SOL Falls to a 30-Day Low: Can the $88.30 Floor Hold?

SOL trades near $90.2. The price fell about 7% on 5 November. That close was its lowest in 30 days.

Over the past 30 days SOL is down about 25%, far more than its usual daily swings would add up to.

The price closed at its lowest in a month. Source: Binance SOL/USDT daily prices, to the 5 November daily close, computed by www.altcoinbuzz.io.

Heavy Trading Came With the Weakest Close

Trading on Binance came to $246 million on 5 November. That is about 40% above its 20-day average.

Coinpedia reported the selloff came as falling prices forced long holders to sell. Total derivatives liquidations reached around $1.06 billion, with $934.73 million of it longs.

247wallst.com reported a historic exchange hack turned SOL's gradual slide into a sharp plunge.

$88.30 Has Turned SOL Five Times Since February

The nearest level below the price is a floor at $88.30, about 2% below. A floor is a price where falls have stopped before.

The price sits about 2% above its $88.30 floor. Source: Binance SOL/USDT daily prices, to the 5 November daily close, computed by www.altcoinbuzz.io.

SOL trades about 2% above it. Before SOL rose over it, $88.30 was a ceiling, a price where rises have stopped before. It has turned the price 5 times since mid February. Its last turn came on 21 May.

The relative strength index (RSI) is a 0 to 100 score of how strongly the price has risen or fallen lately. Above 70 it is often read as a rise that went too fast, and below 30 as a fall that went too fast. It reads 29.

The Levels That Would Settle SOL's Slide

A daily close is the last price of the day. The two levels here sit about 3% above and about 2% below the price.

A daily close above $92.50 would change the picture. The next level above sits at $97.30, about 8% above.

A daily close below $88.30 would change the picture. The next level below sits at $83.98, about 7% below.

$92.50 above and $88.30 below are the two levels a daily close would settle.