Solana’s price dropped 60% in the wake of the FTX and Alameda controversy. Lido DAO is up 14% in the last 24 hours. But according to crypto analyst Aaryamann Shrivastava, it needs stronger bullish signals to start the recovery. Render Token has lost all of its October growth in the last three days, but managed to stay above the critical boost level. We have prepared for our readers the analysis and assumptions of the altcoins that the analyst said should be avoided after the FTX event.
“SOL in free fall after FTX crisis”
Koindeks.com As you follow, it was Solana, one of Alameda Research’s biggest investments. That’s why SOL was the altcoin that took the most damage after FTT. SOL price dropped from $36.9 to $14.4 in 72 hours. This 60.78% drop reached almost $12.1 at the critical foothold. Currently, the altcoin is starting a recovery along with the rest of the market. It has increased by 20.38% in the last hours. Despite this increase in buying pressure, SOL is a long way from the next critical resistance of $23.2.
However, if the bullish traction loses and SOL falls again, it is possible for the altcoin to test the 21-month reinforcement level at $12.1. There’s also the potential for even more falls.
“Lido DAO looks to recovery”
The LDO price fell by 45.26%, erasing all the growth it had recorded by the altcoin in almost four months. The token is trading at $1.04. Also, unlike other altcoins, it stands quite a distance from the $0.66 anchor limit. Upstairs, the first defense margin before engagement is $1.23. This is expected to provide resistance to a random recovery effort.
On the other hand, if the broader market falls again, $0.66 could be the next reversal zone for LDO.
“Render Token still in consolidation”
The altcoin price had a pretty excellent month starting mid-October, when it surged 119.33%. However, investors’ dream of getting $1 back was crushed after the 53% drop in the last three days. Recently, Render’s baht has changed a bit after posting a 18.46% rebound on Nov. The RNDR is now approaching its critical resistance at $0.63.
Even if the broader market sentiment turns bearish again, the RNDR should see a retest of $0.32 where the critical foothold is. Regardless, the altcoin has technically been consolidating within one-on-one resistance ($0.80) and reinforcements ($0.32) since June. Therefore, investors need to maintain a positive outlook.