Solana, the prominent altcoin, has seen its price drop by 10.96% over the past week. According to data from CoinMarketCap, its daily trading volume has surged by 47.49%.
The second largest altcoin, Solana, faced price declines in the last 24 hours amid broader market corrections. Despite garnering attention in the meme coin sector recently, SOL failed to capitalize on the meme season of the past month. It experienced bearish movements over the past day, briefly touching its lowest weekly point.
Furthermore, Solana’s price showed a 3.19% decline in the last 24 hours. As of late July 4, the token traded around $130, peaking intraday at $135 before turning bearish and dropping to a weekly low of $122.44. Meanwhile, its daily trading volume surged by 47.49%, currently trading at $129.60 according to CMC data.
Zooming out to the past week, Solana has demonstrated a price decline of 10.95%. Starting the week at $145, it gradually decreased as major cryptocurrencies also saw price drops.
The ongoing price decline has intensified selling pressure, echoing trends seen in Bitcoin and Ethereum markets. Solana’s RSI stands at 40.17, indicating a bearish sentiment, with its short-term 9-day MA positioned above the current trading price, signaling a bearish trend according to TradingView reports.
Will Solana Recover in the Near Future?
Market analysts suggest further bearish trends may persist for Solana in the coming months. The token currently finds support around $129, potentially slipping further to the $126 support level if bearish sentiment persists. Conversely, bullish scenarios could see Solana rallying to resistance levels around $204, with a bullish price prediction for 2024 at $343.63. However, continued bearish pressure could see the token dropping to $82.58.
Additionally, recent hours have seen significant price dips and FUD within the community, mirroring broader market movements following Bitcoin’s recent declines.
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