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The Solana price plummeted more than 5% over the past 24 hours to trade at $67.11 as of 8:40 AM EST as investors cash in on the altcoin’s positive weekly performance.
Analyst Believes The Solana Price Will Pump Soon
$sol divs brewing here after sweeping mondays flash crash lows.
bounce incoming pic.twitter.com/EMdS8e6DwR
— Bluntz (@Bluntz_Capital) December 13, 2023
Pseudonymous analyst Bluntz believes that the Solana price may soon follow in the footsteps of Avalanche (AVAX), which posted a phenomenal gain of more than 90% over the last month.
“AVAX is now well and truly playing catch up and outpacing SOL by a mile but both have identical structures but AVAX is moving harder and faster. Good glimpse into the future for what is to come though, ” said the analyst.
Solana Price: Technicals Suggest A Drop In The Short Term
Daily chart for SOL/USDT (Source: TradingView)
The Solana price has been trading in a positive price channel over the past 3 weeks, and is making a move towards the lower level of this channel at $60. If it breaks below this price point, it may continue to fall to the immediate support level at $49.65 in the coming couple of days.
On the other hand, if it is able to stay within the price channel for the next 48 hours, then it may attempt to reclaim a position above the $70 barrier.
A daily candle close above $70 could be seen as an entry for a long position by traders. This potential buy volume may then elevate the Solana price to the major resistance level at $100.
Technical indicators on SOL’s daily chart suggested that its price may continue to drop in the next 24-48 hours. Traders and investors will want to keep an eye on the daily Relative Strength Index (RSI) indicator.
Throughout the past 72 hours, the RSI line broke below the RSI Simple Moving Average (SMA) line. This technical occurrence is usually indicative of a shift in trading power that favors bears. As a result, it will be easier for sellers to drag the Solana price down in the next 48 hours than it will be for buyers to raise it.
There is also a significant technical flag that was on the verge of being triggered by the Moving Average Convergence Divergence (MACD) indicator. The MACD line was attempting to cross below the MACD Signal line. Should these two lines intersect soon, it may signal a short-term continuation of SOL’s negative trend.
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