The cost of Solana (SOL) has dropped significantly in the last 24 hours, reflecting a bearish trend. This decline has caused SOL to breach several previous support lines. At present, the cryptocurrency is being traded below $170, suggesting a descending triangle pattern that points to strong selling pressure.
The price of Solana is presently at around $152.26, marking a significant drop of nearly 10% over the past day. With a market value of roughly $67.9 billion, Solana holds the fifth-largest spot among cryptocurrencies in terms of market capitalization. The level of trading has picked up substantially, resulting in a 128.83% rise in daily volume, which now amounts to approximately $5.74 billion.
Solana Price Prediction: Bearish Trend Breaks Key Support Levels
Recently, Solana has seen a decline in value. Following a rise above $200, the cryptocurrency has taken a step back, indicating a potential trend of decreasing value. In just the past week, Solana’s worth has dropped by more than 13%, which is a strong indication of heavy selling. Over the course of the last month, its value has shrunk by 10%.
In simpler terms, the entire crypto market is showing signs of a downturn. Currently, Bitcoin hovers around $68,000, while Ethereum trades below $3,400. This pattern is common before a halving event, which can cause significant price changes.
As the cryptocurrency community anticipates Bitcoin’s upcoming halving, there is growing debate about how this event could influence the prices of alternative coins like Solana.
Bearish Trends Prevail: Solana’s Response to Market Adjustments
If the bullish trend resumes, Solana’s price may surpass the $170 barrier, suggesting a rekindling of bullish energy and potentially propelling the cryptocurrency towards $190. Should Solana continue moving in this direction, it might be poised for an attempt at the $200 resistance level in the near future.
In other words, if the downward pressure on Solana’s price grows stronger, it may fall to the $140 support level. If selling continues to outpace buying, the price could decline further to the $120 support area, which might signal a shift towards bearish sentiment in the market.
With an RSI reading of 36.16, the asset is not far from the oversold level of 30. Such a low RSI value may be indicative of the asset being underpriced and ripe for a reversal, assuming buyers enter the market to capitalize on this potential opportunity.
At the same time, the MACD indicator is signaling a sell opportunity based on its bearish crossover. The graph’s signal line and histogram are turning red, indicating that the bearish momentum is growing stronger.
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2024-04-13 17:53