Investing.com – continues to suffer from the crisis triggered by FTX and the price of is thus the only one among the top 20 cryptocurrencies to appear currently in the red.
Events around FTX have led cryptocurrency exchanges like Binance, OKX, Bybit, and BitMex to announce trading suspensions for Solana-based stablecoins USDC and USDT. Binance even went so far as to suspend USDC and USDT deposits “until further notice”.
“Binance reserves the right, in its sole discretion, to supplement, modify or revoke this announcement at any time and for any reason, without notice.”
For the growth of the Solana ecosystem, such restrictions are a stress factor, which is why the price is falling, contrary to the generally positive development of the cryptocurrency market.
Solana: Technical thresholds to monitor
Solana is currently losing -3.61% at a SOL/USD price of $13.606, while the weekly loss stands at -22.22%.
After falling from the November 5 high of the $38.88 area to the November 9 low of $12.48, the cryptocurrency failed to make a sustained rally. The 23.6 percent Fibo retracement offers strong resistance at $18.71, which has only been tested once so far.
Trading is taking place within range of the low of $12.48 so a retest of this level should be expected at any time. Below this, the room for an extension of losses towards the psychological mark of $10.00 would increase.
Only if one manages to sustainably overcome the resistance of the 23.6 percent Fibo retracement, one can aim for the psychological mark of $20 and the 38.2 percent of $22.57.
By Marco Oehrl