This altcoin FTT has announced that it has joined the ranks of LUNA, with the altcoin price dropping 97% from its peak. cryptocoin.comIn this article, we discussed the decline of altcoin.
Altcoin joining the ranks of LUNA and FTT is having a hard time
SOL price is up 20% after falling to its worst level since February 2021 as Solana’s technical data suggests further upside is possible. Solana recouped some of its losses on December 30, after falling to its lowest level since 2021. On the daily chart, the price of SOL rose from about $8 to about $10.25, up over 20%.
However, the intraday recovery is down 97% from its record high of $267.50 in November 2021. Then it did little to offset the overall bearish trend, down more than 20% last week. But as the year has been brutal for the markets, Solana is now joining the ranks of FTX Token and LUNA, the worst performing tokens of 2022. Also, these tokens are down about 98%.
Will the SOL price increase by 50%?
The latest Solana price increase points to the possibility of further upside towards 2023. This is mainly due to the Doji, a candlestick pattern that occurs when the asset opens and closes at or near the same level in a given time frame. SOL created what appears to be a “standard Doji” on its daily chart on December 29. Traditional analysts view a Doji as a potential reversal candlestick pattern, given that it indicates the bears and bulls are in a stalemate. From a technical point of view, the Doji pattern is in a long bullish period. However, it can indicate a reversal of the downtrend and vice versa.
The Doji of SOL emerged after a long period of downtrend, as shown on the daily chart. This, combined with the token’s oversold strength index reading, suggests that there could be a long bullish reversal in 2023. SOL’s main upside target appears to be around $15, up over 50% from current price levels. The $15 level has been acting as a resistance since November 13, 2022.
Tackling negative fundamentals
Solana has exhibited close to 97% losses since the beginning of the year. However, it has emerged as one of the worst performing cryptocurrencies of 2022. In contrast, the total cryptocurrency market cap has dropped by only 65% ​​over the same period. A few reasons could explain SOL’s poor performance in 2022, including the Fed, Solana’s repetitive downtime, a $200 million hack in one of its associated wallets, and possible FTX disclosure.
Earlier in December, Anatoly Yakovenko, co-founder of Solana Labs Inc. announced that about 80% of projects on Solana’s blockchain have never had exposure to FTX. He also stated that there is more to their platform than a defunct crypto exchange.
