Price Analysis

Solana Price Analysis: Bearish Pressure Intensifies, $130 Next Support?

Solana price analysis: SOL experiences a significant price drop, navigates bearish trends, and tests support levels.
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Solana Price Analysis: Bearish Pressure Intensifies, $130 Next Support?

Highlights

  • Solana's 9.64% daily decrease raises concerns among investors.
  • Bearish momentum is strong as Solana breaks through $170.
  • The market watches for potential recovery or further declines.

Solana price analysis: SOL price has seen a notable decrease over the past 24 hours, following a bearish trend. This descent has led the cryptocurrency to break through several previously established support levels. Currently, the altcoin is trading below the $170 mark, indicating a descending triangle pattern that highlights a persisting selling momentum.

Solana price is currently $152.26, representing a notable decrease of 9.64% in the past day. Its market valuation now stands at approximately $67.9 billion, securing its position as the fifth-largest cryptocurrency by market cap. Trading activity has surged, with a 128.83% increase in 24-hour volume, reaching $5.74 billion.

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Solana Price Analysis: Bearish Trend Breaks Key Support Levels

Solana has been on a downward trajectory recently. After a surge past the $200 mark, the cryptocurrency has retreated, signaling a downturn. In the last seven days alone, Solana’s value has diminished by over 13%, suggesting a robust sell-off. Over a monthly frame, it has contracted by 10%.

Solana Price Prediction

The broader crypto market also reflects a bearish phase. Bitcoin is currently just under the $68,000 level. Similarly, Ethereum is trading beneath the $3,400 mark. This trend is typical as markets adjust before a halving event, which often leads to price fluctuations.

With the crypto world looking forward to Bitcoin’s impending halving, there’s rising speculation about its ripple effects on altcoin values, especially Solana.

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Bearish Trends Prevail: Solana’s Response to Market Adjustments

If the bullish trend returns, the price of SOL might break the $170 resistance level, which could indicate a revival of bullish momentum, possibly pushing the cryptocurrency towards $190. If SOL maintains this trajectory, it could set the stage for an approach to the $200 resistance level soon.

Conversely, if bearish pressures intensify, SOL price might drop to the $140 support level. If sellers continue to dominate, the price could further descend to a lower $120 support zone, potentially marking a bearish turn in the market.

Solana Price Prediction| Source: Tradingview

The Relative Strength Index (RSI) is currently at 36.16, approaching the oversold threshold of 30. This might suggest that the asset is becoming undervalued and could potentially see a turnaround if buyers step in.

Meanwhile, the moving Average Convergence Divergence (MACD) indicator shows a bearish crossover. Its signal line and histogram reflect increasing bearish momentum as it deepens into red territory.

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