Solana Price Prediction: SOL Falls Below $140 with 8% Drop – More Selling Ahead?
Over the past 24 hours, Solana’s price has experienced a notable 7.76% pullback, falling below the critical long-term support level of $139.50. This move suggests that Solana may be bracing for further declines.
This recent dip is part of a broader 10.78% loss since last Thursday, mirroring the retracement seen in major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH)
Despite a 15.77% drop this month, Solana has recorded an impressive annual return of 595.28%, significantly outperforming other leading cryptocurrencies.
Furthermore, the trading volume for Solana has surged by 12.55% to $3.02 billion in the last 24 hours, indicating heightened trading activity and interest in the market.
Solana Breaks Long-Term Support – More Selling Ahead?
A closer look at the Solana price chart reveals that this increased volume may be indicative of further selling pressure.
Most notably, Solana’s price plummeted below a key long-term support level at $139.50, indicating weakening strength and a shift in market sentiment towards bearishness.
Solana now appears to be moving towards a retest of the $135.65 resistance level (red). If it can successfully overcome this, it may fuel a reversal and reclaim the long-term support level.
This is plausible given that Solana sits within oversold territory, with a relative strength index (RSI) (purple) of 30. This could be interpreted as the asset being undervalued, suggesting a correction is due. However, wider trends cast doubt on this prospect.
Significantly, the 30DMA (yellow) is on a steep decline and has recently crossed below the 200DMA (blue), which is on a neutral trajectory.
This indicates strong bearish short-term momentum and a potential shift in the longer-term trend from neutral to negative. Therefore, caution is warranted, as further declines may be ahead.
While this sets a negative precedent for the near term, sustained long-term growth will likely hinge on fundamental factors.
Significantly, headway is being made toward a Solana spot exchange-traded fund. VanEck, known for being one of the pioneering issuers of Bitcoin ETFs, has filed for a Solana ETF.
This development could provide a significant boost to Solana’s adoption and investor confidence, influencing its long-term growth trajectory.
Low-Cap Meme Coin Offering High Gains Potential
Although the anticipated 9x a Solana ETF approval would bring to the SOL price is attractive, traders should not overlook more promising opportunities, especially since approval is not foreseen within the near term.
Therefore, traders seeking faster and bigger returns may find a strategic advantage in exploring newer low-cap meme coins set for explosive growth.
Enter WienerAI ($WAI), a new meme coin promising more than just a flashy mascot and community hype. It’s an AI companion cited to become “every crypto trader’s Best Friend.”
The meme coin market is over-saturated with animal-themed coins boasting little to no real utility. Something which may credit Weiner AI’s (WAI) recent success, raising over $7 million in one of the most promising presales right now.
We've hit the $7M milestone!
A huge thank you to our amazing community! The journey is just beginning, and the future is bright!
pic.twitter.com/ZPmTgXb6Lu
— WienerAI (@WienerDogAI) July 3, 2024
Touted as a “Revolutionary AI Trading partner,” WienerAI is a digital companion that gives its owner user-friendly AI-enhanced trading advice, seamless swap functionality, and zero fees.
Around 20% of $WAI’s supply is for staking, and investors are currently earning an impressive 162% APY. This presents a valuable passive income opportunity, even amidst recent market volatility.
Keep updated on WeinerAI developments by joining the community on X and Telegram.
The post Solana Price Prediction: SOL Falls Below $140 with 8% Drop – More Selling Ahead? appeared first on Cryptonews.
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Solana Price Prediction: SOL Falls Below $140 with 8% Drop – More Selling Ahead?
Over the past 24 hours, Solana’s price has experienced a notable 7.76% pullback, falling below the critical long-term support level of $139.50. This move suggests that Solana may be bracing for further declines.
This recent dip is part of a broader 10.78% loss since last Thursday, mirroring the retracement seen in major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH)
Despite a 15.77% drop this month, Solana has recorded an impressive annual return of 595.28%, significantly outperforming other leading cryptocurrencies.
Furthermore, the trading volume for Solana has surged by 12.55% to $3.02 billion in the last 24 hours, indicating heightened trading activity and interest in the market.
Solana Breaks Long-Term Support – More Selling Ahead?
A closer look at the Solana price chart reveals that this increased volume may be indicative of further selling pressure.
Most notably, Solana’s price plummeted below a key long-term support level at $139.50, indicating weakening strength and a shift in market sentiment towards bearishness.
Solana now appears to be moving towards a retest of the $135.65 resistance level (red). If it can successfully overcome this, it may fuel a reversal and reclaim the long-term support level.
This is plausible given that Solana sits within oversold territory, with a relative strength index (RSI) (purple) of 30. This could be interpreted as the asset being undervalued, suggesting a correction is due. However, wider trends cast doubt on this prospect.
Significantly, the 30DMA (yellow) is on a steep decline and has recently crossed below the 200DMA (blue), which is on a neutral trajectory.
This indicates strong bearish short-term momentum and a potential shift in the longer-term trend from neutral to negative. Therefore, caution is warranted, as further declines may be ahead.
While this sets a negative precedent for the near term, sustained long-term growth will likely hinge on fundamental factors.
Significantly, headway is being made toward a Solana spot exchange-traded fund. VanEck, known for being one of the pioneering issuers of Bitcoin ETFs, has filed for a Solana ETF.
This development could provide a significant boost to Solana’s adoption and investor confidence, influencing its long-term growth trajectory.
Low-Cap Meme Coin Offering High Gains Potential
Although the anticipated 9x a Solana ETF approval would bring to the SOL price is attractive, traders should not overlook more promising opportunities, especially since approval is not foreseen within the near term.
Therefore, traders seeking faster and bigger returns may find a strategic advantage in exploring newer low-cap meme coins set for explosive growth.
Enter WienerAI ($WAI), a new meme coin promising more than just a flashy mascot and community hype. It’s an AI companion cited to become “every crypto trader’s Best Friend.”
The meme coin market is over-saturated with animal-themed coins boasting little to no real utility. Something which may credit Weiner AI’s (WAI) recent success, raising over $7 million in one of the most promising presales right now.
We've hit the $7M milestone!
A huge thank you to our amazing community! The journey is just beginning, and the future is bright!
— WienerAI (@WienerDogAI) July 3, 2024
Touted as a “Revolutionary AI Trading partner,” WienerAI is a digital companion that gives its owner user-friendly AI-enhanced trading advice, seamless swap functionality, and zero fees.
Around 20% of $WAI’s supply is for staking, and investors are currently earning an impressive 162% APY. This presents a valuable passive income opportunity, even amidst recent market volatility.
Keep updated on WeinerAI developments by joining the community on X and Telegram.
The post Solana Price Prediction: SOL Falls Below $140 with 8% Drop – More Selling Ahead? appeared first on Cryptonews.
Read More