Ukrainian developer’s cryptocurrency predicted to fall by 27% after 42% collapse last week

Solana, a cryptocurrency created by Ukrainian developer Anatoliy Yakovenko, is predicted to drop by 27%. Further decline will occur if the token does not break through the current support level of $ 15, reached last week as a result of a 42% collapse.

According to cryptocurrency analysts, SOL $256.33 Solana -1.20% Market capitalization $121.67 billion VOL. 24 hours $1.19 billion is currently at the last level of support for the Golden Ratio. Over the past week, which has been a tumultuous one for the crypto market, the native token of the Solana project has become the worst performer among the top 10 cryptocurrencies.

This is an understandable dynamic, as the U.S. Securities and Exchange Commission (SEC) has named BNB, Cardano, Solana, and Polygon as securities in its lawsuits. After that, the online brokerage Robinhood announced that it would delist ADA, MATIC, and SOL altcoins amid the SEC’s claims against Coinbase and Binance.

According to the results of technical analysis, despite last week’s massive collapse, Solana demonstrated resilience, managing to push back and close above the Golden Ratio support level of $ 15 by the end of the same week.

If SOL starts to recover, it will face significant Fibonacci resistance levels at $ 16.4 and $ 19. If Solana fails to break through the current level, the next significant support will be between $ 8 and $ 11. This means that the coin’s decline will be 27.7%.

In addition to SOL, ADA cryptocurrency has also suffered from SEC lawsuits, losing more than 26% in a week. Cardano is included in the SEC’s lawsuits against Binance and Coinbase as a security. Therefore, a large collapse in the ADA price is expected. Cardano’s parent company, Input Output Global (IOG), believes that the SEC has made a number of inaccuracies about ADA, which is not and has never been a security under US law.