Solana price prediction: SOL experiences a significant price drop, navigates bearish trends, and tests support levels.
STORY 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 prediction: 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’s 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.
Solana Price Prediction: 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%.
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.
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’s 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.
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.
