The Solana price is currently experiencing significant selling pressure, as indicated by the technical chart. There is a possibility of further correction, with the price potentially extending down to $83.
Solana (SOL), a competitor to Ethereum’s layer-1, has encountered substantial selling pressure in the last two weeks following its peak of $123 on Christmas, marking its highest point in 2023. This recent decline follows a significant price surge, where SOL experienced a remarkable gain of nearly 1000% throughout the year 2023.
Solana (SOL) Price Analysis: Current Status and Future Potential
As of the latest update, Solana (SOL) is experiencing a 6% decline, trading at $89.51, and carries a market cap of $38.6 billion. On the weekly chart, SOL has turned negative with a notable 13% drop.
The ongoing momentum favors sellers, posing potential downward extensions for Solana’s price. The critical 61.8% Fibonacci level at $83.64 emerges as a target, indicating a possible 15% decline from the current levels. A breach below this level could lead to further descent, targeting the 50% Fibonacci level at $70.18. In a more bearish scenario, the price might test the 38.2% or 28.6% Fibonacci levels, situated at $56.73 and $40.08, respectively.
Analyzing the technical indicators, the Relative Strength Index (RSI) suggests declining momentum, while the Average Directional Index (ADX) reinforces the strengthening downtrend, indicating a prevailing bearish sentiment.
Despite the bearish signals, the Awesome Oscillator (AO) remains in positive territory, accompanied by green histogram bars, signaling the presence of bullish forces in the SOL market. If bulls make a resurgence, there is potential for a shift in directional bias, with Solana’s price aiming to reclaim levels above the 78.6% Fibonacci level. In an exceptionally bullish scenario, the altcoin could surpass the market range and target the $127.20 range high.
Solana Meme Coin Surge: Myro (MYRO) Gains Momentum
Following the substantial surge in BONK, the meme coin space within the Solana (SOL) ecosystem is gearing up for another significant bull run. Myro (MYRO), positioned as the third-largest Solana meme coin after BONK and Dogwifhat (WIF), has experienced a remarkable upswing, more than tripling in value in 2024.
Myro (MYRO) showcased impressive parabolic growth on January 5, 2024, reaching a high of $0.088 earlier this week. Despite a partial retracement, the memecoin is currently trading at $0.06008, marking a 150% increase on the weekly chart.
Investors keen on acquiring MYRO can explore Solana decentralized exchanges (DEXes) such as Raydium and Orca. Additionally, the token is available on centralized exchanges including KuCoin, HTX, and MEXC Global.
Prominent cryptocurrency influencers on the X platform actively endorse MYRO, providing a boost to its visibility. Interested users can acquire the token through a dedicated Telegram bot facilitated by the Myro (MYRO) team.
Looking ahead, the Myro team has outlined plans to introduce a user-friendly staking program in the upcoming year, enhancing the utility and potential of this emerging dog coin.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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