From the 5th of November, the price of Solana (SOL) fell by 68.91% measured to its lowest point on the 9th at $12.3. This low was tested again yesterday, and the price made a minor bounce. We are left with the question – can we see a bigger recovery from here?
Looking at the volume indicator, we see that there was a significant cluster forming around the 9th’s low. A bounce occurred after this. But now after the low on the 14th, the volume doesn’t support the holdup.
Either way, at least for now this can be a local low that can set up the price for a corrective recovery of minor momentum.
“When in Doubt – Zoom Out”
Solana had a great run for many months. It started off at $0.23 in April 2020 and from there started developing an uptrend that lasted 574 days. Eventually, it increased to $258 at its highest peak on the 6th of November 2021.
What’s interesting is that…
