It was a bumpy weekend for SOL, but a 50% price rebound is possible.
other than SOL there is no way to liquidate the rest of the holdings without completely crashing the marketsGoogle partnership, NFT growth
Nevertheless, traders showed interest in holding SOL’s price above $30, a technical support level, on Nov. 7. One reason could be a flurry of optimistic news thatIn addition, Solana continues gaining higher traction in thesector. For instance, the total number of NFTs released on the Solana blockchain is up 19.3% quarter-over-quarter to reach over 8 million in Q3 2022.
“Several developments across Solana’s NFT sector allowed it to maintain a strong position relative to a peer group of the top L1s by“Secondary sales volume managed to eclipse Ethereum in early September. The majority of the activity during that period took place on Magic Eden V2.”, enabling users to create, sell and market their favorite digital arts and collectibles.As mentioned above, the SOL price’s correction showed signs of exhaustion when it retested $30 as its support level on Nov. 7.
Conversely, an extended selloff below the $27.75-$30 support area risks sending SOL’s price to around $19.50, or about 40% lower than today’s price.The $19.50 level served as support between March and July 2021, as shown in the chart above. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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