Solana Price Prediction: SOL Plunges 7% As This AI Meme Coin Offers Last Chance To Buy, Storms Past $9 Million Raised

Solana Price Analysis

The Solana price has plunged 7% in the last 24 hours, trading at $168 as of 3:30 a.m. EST. This decline comes amidst a 19% surge in trading volume, reaching $3.8 billion.

Resistance and Support Levels

Solana has encountered a resistance zone, causing bears to gain control and form a double-top pattern. This pattern often signifies a potential bearish reversal.

The price has dropped to $168, a key support level. Should the bearish momentum persist, it could fall to $127, aligning with the pattern's neckline.

Technical Indicators

• Simple Moving Averages (SMAs): While in a downtrend, Solana remains above the 50-day and 200-day SMAs. Market sentiment may drive the price below $168, intensifying the bearish trend. However, if the 50 SMA holds firm, there may be hope for bulls.
• Relative Strength Index (RSI): The RSI has declined from the overbought zone to the 50 midline level. Continued bearish momentum may push it below 50 to the oversold level of 30.
• Moving Average Convergence Divergence (MACD): The MACD indicates a bearish trend. The blue average line has crossed below the orange signal line, signaling bearish momentum. Negative histogram bars reinforce this outlook.

Solana Price Prediction

Technical indicators suggest a further decline in Solana price, potentially reaching the support zone at $154. A continued downtrend could lead to a rally toward $127 and even lower to $102.

Conversely, bulls may regain control on the 50 SMA, pushing the price back up. The RSI trading near the 50 midline indicates a potential for bullish momentum.