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.