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The Solana price dropped more than 3% over the past 24 hours to trade at $89.14 as of 11:30 pm EST.
Despite the 24-hour loss, Solana holders still have reason to celebrate. Data from the blockchain analytics platform Artemis revealed that the stablecoin transfer volume for Solana has hit a new record high of $300 billion in January.
Not only is this approximately $3 billion more than the stablecoin volume recorded in December 2023, it also marks a whopping 2,520% increase from the $11.56 billion stablecoin transfer volume recorded in January 2023. In addition to this, Solana’s stablecoin market share stands at 32%, which is a substantial increase compared to its 1.2% share just a year ago.
The Solana Price Is At The Mercy Of A Bearish Pattern
Daily chart for SOL/USDT (Source: TradingView)
A medium-term descending triangle has formed on SOL’s daily chart over the past two weeks. This pattern has emerged after the Solana price printed a series of lower lows and lower highs throughout the past fortnight.
Should the altcoin’s bearish trend continue for the next few days, SOL may close a daily candle below the immediate support level at $90 soon. Losing the support of this significant price point may then expose the Solana price to the risk of dropping to as low as $70 in the short term. Before the crypto potentially falls to this price, however, it will need to breach the support at around $82.35.
This bearish thesis may be invalidated if the Solana price manages to close a daily candle above the hypotenuse of the descending triangle in the next 48 hours. In this alternative scenario, SOL may attempt to overcome the major resistance level at $100 before potentially climbing to as high as $110 in the next few days.
Bears Maintain Their Dominance Over Bulls
Technical indicators on SOL’s daily chart suggest that the crypto’s value may continue dropping throughout the upcoming days. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bearish.
The MACD indicates that SOL’s negative trend currently shows no signs of slowing down. This is evident in the fact that the MACD line is breaking away below the MACD Signal line. In addition to this, sellers are also growing their advantage over buyers, as the RSI is breaking away bearishly below its Simple Moving Average (SMA) line.
Given these technical flags, coupled with the fact that the Solana price is currently trading below the $90 support level, traders may need to brace for a continued drop for SOL’s price. A daily candle close today below $90 may be followed by the altcoin correcting down to the $82.35 support level within the following 48 hours.
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