Solana (SOL) price has not recovered from the November dip, an outcome that linked to the prolonged bear market. The absence of a proper catalyst has also left SOL overly volatile as bears and bulls grapple for control. This was seen between January 15 and June 8, when the altcoin consolidated horizontally within a fixed range.
Upward, Solana price was rejected from the $26.30 resistance level while it floated above the $17.14 support level. Based on the price action within this range, SOL could be coiling up for a breakout, potentially breaching the downtrend line this time round.
Already, Solana price has recovered 20% from the intra-day low of $12.80 to the current price of $14.75. As the altcoin brews a V-shaped recovery rally, investors are concerned about whether it is too late to buy SOL.
— Lansing ETH (@0xhedley) June 14, 2023
The Solana price slump came amid legal actions by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase exchanges. As reported, the financial regulator alleged that SOL, among other altcoins like Polygon (MATIC), Cardano (ADA), and Decentraland (MANA), were unregistered securities.
Therefore, the dark clouds above Solana price come as Fear, Uncertainty, and Doubt (FUD) dominate the SOL market. This is because if the U.S. courts uphold the regulator’s stance, SOL could be subject to more stringent regulations within the United States.
Solana Foundation Challenge SEC’s Security Label
The Solana Foundation strongly believes that SOL should not be considered a security. SOL is the native token of the Solana blockchain, a robust, open-source, community-based software project that relies on the decentralized user and developer engagement for its growth and evolution.
The Solana Foundation disagrees with the characterization of SOL as a security. We welcome the continued engagement of policymakers as constructive partners on regulation to achieve legal clarity on these issues for the thousands of entrepreneurs across the U.S. building in the…
— Solana Foundation (@SolanaFndn) June 10, 2023
The clap back helped Solana price rebound 20%, inspiring hope among SOL holders.
Solana Price Analysis As SOL Incubates Recovery Rally
Solana price remains approximately 35% lower than its level before the SEC lawsuit, which was above $22 with an overall bearish outlook. After testing the $12.68 support level, a rise in momentum indicated by the climbing Relative Strength Index (RSI) suggests traders buy the dip. However, it would take more for the altcoin to recover.
An increase in buying pressure could see Solana price restore above the critical support at $17.14. Though distant based on the current FUD in the market, this is doable, as evidenced by the Awesome Oscillators (AO) drawing toward the midline and flashing green. This shows that bulls are putting in the work.
Above the $17.14 level, Solana price could resume the spiraling pattern, breaching the 50-, 100-, and 200-day Exponential Moving Averages (EMA) at $19.47, $20.34, and $23.12, respectively, to test the $23.94 resistance level. In a highly bullish case, SOL could tag the $26.30 hurdle in a bullish attempt to collect the liquidity above it for more gains.
Conversely, if SOL bears manage to push the cryptocurrency below the $12.68 support level, SOL could retest levels last observed in early January. In the dire case, the altcoin could descend to the lows witnessed in December 2022, around $9.55. This is possible as the AO indicator showed that bears still had the advantage.
Considering the possibility of a further downside for Solana price in the near term, those wondering if it is too late to buy SOL might find that it’s probably not. However, individuals contemplating entering the market by purchasing SOL may prefer to wait until the regulatory uncertainty calms before taking a position.
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