Solana (SOL) Price Tanks Another 6% Slipping Under $90, Will It Reclaim $100?

SOL Price Tanks Under $90 But Solana-based Memecoins Shine

January 8, 2024

Bhushan Akolkar

Senior Journalist

Expertise : Cryptocurrency, Blockchain, Macro Finance

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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Solana (SOL), a formidable competitor to Ethereum’s layer-1, has encountered significant selling pressure in the last two weeks following its peak at $123 on Christmas, marking its highest point in 2023. This recent selling activity follows an impressive price rally that saw SOL surge by almost 1000% throughout the course of 2023.

What’s Ahead for SOL?

As of press time, the Solana price is down by 6% trading at $89.51 with a market cap of $38.6 billion. The SOL price has also turned negative on the weekly chart dropping by 13%.

Amidst the ongoing momentum favoring sellers, Solana’s price faces potential downward extensions, with a target at the crucial 61.8% Fibonacci level of $83.64. Such a descent would signify a 15% decline from current levels. A breach below this level may lead to a further decline to the 50% Fibonacci level at $70.18. In a more bearish scenario, the price could test the 38.2% or 28.6% Fibonacci levels at $56.73 and $40.08, respectively.

The Relative Strength Index (RSI) outlook indicates declining momentum, while the Average Directional Index (ADX) underscores the strengthening downtrend, reinforcing the bearish sentiment.

However, the positive territory of the Awesome Oscillator (AO) and the presence of green histogram bars suggest that bullish forces persist in the SOL market. If bulls stage a comeback, 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 Coins Rally

After the massive price rally in BONK, other Solana-based memecoins have taken charge once again preparing for another major bull run.

Myro (MYRO), a prominent meme coin within the Solana (SOL) ecosystem, has witnessed an impressive surge, more than tripling in value in 2024. As the third-largest Solana meme coin, following Bonk (BONK) and Dogwifhat (WIF), Myro (MYRO) exhibited remarkable parabolic growth earlier on January 5, 2024. Earlier this week, the memecoin touched a high of $0.088. However, at press time, it has retraced partially and is currently trading at $0.06008. On the weekly chart, it is still trading 150%.

Interested investors can acquire the token on Solana decentralized exchanges (DEXes) such as Raydium and Orca, as well as centralized exchanges including KuCoin, HTX, and MEXC Global.

Noteworthy cryptocurrency influencers on the X platform, formerly known as Twitter, actively endorse MYRO, and interested users can acquire it through a dedicated Telegram bot. In the upcoming year, the Myro (MYRO) team has plans to introduce a user-friendly staking program, enhancing the utility of this emerging dog coin.