Solana is still experiencing problems related to the FTX issue, and as a result, it is the only top 20 cryptocurrency with a price that is now in the negative.
The USDC and USDT stablecoins, which are based in Solana, have had their trading suspended as a result of the events surrounding FTX, according to cryptocurrency exchanges Binance, OKX, Bybit, and BitMex. Binance even went so far as to “until further notice” suspend deposits in USDC and USDT.
“Binance reserves the right, in its sole discretion, to supplement, modify or revoke this announcement at any time and for any reason, without notice.”
Such limitations are a stressor for the expansion of the Solana ecosystem, which is why the price is declining, in contrast to the cryptocurrency market’s more generally positive trend.
Solana: Monitor technical thresholds.
At a price of $13.606 for SOL/USD, Solana is now losing -3.61%, while the weekly loss is -22.22%.
The cryptocurrency’s price dropped from a peak of $38.88 on November 5 to a low around $12.48 on November 9, and it never recovered. Strong resistance is available at $18.71, the only time it has been challenged, which is the 23.6 percent Fibo retracement.
