Solana Spikes 35% in 7 Days: Can SOL Reach $20 Next?

Vinod Dsouza
Source: Bitcoinist

The FTX and Alameda fiasco affected Solana in the indices and it crashed to $9 from $36 in less than two months. SOL’s market cap tanked and slipped below the $5 billion mark and it is now behind Shiba Inu.

However, SOL briefly recovered in price this week after it spiked 35% in the last seven days. The recent spike brought in nearly $500 million in market cap for SOL. Now that SOL reached $13, will another leg up take it to $20 next? Let’s find out!

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Solana: Will SOL Reach $20?

Source: Bitcoinist

Solana turned bullish in January after weeks of bearishness that plagued its growth since the mid-November crash. The technical analysis for SOL is primarily bullish on TradingView with a ‘buy’ placed at 9. The overall summary and moving averages remain to be neutral and the bullishness is turning into bearishness.

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Source: TradingView

The jury remains that Solana could retrace in price after attracting bullish sentiments this week. Solana’s price is beginning to retrace on Thursday as it is down nearly 5% in the indices. If SOL fails to hold on to its newfound resistance levels of $13, its next leg could be $11 and slip further down.

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Crypto is receiving limited inflows as investors are not blindly taking an entry position into SOL. A spike to $20 in the coming days could be out of the charts as investor sentiments in SOL are weakened due to the FTX fiasco.

At press time, Solana was trading at $13.13 and is up 4.7% in the 24 hours day trade. It is also down 94.9% from its all-time high of $259, which it reached in November 2021.