Solana (SOL) Price Prediction: $3 Million Liquidated – Which Direction Will SOL Go?
The price of Solana (SOL) increased by 1.6% in the last 24 hours, reaching $95.23. This rise comes after the Solana network was disrupted for the first time in nearly a year yesterday.
This five-hour outage caused SOL to lose 3.4% in value in the last week. However, it has increased by 9.5% in the last two weeks and 300% in the past 12 months, indicating that it is in an overall upward trend.
Yesterday's price drop also caused $3 million worth of long positions to be liquidated , further exacerbating the decline in the coin's price.
However, if Solana recovers quickly from this outage and does not experience another outage in the coming months, it seems likely that SOL will regain value. Solana's technological infrastructure and the strength of its community could positively impact its price in the long run.
Solana (SOL) Price Prediction: $3 Million Liquidated – Which Direction Will SOL Go?
The fact that Solana (SOL) has remained relatively stable since the last outage may be encouraging for investors. The fact that the indicators are in the middle positions shows that SOL can manage this situation.
The Relative Strength Index (RSI) is currently around 50, indicating that SOL has both recovery and bearish potential.
Additionally, its 30-day moving average (MA) has been trending sideways in recent days. This could be considered a positive sign if the price does not fall, but some analysts may interpret it as a harbinger of a decline.
In particular, the fact that the 30-day MA has been above the 200-day MA for an extended period of time may lead some analysts to expect the Solana price to decline.
However, the fact that SOL did not experience a significant decrease in value despite the five-hour outage may be considered by some supporters as an indicator of SOL's strength.
Although the coin's trading volume has fallen from around $4 billion at the beginning of the month to $1.8 billion today, this level is still above many other tokens. Additionally, significant transfers from exchanges last week show there is still whale interest in SOL.
While the short-term outlook is positive, yesterday's outage could lead to serious challenges in the medium and long term. While the general perception that Solana has improved from past outages suggests that a single outage this year is forgivable, the market reaction could be harsher in the event of a new outage.As a result, Solana's price could rise to $100 in the next few weeks, but potential future outages and confidence in the platform could have a significant impact on the price. Therefore, it is important for investors to carefully follow the market dynamics and Solana's technical infrastructure.
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Some traders may choose to keep this cryptocurrency under observation for a while to be confident that Solana (SOL) will not experience another outage anytime soon. In this case, investors may consider moving towards newer and more promising tokens.
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