Three altcoins to stay away from after FTX implosion: Solana (SOL), Lido DAO (LDO) and Render (RNDR)

Solana price, along with fellow tokens Lido and Render, has felt the brunt of the FTX exchange's collapse. In the last few days, the trajectory of all three has shifted from slightly bullish to extremely bearish, resulting in declines of almost 60%.

Solana price nearly in a freefall

Solana price took the most damage after FTT as it was one of Alameda Research’s biggest investments. Alameda is a crypto investment fund that forms part of the empire of FTX owner Samuel Bankman-Fried and has also suffered due to FTX-fallout. SOL price fell from $36.9 to $14.4 in the span of 72 hours. This 60.78% drop almost extended to $12.1, where critical support is situated. 

At the moment, the cryptocurrency is initiating a recovery along with the rest of the market, rising by 20.38% over the last xx hours. Despite this spike in buying pressure, SOL is far away from its next critical resistance at $23.2. 

SOLUSD 1-day chart

However, if the upswing loses traction and SOL falls again, the altcoin might test or potentially even fall through the 21-month support level at $12.1.

Lido DAO price looking at recovery

Lido DAO price has declined by 45.26%, invalidating all the growth observed by the altcoin in almost four months. Trading at $1.04, the token, unlike other cryptocurrencies, stands far away from its support line of $0.66. On the upside, the first line of defense prior to the crash stands at $1.23, and this will be expected to provide resistance to any recovery efforts.

LDOUSD 1-day chart

On the other hand, if the broader market declines again, taking Lido DAO with it at $0.66 might just become its next reversal zone.

Render Token price is still in consolidation

Render Token price had a rather spectacular month starting mid-October when the altcoin rallied by 119.33%. However, investors' dream of reclaiming $1 was squashed following the 53% drop in the last three days. Most recently, Render’s fortunes have turned somewhat after posting an 18.46% recovery on November 10. Now RNDR is nearing its critical resistance at $0.63.

RNDRUSD 1-day chart

Even if the broader market sentiment turns bearish again, RNDR should see a retest of $0.32, where critical support lies. Regardless, investors should maintain a positive outlook since the altcoin is still technically consolidating within the same resistance ($0.80) and support levels ($0.32) that it has been since June.