Solana (SOL/USD) is trading at half its previous week's value following a seven-day loss of more than 50%. Except for the embattled FTX exchange, the loss is the largest among the top 100 cryptocurrencies. SOL is currently trading at its lowest level since March 2021. Regardless of the magnitude, the cryptocurrency may fall further as a result of various insights.

It is correct to assert that the decline in SOL reflects the FTX exchange's liquidity concerns. Fears have caused widespread market losses, with SOL buyers particularly hard hit. According to Solana Compass data, bear pressure on SOL could increase as a result of tokens 

According to Solana Compass, an unprecedented number of SOL tokens are expected to be unstaked. As a result, 60,399,401 tokens worth an estimated $755 million were marked as "deactivating," increasing the total supply of SOL tokens in the market by 8.8% and putting further bear pressure on the market.

Concerns about SOL's increased supply arise when Solana's Epoch 370 comes to an end. The term "epoch" refers to the time period during which staking rewards are earned and then issued. Validators lock their tokens during the period and unlock them when it ends. The massive price drop has been caused by the unlocking. Technical indicators also point to further bearish momentum after bulls failed to hold a key level.

After losing the $28 support, SOL crashes.

SOL is oversold (RSI reading of 31) and in free fall on the weekly chart. The key level of $28 was breached, signalling the start of a new bear market for the token.

Should you purchase the SOL dip?

SOL is currently in free fall after falling below $28. At the moment, the only price direction is downward. The token is not recommended for purchase.

SOL's likely support is $12, representing a $25% drop. The long-term support is set at $3. With the bear market still in place, we cannot rule 

Where can I buy SOL Binance?

Binance is one of the world's largest cryptocurrency exchanges. It is better suited to more experienced investors and provides over 600 cryptocurrencies to choose from. Binance is also known for having low trading fees and a wide range of trading options for its users, including peer-to-peer trading, margin trading, and spot trading.

Purchase in SOL with Binance today.


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Purchase SOL with KuCoin today.