You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Solana Price Prediction as SOL Drops Below $100 Support – Here’s the Next Level to Watch

Investors continue to closely monitor the price movement of Solana (SOL), which is currently trading at approximately $101.85 with a 24-hour trading volume of $1.5 billion.

Despite ongoing market fluctuations, Solana’s valuation remains robust, boasting a market capitalization of around $44.93 billion, positioning it as the fifth-largest cryptocurrency on CoinMarketCap.

The future direction of Solana’s price hinges on its ability to sustain the crucial $98.60 support level, representing a pivotal moment that will shape its trajectory within the ever-evolving cryptocurrency market.

Solana Price Prediction

The pivotal point for SOL/USD is notably at $98.60, a level whose maintenance could potentially steer Solana away from bearish trends. Immediate resistance levels are noted around $105.97, with additional barriers at $110.54 and $114.74.

Conversely, support levels are positioned at $94.24 and $89.36, with a possible further floor at $85.51.

At present, the Relative Strength Index (RSI) stands at 42, suggesting a bearish momentum as it resides below the 50 midline, indicating that sellers may currently dominate the market.

However, the appearance of a Doji candle at the $98.60 support level hints at a potential reversal in sentiment. If Solana manages to sustain its position above this level, it could trigger a shift towards bullish momentum.

Additionally, the 50-day Exponential Moving Average (EMA) at $107.25 underscores the significance of the ongoing price movements.

The recent breakout below the downward trendline at $110.50 and the subsequent drop below the $105.80 level have triggered a notable selling trend. However, the current support has momentarily halted the decline, suggesting the possibility of a rebound.

Solana Market Analysis and Forecast:
Technical analysis indicates that Solana finds itself at a critical juncture, with its next move heavily dependent on how the market responds to the $98.60 support level.

A breach below this crucial point could extend the selling pressure towards lower support levels at $94.25 and potentially down to $89.36.

On the contrary, maintaining above $98.60 could negate the bearish scenario and pave the way for a recovery towards immediate resistance levels.

Conclusion: The overall trend is cautiously bullish as long as Solana remains above $98.60.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Coinbase Board Member Kathryn Haun to Step Down – What’s Going On?
21.04.2024By
Kenyan Volcano Turns on Lights in Rural Homes with Jack Dorsey’s Bitcoin Mining Support
21.04.2024By
Telegram to Introduce USDT Payments With Telegram Wallet and the Open Network
20.04.2024By

Latest news

Coinbase Board Member Kathryn Haun to Step Down – What’s Going On?
21.04.2024
Kenyan Volcano Turns on Lights in Rural Homes with Jack Dorsey’s Bitcoin Mining Support
21.04.2024
Telegram to Introduce USDT Payments With Telegram Wallet and the Open Network
20.04.2024
HashKey Exchange Suspends Binance Deposits and Withdrawals Citing Policy Adjustments
20.04.2024
Mango Markets Hacker Found Guilty, Faces 20 Years in Prison: Reuters
20.04.2024
Japan’s SBI Group Plans to Issue NFTs Built on XRP Ledger for World Expo 2025 in Osaka
20.04.2024
Ethereum Sees $365 Million in Revenue in Q1, Up by 155% YoY
20.04.2024
Anti-Bitcoin SEC Commissioner Caroline Crenshaw May Soon Lose Her Seat
20.04.2024
Is The Bull Market Over Before The Bitcoin Halving? Glassnode Report
20.04.2024
Escaped South Korean Criminal Suspect ‘Used Weapon to Rob OTC Crypto Buyer’
18.04.2024