In today’s trading session, many cryptocurrencies emerged as the top gainers. On the list was Solana (SOL) which also witnessed a significant push in its value.

Solana Rebounded from Losses

In the past few trading sessions, the trading price of Solana had reportedly moved in a negative direction. It faced huge losses in its value but the trading asset has managed to sustain the recent price dip.

The trading price of Solana had reportedly fallen to a low of $15.6. The data tracking platforms witnessed the drop in Solana’s price on Thursday.

As the price fell, many investors thought that SOL would continue to experience a decline. It is quite fortunate for the investors that the price of SOL picked up the same day it experienced the dip.

The intraday trading session witnessed a great surge in SOL’s trading price. SOL went towards strong gains as its value went up to a high of $18.68.

The reason behind SOL’s Decline

Due to the recent downfall of Alameda Research and FTX, Solana faced a massive decline in its value.

However, the investors have found it to be the best opportunity to buy the dip. They are now buying Solana in an aggressive manner.

This is a huge opportunity for the investors to gather as many Solana as possible. This has helped push the trading price of Solana to a higher level.

FTX Declared Bankruptcy

Just when things were going better for Solana, FTX reportedly filed for bankruptcy. the announcement came as a low blow for the Solana investors.

Most of the gains that Solana had generated on Friday were washed off.  This happened because the Solana blockchain is backed by Sam Bankman-Fried, the founder of the FTX exchange.

Initially, there were reports of FTX being acquired by Binance. However, as Binance withdrew from the deal, things came back to square one for FTX as well as Solana.

RSI Stands below the Resistance Level

After losing 20% of its value, Solana seems to be facing a complex situation. It cannot be said where the price of Solana would lean in the upcoming days but the RSI is showing off an elevation.

For now, the RSI for Solana stands at 38.36 and in order for the RSI to climb higher, it needs to make it through the resistance level of 40.

It is very important for the RSI to hit and cross the score of 40 if it wants to witness a rally. Investors also need a positive indicator before they can start investing in digital assets.

If the small-level rallies keep forming an incline in SOL’s price, more investors would join the rally to make it stronger. In such an event, the trading price of Solana would be able to climb up to a high of $28.00.