Biggest Movers: SOL Rebounds From 2-Month Low to Start the Weekend

Solana rebounded from a two-month low to start the weekend, as bulls reentered the market to buy the recent dip. Overall, the global crypto market cap is currently trading 1.8% higher, following a nearly 10% drop on Friday. Polygon was another notable mover, as price rose by nearly 7% on Saturday.

Timeline of Solana

Solana price analysis for March 11, 2023, reveals the market following a partial bullish movement; moreover, Solana has obtained massive negative momentum, signifying a decline for the SOL market. Solana's price has been experiencing a decline in the last few hours, dropping from $18.30 to $16.09 yesterday.

SOL Price Prediction: Starting from mid-January, the Solana coin traveled a sideways trend for the last few months, resonating between the $26.8 and $20 levels. However, with the increase in selling pressure in the market, the sellers obtained an upper hand and breached the range support of $20.

The crypto market witnessed a major price correction over the last day, and Solana [SOL] followed suit. Along with most of the cryptos, SOL took a harder hit as its price declined by over 8% in the last 24 hours.

Solana presented a worrying possibility on the price charts. Its performance in January was remarkable, but its sharp fall beneath the psychological $20 level meant bears were utterly dominant.

Solana lost its key support at $20 and is now accelerating down. Solana Price Analysis Key Support levels: $17, $15 Key Resistance levels: $20, $23 SOL failed to maintain its price within the descending triangle, and with the support at $20 turned into resistance, it's currently in search of support.

A cluster of massive Solana whale wallets has transferred over $60 million worth of $SOL to the Nasdaq-listed cryptocurrency exchange Coinbase in a series of transactions that suggests the funds were moved by a single entity. According to data from whale monitoring service Whale Alert, a series of transactions worth between $12 million and $12.

As the cryptocurrency market continues its struggle to remain above the $1 trillion psychological threshold, Solana (SOL) is feeling the pain as well, and the crypto community is trying to get a sense of where its price could be by the end of the third month of 2023.

Solana [SOL] continued consolidating near local highs, showing buyers aren't exiting just yet. Despite last week's network outage, SOL didn't drop below the support; a retest could offer ideal buying opportunities.

Developers and validators of the Solana blockchain have decided to restart the network following a prolonged slowdown over the weekend that pushed the value of its native SOL token off the cliff and brought almost all the transactions to a halt.

The Solana blockchain is once again in the spotlight following a significant outage that lasted over 20 hours on Feb. 25. The blockchain has suffered a dozen outages in the last two years, and experts point to the design of the system as the main reason behind its performance issues.