Solana is facing the heat of Tuesday’s crypto market crash as the token is down 16% in the day’s trade. SOL slipped from $32 to $25 in a few hours and if the downturn continues, it could bleed further in the indices.
The drastic fall in price comes even after Google Cloud announced a collaboration with Solana to bring Blockchain Node Engine to the platform.The partnership will go live sometime in early 2023 to “make it easier for the Solana developer ecosystem to access historical data,” said Google Cloud.
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Solana: November 2022 Price Prediction
Investors seem to be bearish on Solana despite the Google Cloud development. Investors predicted on CoinMarketCap that SOL will reach a price of $0.34.29 by November 30, 2022. The price estimates were done before Tuesday’s market crash and are now way below the November 2022 prediction.
For Solana to reach $34.27, it needs to spike $7 in three weeks from its current level of $27. While a $7 jump in price isn’t impossible for the crypto markets, the bearish conditions are what’s holding SOL back.
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Solana has been repeatedly rejected at $40 levels since August and is unable to pull its weight above the resistance. Therefore, SOL reaching $34 might be possible this month as per the estimates by the investor’s community. However, SOL going above $40 levels might be unlikely unless the crypto markets experience a sudden rally, which is unlikely.
It is advised to wait and watch how SOL reacts to the U.S mid-term elections and CPI data before taking an entry position. Going all-in on Solana at current levels could be dangerous as the markets could tank post CPI report is released.
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At press time, Solana was trading at $31.63 and is down 12% in the 24 hours day trade. It is also down 87.7% from its all-time high of $259, which it reached in November last year.