• SOL declined by around 80% in November but has seen a rebound.
• Solana’s status showed that it had been online for over 90 days.

Solana [SOL] experienced a significant price drop influenced by various factors. Nevertheless, it appears to be bouncing back despite the ongoing regulatory uncertainty.

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SOL bounces

In November 2022, Solana went through a significant period of price volatility, resulting in a substantial decline. Between 6 – 9 November, SOL experienced consecutive drops of approximately 80%.

The downward trend persisted until late December when a rebound was observed.

Before the decline, SOL had been trading above $30, but it hovered around $9 during its downtrend. As of this writing, it was trading at around $19.1, reflecting a decline of over 1%.

Interestingly, the Relative Strength Index (RSI) indicated that SOL was in a bull trend at press time. The RSI line sat above the neutral line, accompanied by the Moving Average Convergence Divergence (MACD) trending above zero, affirming the bullish nature of the trend.

However, it’s worth noting that before its rebound, SOL faced some apprehension due to its classification as a security by the SEC. This led to fear, uncertainty, and doubt (FUD) surrounding the asset.

Solana as security and platform stability

One of the contributing factors to the decline experienced by SOL towards t

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Author: Adewale Olarinde

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