April 29, 2024 5:00 pm CEST
| 3 min read
Solana (SOL/USD) suffered a sharp setback, dropping 5% overnight and after briefly touching the $135 level. Currently ranked fifth on CoinMarketCap with a market capitalization of $60.41 billion, Solana’s decline highlights the inherent volatility in the cryptocurrency market.
Despite a notable trading volume of nearly $2 billion in 24 hours, the current sharp decline requires a deeper analysis of the factors influencing Solana price predictions.
Solana price prediction
From a technical point of view, Solana is trading near a crucial point at $133.77.
This is a key level as it could bring the price up abyss of uncertainty. If Solana holds above this threshold, bullish sentiment could prevail, but a break below could trigger a strong downtrend.
Looking at the resistance levels, the immediate barrier lies at $145.41.
If Solana breaks above this point, subsequent resistance levels are set at $160.58 and $175.43. These figures represent potential targets for buyers if the upward momentum continues.
In contrast, support levels are currently set at $122.20, with additional cushions at $112.48 and $99.58. These levels could play a significant role should the price retreat from its current position, providing reference points that could stabilize dips.
The Technical indicators provide a mixed but cautious analysis. The Relative Strength Index (RSI) is at 34, suggesting that Solana is approaching oversold conditions. But the situation is ambiguous, because it could both produce a price recovery and indicate the approach of further declines if investor sentiment does not improve.
Bearish signals are coming in at the 50-day exponential moving average (EMA) which is at $143.98 as it is operating as resistance. A signal that would strengthen if Solana fails to close above this level.
In terms of market dynamics, candlestick patterns near the 50-day EMA show resistance, where closing prices below this line could foster bearish sentiment among traders.
Conversely, the presence of a supportive uptrend line around the $133.77 turning point suggests a potential limit to any downside moves, providing a safety net against free-falling prices.
Alternatives to Solana still off the market
THE traders are currently watching the loss of market share with bated breath. Prices are mostly all in the red and the entire market is a victim of the headwinds that have hit in the last few hours.
The most interesting alternatives remain those in pre-sale, especially if the pre-sale projects have good fundamentals.
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Cryptocurrencies are highly volatile and unregulated. No consumer protection. A profit tax may apply.
