Price Predictions

Solana Price Prediction: FTT Collapse and its effect on Solana (SOL) prices

Key Takeaways:

  • Solana (SOL) price experienced a gigantic drop of nearly 65% since the exchange collapsed, creating a domino impact on the entire crypto space.
  • With a huge drop in the market cap from $13 billion to nearly $4 billion, Solana’s price exited the top 10 cryptos, ranked according to the market cap.
  • With fewer chances of rebound, SOL price continues to display the mounted bearish influence that may drag the price lower in the coming days.

Solana Price Prediction Today

Current Price $14
SOL Price Prediction for Today $15
Volatility  6.50%
50-Day SMA $28.7
14 Day RSI 29.96
Sentiment Bearish
Fear and Greed Index 43 (Neutral)
Green Days 13/30 (43%)
200-Day SMA $38.2

FTX exchange, the world’s most popular exchange gained the spotlight within just a couple of years since its inception until it collapsed recently. The interesting part of this story is Solana’s price witnessed a gigantic fall of more than 57% which surprised many. But while the financial links between Solana, FTX & Alameda Research surfaced, it reinforced the reason behind the exaggerated impact of FTX’s collapse on Solana. 

The Solana Foundation revealed holding $1 million cash or equivalent assets on FTX which are currently locked. The foundation also holds nearly 3.24 million shares of FTX Trading common stock, 3.43 million FTT tokens & 134.54 million SRM tokens, a DEX project founded by SBF on Solana in 2020. Moreover, Alameda Research also purchased 50.5 million SOL, a significant portion being locked up in monthly unlock schedules. 

Having said that SOL & SRM were deeply impacted by the FTX collapse as Solana & Sam Bamkman-Fried’s companies heavily intervened. Hence SOL price experienced a gigantic fall and continues to display possibilities of an extended bear rally in the coming days.

The impact of FTX collapse on SOL Price

Solana price has been treading within a bearish channel for quite a long time and the recent trouble in the crypto paradise has fueled the downtrend. The fall of the FTX exchange is considered unhealthy for the markets and hence may leave a larger impact for a long time. 

Meanwhile, the acute sell-off has been halted for a while as the bearish volume has dropped notably, but this does not suggest the revival of the bullish trend.

Solana (SOL) Technical Analysis

SOL/USD | Source: Tradingview

After the recent gigantic fall, the SOL price is trying hard to find a base to prevent an extended bearish trend. Meanwhile, the prices have rebounded notably from the lows close to $12, reviving the hope for a decent upswing. But the RSI continues to cement lower while MACD may go bearish any time from now. Moreover, the buying volume is unable to nullify the bearish being pretty less in number. Hence, the bearish clouds continue to hover around the SOL price as the asset appears to be prepared for another leg down

Solana On-Chain Analysis

  • The development activity on Solana has dropped heavily, much before the FTX collapse from the last week of October, which has reached record low levels at the moment

SOL Development Activity | Source: Santiment

  • The trading volume has been raising since the beginning of November trade but as the descending trade of the asset has been accomplished the bears maintained their upper hand

SOL Volumes | Source: Santiment

  • The weighted Sentiment considered both the positive & negative mentions and compares them to the total trading volume. Currently, the levels are dropping indicating the mounting strength of the bears. 

SOL Weighted Sentiment | Source: Santiment

Will the SOL Price Reach $15 Today?

The SOL price has been trading under extreme bearish pressure for the past couple of days. Meanwhile, a minor upswing was witnessed during the previous day’s trade and fortunately, the token continues to trade above the gained levels. However, the price is unable to breach the $15 mark and hence is expected to remain consolidated below these levels for some time. 

As the day’s close approaches, a slight rise in the volatility may be expected that may raise the price slightly high but surpassing $15 may require hefty buying volume.

Will the SOL Price Reach $22 by November?

The Solana price began the monthly trade on a huge bullish note and surged by nearly 25% to reach close to $40. However, the unfamous FTX collapse occurred, dragging the SOL price extremely lower. The price without bullish support is expected to remain within the consolidated range until the weekly close. 

As the trade approaches the end of the monthly trade, a slight rise in volatility may be expected that may escort the price in any direction. In case of a bullish breakout, the price may be settled close to $20, else may remain consolidated around the $16 to $17 range. 

Solana Price Prediction for 31st December 2022

The Solana price had been under bearish captivity ever since the beginning of the yearly trade after the price marked its highs. The bulls did attempt to restore the levels above $100 but the first market crash in May blew up everything. Meanwhile, it create the ripple of fallout ahead which compelled SOL price to remain restricted blow $40 for a long time. 

In the times when the SOL price attempted to rise high, the fresh sell-off led by FTX hampered the rally to a large extent. Therefore, after closing the November trade on a bearish note, December is expected to be somewhat bullish but price levels are expected to remain consolidated below $20 until the end of December 2022.

Solana Price Prediction: 2022, 2023, 2024, 2025

Solana price has been under intense bearish pressure for a long time, which appears to have intensified recently. Meanwhile, fewer chances of a rebound are likely as the bulls remain silent while the bears roar. As a result, the upcoming trend may be bearish and continue to form new lows until the end of 2022. 

However, the SOL price is expected to recover slowly but steadily in the coming months and lay down a significant upswing. The Solana price prediction for 2022 is around $18.67 to $21.98, while the token may reclaim lost levels and surge beyond a three-digit figure in the next five years.

Additional read: Total-Value-Locked in Solana tanks down over 90%

Year SOL Price Forecast
2022 $18.67 to $21.98
2023 $34.43 to $41.56
2024 $55 to $64.3
2025 $71 to $80.4

Solana News Today

  • Solana was recently integrated with Google cloud to bring the blockchain Node Engine on the platform in the coming days. Google is also running a block-producing Solana validator to participate in and validate the network.

  • Solana-based NFTs went live recently on Instagram and Facebook

Related: Top Crypto News Today

Prices as on 10 November, 2022.

Share this Story

Check Also

Algorand Price Prediction 2025-2023: This is When ALGO Price May Reach $1!

ALGO price continues to extended the bearish trend, forming new support levels as the selling pressure mounts up.



    Invest in Bitcoin, Ethereum, & other 200+ crypto assets.
    Download the app now, register & start with as low as Rs.100
    ios download link
    android download link
    qr code for download