Solana, the prominent altcoin, has seen its price plummet by 10.96% over the past week. According to CMC data, its daily trading volume surged by 47.49%.
The second largest altcoin, Solana, experienced price declines in the last 24 hours amidst broader market downturns. Despite garnering attention in the meme coin sector, SOL failed to capitalize on the meme season of the past month. Recent hours have seen bearish movements pushing it to a weekly low temporarily.
Furthermore, Solana’s price dipped by 3.19% in the last day. On July 4, it traded around $130, peaking at $135 intraday. However, bearish momentum took hold as it dropped to a weekly low of $122.44. Concurrently, its daily trading volume surged by 47.49%. At the time of writing, Solana was priced at $129.60, per CMC data.
Zooming out to the past week, Solana has shown a 10.95% decline in price performance. It started at $145 but slid as major cryptocurrencies faced downward pressure.
Additionally, the recent price decline has intensified selling pressure akin to Bitcoin and Ethereum. Solana’s RSI currently stands at 40.17, indicating a sentiment favoring selling. Moreover, TradingView reports that the token’s short-term 9-day MA remains above the current trading price, highlighting a bearish trend.
Looking ahead, market analysts anticipate further bearish trends for Solana in the coming months. The token has found support at the $129 level, with potential to drop further to $126 if the bearish trend continues. On a more optimistic note, analysts predict that a bullish surge could propel Solana to resistance levels around $204. Looking further ahead, a bullish 2024 price prediction for Solana stands at $343.63, while a bearish scenario could see it plummet to $82.58.
Furthermore, the crypto community has observed significant price dips and fear, uncertainty, and doubt (FUD) in the last 24 hours. The overall market sentiment mirrors Bitcoin’s recent downturns.
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