After the FTX saga got yet another twist in the form of its CEO’s resignation and the cryptocurrency exchange’s bankruptcy filing, the crypto market is back to swimming in the red, leading experts and investors to try and ascertain where its assets like Solana (SOL) could be heading in the near future.
As it happens, a panel of 55 fintech specialists has predicted that the price of Solana would reach $35 by the end of 2022, which is lower than the panel’s predictions from July when they expected it to hit $45, according to the results of a Finder poll published on November 8.
Regardless of the lowered expectations, the predicted price would still represent an increase of 113.81% compared to the current price of SOL, which at press time was changing hands at $16.37.
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Earlier, about 33% of industry experts surveyed by Finder had admitted that they were losing trust in the Solana team due to the frequent network outages and hacking incidents, although 37% still remained positive about the team’s capabilities, as Finbold reported.
Solana’s recent activities
Like most decentralized finance (DeFi) assets, Solana has followed a general market trend over the past months, trading mostly sideways before suffering a massive decline to $12.62 on November 9 upon news of the FTX liquidity crisis and in anticipation of the second-largest token unlock.
Although things seemed to be looking up after a favorable October consumer price index (CPI) report gave wind to the crypto market’s sails, the newest FTX developments have painted the charts red again, including Solana’s, which is now down 4.24% on the day, as well as 51.33% across the previous week.
What is needed for a rally?
Meanwhile, crypto experts over at TradingShot observed that an “oversold RSI means nothing” in terms of predicting a potential Solana rally, which needed more than a rebound after the 1D RSI broke below the 30.000 oversold barrier.
As they explained, this is because, in the previous two similar observed situations, Solana had “failed to sustain the uptrend as the price got rejected on the 0.382 Fibonacci retracement level.”
According to TradingShot, “we ideally want to see a break above the 0.5 Fib level (22.00) before buying into the rally,” adding that “the obvious short-term target is the 1D MA50 (blue trend-line),” and that “a break above the 1D MA200 (orange trend-line) which is unbroken since January 20,” can make a trend shift long-term to bullish.”
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