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The Solana price plummeted over 9% in the past 24 hours to trade at $123.48 as of 12:00 a.m. EST as investors offload their holdings amid the crypto crash.
With this latest retracement, the SOL price is down more than 16% over the past 7 days. The altcoin is also 28% in the red on the monthly time frame.
The Solana Price Testing A Critical Support
4-hour chart for SOL/USD (Source: GeckoTerminal)
The Solana price lost the key support level at $129 over the past 24 hours. Bears are currently trying to pull the altcoin below the next critical mark at $123.65 as well. Should SOL close a 4-hour candle below this technical crutch within the next 8 hours, it could be at risk of falling to as low as $118.20 in the short term.
However, the Solana price managing to stay above $123.65 for the next 8 hours could invalidate the bearish thesis. In this alternative scenario, the crypto might attempt to reclaim a position above the aforementioned $129 price point. A break above this level could then give it the foundation needed to rise to the subsequent resistance at $135.85.
Technicals Suggest The Solana Price Might Keep Falling
Technical indicators on SOL’s 4-hour chart warn that the Solana price might keep falling in the next few hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are showing negative signs.
Over the past 48 hours, the Solana price entered into a short-term bearish cycle. This is evident by the MACD line’s crossing below the MACD Signal line during this period. Currently, the former is still positioned under the latter. The gap between the two lines has also started to grow again, which could indicate that SOL’s bearish momentum is intensifying.
Meanwhile, RSI readings hover around the mid 20s. Traders usually see such low readings as a sign that bears are overpowering bulls on a crypto’s charts.
SOL’s RSI reading on the 4-hour chart also suggests the altcoin is oversold. Although this is generally seen as a long entry signal, it is not unusual for the RSI to remain so low during times when a crypto is being dumped by investors.
If these technical warnings are validated, the Solana price might soon lose the $123.65 support. It could then fall to the next critical point at $118.20 if the bearish pressure persists.
With the Solana price still under the control of bears, many traders are shifting focus to promising presales like the AI meme coin WienerAI (WAI), which has just blasted past $7 million in funds raised.
The Perfect Tool For Traders To Navigate The Crypto Selloff
WienerAI (WAI) is a meme coin project that comes with sophisticated AI technology. Fine-tuned to trade the highly-volatile digital asset markets, WAI aims to be a loyal and intelligent companion for traders and investors that can assist them in making more informed decisions.
As the market continues to evolve and prices continue to fluctuate, WienerAI’s predictive computer models can uncover hidden insights entrenched deep within the piles of data. Traders can subsequently focus on the timing and execution of their trades, and not have to analyze countless crypto charts to find the next opportunity.
In addition to its AI, WienerAI also offers token holders access to a seamless token swap solution as well as MEV protection. This ensures that trades can be executed almost instantaneously without the risk of being front run by an MEV bot.
Given the suite of trading tools available within the WienerAI ecosystem, it is no wonder that ClayBro, who has 130,000 subscribers on YouTube, predicts that WAI could surge 10X after launch.
Investors Also Attracted By WAI’s 161% APY
The investor frenzy that has erupted around the AI meme coin could also be partly due to the lucrative staking opportunity available to buyers at this early stage.
Anyone who purchases and locks up WAI tokens during its ongoing ICO will gain access to a 161% APY. To become eligible for these rewards, investors can utilize the simple buy widget embedded on the project’s website.
Are you ready to meet your AI trading self?
Unleash the power of WienerAI and transform your trading game! 🌭🤖 pic.twitter.com/DU2BJdZLGG
— WienerAI (@WienerDogAI) July 4, 2024
Selling for $0.000725, the token can be bought using either ETH, USDT, BNB or bank card. Anyone considering buying the meme coin will want to act fast because its price is scheduled to increase in less than two days.
Buy WAI tokens here before its price increases.
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