The digital asset of Solana (SOL) has broken out of a bearish death spiral that saw it lose the $10 support level and hit a local low of $8 on December 29th. Since mid-November, Solana has struggled to shake off its link to the recently collapsed FTX and Sam Bankman-Fried’s trading firm, Alameda Capital.
Solana Must Reclaim $15 to Maintain a Bullish Trajectory
Solana is now trading at $12.34 and looks set to reverse its fortunes with the new year. A quick look at the one-day SOL/USDT chart courtesy of Tradingview shows that the digital asset remains in bearish territory below the 50-day (white), 100-day (yellow) and 200-day (green) moving averages.
However, Solana’s daily MACD, RSI (red) and MFI (green) hint at an oversold scenario which could propel Solana back above the crucial $15 price zone that could push it back above $20 and higher with the new year.
Solana’s Fortunes Reversed Once Ethereum’s Vitalik Buterin Tweeted it Has a Bright Future
Solana’s reversal in the crypto markets comes less than a week after Ethereum’s Vitalik Buterin tweeted that the project had a bright future and sincere developers. His tweet was made on December 30th, a day after Solana hit a local low of $8.
Vitalik’s tweet said:
Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.
Hard for me to tell from outside, but I hope the community gets its fair chance to thrive.
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.
Hard for me to tell from outside, but I hope the community gets its fair chance to thrive🦾🦾
— vitalik.eth (@VitalikButerin) December 29, 2022