Solana’s price has taken a hit recently, facing a notable decrease as it grapples with bearish market trends and tests various support levels.
Solana’s 9.64% daily drop has sparked concerns among investors, signaling strong bearish momentum as it breaches the $170 mark. Now, the market is closely monitoring for signs of either a potential recovery or further declines.
Solana Price Decline and Trading Activity Surge
Solana’s price has experienced a significant decrease over the last 24 hours, reflecting a bearish trend in the market. This decline has resulted in the cryptocurrency breaking through several previously established support levels. Currently, SOL is trading below the $170 mark, indicating a descending triangle pattern and suggesting ongoing selling pressure.
At present, Solana’s price stands at $152.26, marking a notable drop of 9.64% within the past day. Despite this downturn, its market capitalization remains substantial at approximately $67.9 billion, maintaining its position as the fifth-largest cryptocurrency by market cap. Trading activity has surged significantly, with a 128.83% increase in 24-hour volume, reaching $5.74 billion.
Solana’s Recent Downtrend
Solana has experienced a recent downturn after reaching above the $200 mark, indicating a reversal in its price trajectory. In the past seven days alone, the cryptocurrency has seen a decline of over 13%, signaling a significant sell-off. Over the course of a month, its value has contracted by 10%.
Solana Price Prediction
The broader cryptocurrency market also reflects a bearish sentiment, with Bitcoin hovering just below the $68,000 level and Ethereum trading under $3,400. This trend is typical ahead of a halving event, which often leads to market adjustments and price fluctuations.
As the crypto community anticipates Bitcoin’s upcoming halving event, there is increasing speculation about its potential impact on altcoin values, particularly Solana.
Solana Price Analysis and Forecast
If the bullish trend resumes, SOL’s price could surpass the $170 resistance level, indicating a resurgence in bullish momentum. This could propel the cryptocurrency towards the $190 mark. Sustaining this upward trajectory may pave the way for a push towards the $200 resistance level in the near future.
However, if bearish pressures persist, SOL’s price may decline to test the $140 support level. Further selling pressure could drive the price lower, potentially leading to a drop to the $120 support zone. Such a scenario could signal a bearish shift in the market sentiment.
Solana Price Prediction| Source: Tradingview
The Relative Strength Index (RSI) currently stands at 36.16, nearing the oversold threshold of 30. This suggests that SOL may be approaching undervalued territory, potentially signaling a reversal if buying pressure increases.
On the other hand, the moving Average Convergence Divergence (MACD) indicator exhibits a bearish crossover. Both its signal line and histogram indicate a strengthening bearish momentum, as evidenced by their descent into the red zone.
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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