Solana fell sharply in 2022. If the FUD makes many crypto enthusiasts doubt, inform investors that the project remains honest and that they can benefit from a 60% discount.
SOL falls by 60% in one month
The time when the Solana cryptocurrency flirted with the $40 mark now seems far away. More than two months later, the SOL token is trading at less than $15, and the short-term outlook has changed considerably in recent weeks.
According to data from CoinGecko, the Solana token has lost 59.3% of its value in the market in one month and is trading at $13.40 at the time of writing.
This fall was accelerated by the FTX scandal that mainly affected the project because of its links with Alameda Research and Sam Bankman-Fried, former CEO of the second-largest cryptocurrency exchange on the market.
SOL has risen 12% in the last week, but the decline has already been too significant to see it back at its peak in the short or medium term. Before crossing the $30 threshold, it will take time to overcome investors’ mistrust of it and for the consequences of FTX’s bankruptcy to fade gradually.
Bullish divergence for SOL/USD
On the technical side, there is a bullish divergence with the RSI on the SOL/USD chart daily. The RSI has risen above the 30 levels.
The configuration is relatively bullish. Let’s consider that structurally the Solana blockchain is still integral, its ecosystem is still active, and new DApps are created regularly. The current price of $13 seems to be an investment opportunity.
If Solana reaches her ATH of $260 and you bought at $13, you will make an x18 or 1700%!