has stated that the token’s fundamentals are “strong,” noting the token’s development growth, a healthy NFT marketspace, and a relatively high daily transaction volume compared to other L1 chains as evidence.

With SOL registering an increase in the weekly and bi-weekly timescales, is the token really recovering?

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SOL’s Fortunes Have Yet To Improve

Despite Nawfal’s assertions, the data shows that token and ecosystem indicators are not looking well.

Messari data indicates that the asset’s volatility is at an all-time high of 2.00, suggesting that the asset is more likely to move during this period, whether bullish or bearish.

Sharpe’s ratio, which currently stands at -3.73, indicates a pessimistic near-term outlook. This indicates that SOL’s returns in relation to its volatility are close to or equal to zero.

With a rising triangle, SOL technicals continue to support the bearish trend.

The RSI is overbought on the 4-hour time frame, which drives the signal towards a bearish crossover. The MFI confirms the bearishness of SOL as it declines in tandem with the price. At the time of writing, SOL is trading at $13.836 with a red candle.

At of time of publication, the top and lower halves of the Bollinger band was $14.3602 and $13.3052. It also places SOL in a risky position, as a crunch zone appears to be building.

Too much FUD around Solana. The fundamentals look solid:

Dev growth second to ETH
NFT volume surprisingly healthy
FTX collapse makes SOL MORE decentralized
Nakamoto Coefficient👌
SOL daily transactions higher than all other L1s

Am I missing something?

— Mario Nawfal (@MarioNawfal) November 27, 2022

SOL And FUD

Even with excellent fundamentals, the EMA ribbon is in the midst of a bearish crossover, making recovery tough for SOL bulls.

Solana struggles to deal with the fear, uncertainty, and doubt around its ecosystem and SOL coin. For a recovery to even be a chance, maintaining support at $13,0769 is beneficial.

With a CMF of -0.07 and a bearish cross on the MACD, the price of SOL should decline to $13.0769 or below.

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Crypto total market cap at $796 billion on the daily chart | Featured image: TheNewsCrypto, Chart: TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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