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The Solana price has dipped by 12% in the past seven days despite a 2% rise in the past 24 hours to trade at $152.35 as of 01:02 a.m. EST.
This is in line with broader market trend as altcoins take their cues from the Bitcoin price. The pioneer cryptocurrency is up a fraction with bullish tailwinds coming from the US Consumer Price Index (CPI) data on Wednesday.
The CPI came in at 3.3%, which was lower than the expected 3.4% year-on-year, and therefore bullish for the Bitcoin price. In the immediate aftermath, small caps and BTC instantly moved higher. The BTC price has since dropped but altcoins continue to defend the gains made.
🚨 US CPI is 3.3%, lower than expected. 🚀 pic.twitter.com/FyLpyymf6v
— Thomas | heyapollo.com (@thomas_fahrer) June 12, 2024
Solana Price Prediction
The Solana price is attempting a recovery, barely holding above the support provided by the 61.8% Fibonacci retracement level of $153.18. However, technical indicators show that the market favors the downside and the SOL price could extend the fall.
Looking at the Relative Strength Index (RSI), this momentum indicator has progressively recorded lower highs since June 5. Its position below the mean threshold of 50 accentuates the bearish outlook, solidified by the Moving Average Convergence Divergence (MACD), which is not only in negative territory but also below the signal line.
A decisive candlestick close below the 61.8% Fibonacci retracement level of $153.18 on the one-day timeframe would invigorate seller momentum. Increased selling pressure, enough to plunge the Solana price below the 78.6% Fibonacci retracement level of $138.12 would solidify the downtrend.
In a dire case, the load-shedding exercise could extend the slump to the bottom of the market range at $118.93. Such a move would constitute a fall of nearly 20% below current levels.
GeckoTerminal: SOL/USD 1-day chart
On the flip side, if the critical level of $153.18, earmarked by the 61.8% Fibonacci retracement level, holds as support, the Solana price could pivot around it for recovery. If this happens, SOL would only become attractive for buying above the 38.2% Fibonacci retracement level of $174.35.
Meanwhile, renowned YouTuber Crypto Mischief, with 28K subscribers, sees the new Solana meme coin Sealana (SEAL) as the potential next Dogwifhat (WIF), the fourth-ranked meme coin with a market cap of $2.5 billion.
Promising Alternative To Solana
SEAL, which powers the Sealana ecosystem, is a new player among Solana-based meme coins, distinguishing itself by a lighthearted narrative centered on a seal trader.
Sealana is a charming, chubby seal character who has dived deep into the ”Solana Sea.” He was once sleek and agile but has since adopted a sedentary trader’s lifestyle, and has grown fat on a diet of canned tuna and chips.
The novel concept has fueled a stellar launch that’s surpassed $4 million in funds raised.
Seems like @thenotoriousMMA didn’t like #Sealana asking why he was drinking whiskey at the #Roadhouse rather than fighting in the octagon…🥊 If only he knew before raising his fists that Sealana was a 300lbs ex army $SEAL…🪖🦭
It's not going to be a fair fight but no one will… pic.twitter.com/L1TqztPiAX
— Sealana (@Sealana_Token) June 10, 2024
Jacob Bury, a crypto analyst on YouTube, says that SEAL has the potential to surge 10X after launch.
With SEAL set to list on June 25, time is running out to buy its tokens, which will be airdropped to investors after the presale ends.
Buy Sealana here on the official website for $0.022 per token.
Also Read:
- How to Buy Sealana – SEAL Presale Review
- Solana’s SEALANA ($SEAL) Is Bringing Back Meme Coin Greatness, Raises $300,000 In Opening Week
- Top 3 Presale Crypto Gems to Invest in Before May Ends – Dogeverse, Sealana, and 5th Scape
- Is Sealana the Next Big Solana-Based Meme Coin? – TodayTrader Presale Review
- Next Crypto to Explode: Unveiling the Potential Market Shaker of 2024
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