• Solana is printing a fresh yearly low this Tuesday as crypto markets are rattled again.
  • SOL slips below the $12 threshold and could flirt with single-number prices.
  • At risk is another 40% decline toward the next important multi-year low.

Solana (SOL) price is imploding again as November is set up for its worst-performing month ever, as the FTX chapter could be the final chapter for SOL if this sell-off continues. Risk comes as two other cryptocurrency services signal near default as they run out of cash with failed attempts to raise it. Another corpse is falling out of the closet, which makes SOL a Lehman Brothers-type stock.

SOL: biggest victim in the crypto purge

Solana price action this week must give traders the feeling they are watching a scary movie. Take your pick between Halloween, Scream or The Purge. Traders and investors are backing away from cryptocurrencies as a violent storm is hovering in its asset class where several parties are looking to one another, afraid of cooperating as anyone could be the next victim and could not be there the next day as a massive cash exodus continues. 

SOL's current performance for November comes with a whopping 70% loss, and the bottom has not arrived yet. As with Socrates, SOL will need to drink up the poison cup and see its value trade around $8, near the low of February 6, 2021. That means roughly another 40% decline, totaling an 80% decapitation in just 17 trading days.

SOL/USD daily chart

SOL/USD daily chart

A big catalyst, or white knight in shiny armor for that matter, is the only element that could create a tight turnaround in this string of developments. Should a consortium of banks step in and incorporate a few cryptocurrency holdings, place them under due diligence and necessary financial restrictions known in equities and other asset classes, that would bring some stability and return of confidence in the much-battered asset class. SOL would quickly pop back above $18.66 and next reach $26.01, erasing a large chunk of the incurred losses for this month.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

MANTA suffers 4% pullback after unlocking tokens worth $40 million

MANTA suffers 4% pullback after unlocking tokens worth $40 million

Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks. 

More Cryptocurrencies News

XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says

XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says

The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30. 

More Ripple News

Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction

Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction

Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000. 

More Bitcoin News

If Bitcoin restarts bull run, these altcoins are likely to explode Premium

If Bitcoin restarts bull run, these altcoins are likely to explode

If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm. 

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP