Currently, Solana’s price is experiencing downward pressure as buyers try to capitalize on the dip after a 30% decline from its December peak. In contrast, Binance Coin (BNB) has also dropped, but not as significantly as Solana and other leading altcoins. This raises the question: Could Solana recover and surpass BNB once more, regaining the 5th position in terms of market capitalization?
Solana Price Is At Risk Of A Deeper Dive
Based on current market trends, it appears that the Solana (SOL) price could potentially fall further over the next few days, as it has recently dipped below a key support line connecting the lowest points since December 20th.
The coin has dipped below its peak of $193.65 on July 29, along with the 50-day moving average at $204.60. Dropping below these significant support levels indicates that there aren’t enough buyers currently supporting the coin’s price increase.
current Solana price should maintain itself above its all-time low for December 20th at $175.8; otherwise, a fall below $180 could potentially trigger a descent to $150 followed by $130, representing a potential 30% drop, as suggested by Ali Martinez, a well-known crypto analyst on platform X.
Consequently, there’s a possibility that the SOL price could experience further drops due to the persistent pattern of lower highs and higher lows. Additionally, from a broader perspective, it is vulnerable to a potential meme coin market crash considering the substantial losses experienced by those associated with its ecosystem over the past few days.
From a favorable perspective, if Solana’s price decreases to $175, this could potentially be a bullish indicator because it might indicate the formation of a double-bottom pattern with its neckline at $223. Historically, a double-bottom pattern often precedes a powerful bullish breakout.
BNB Price Cup And Handle Points To A Rebound
For BNB, the weekly chart indicates a developing cup and handle pattern, with the potential resistance level sitting at around $695 (current price range). The coin has already finished forming the ‘cup’ portion and is now moving through the ‘handle’ phase.
Consequently, the Binance coin price prediction suggests a high possibility that the BNB price will surge significantly and potentially reach $1,180. This projected value is determined by initially assessing the cup’s depth, which amounts to 70%. Subsequently, we measured the same distance from the upper rim of the cup.
Will SOL Overtake BNB Again?
In simpler terms, for Solana (SOL) to potentially surpass Binance Coin (BNB) once more, its price should ideally stay above the significant support level of $175. However, at this point in time, their chart patterns are distinctly unique, making it less likely that SOL will overtake BNB shortly.
Essentially, Solana’s network is flourishing significantly. The growth of stablecoins, the trading volume on decentralized exchanges, and the total value locked in DeFi are all showing a robust upward trend. Furthermore, the potential approval of a SOL exchange-traded fund (ETF) could serve as a significant catalyst for further growth.
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2025-01-10 15:31