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The Solana price plunged 14% in the past 24 hours to trade at $102.45 as of 12:20 a.m. EST on trading volume that surged 184% to $5.2 billion.
This drop in the SOL price comes as the crypto space plunged 10% in the last 24 hours to a $2.5 trillion market capitalization.
While the crypto market had been resilient against the US President Donald Trump retaliatory tariffs, it has finally given way, as it is currently experiencing one of its most violent crashes.
The Crypto Fear & Greed Index has finally shifted to extreme fear at 23, indicating that buyers are now panicking, triggering a selloff in the crypto space.
Solana Price On A Sustained Bearish Trend
The SOL price reflects a bearish trend, emphasized by the formation of a double-top pattern, a classic reversal signal.
This pattern is marked prominently on the chart, formed around the $200–$210 region, and signaled a weakened bullish momentum after a strong rally.
According to GeckoTerminal data, the neckline of the double top, around the $170–$184 zone, acted as crucial support for some time before being decisively broken.
Following the neckline breakdown, the Solana price attempted to consolidate within a fair value gap (FVG) zone, which spanned roughly from $120 to $137.
However, the Breakdown Point label highlights the recent sharp move downward, taking price action below the FVG zone and into a more vulnerable position.
The price of SOL trades well below the 50-day and 200-day Simple Moving Averages (SMAs), reinforcing a bearish market structure.
In prior sessions, the 50-day SMA has also crossed below the 200-day SMA, indicating a death cross around $183.70, a longer-term bearish signal often used to identify the start of extended downtrends.
The Relative Strength Index (RSI) is sitting at 31.90, which places it near oversold territory below 30.
SOL Price Prediction
Given the clean breakdown below the neckline and FVG zone, combined with both SMAs acting as dynamic resistance far above the current price, Solana’s price outlook leans bearish in the short to medium term.
If the RSI remains near or below 30 for an extended period, there could be a short-lived relief rally, potentially retesting the $120–$137 zone (former FVG base). Still, unless the price of Solana can reclaim the $135 neckline, the bearish trend remains intact.
Should downside pressure persist, the next support area to watch would be around the $90–$95 region. Any close below $100 would further validate that downside scenario.
Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which 99Bitcoins, a popular crypto channel on YouTube with over 725K subscribers, says might soar 10x after launch.
Solaxy Presale Closing On The $30 Million Mark
Solaxy, a new crypto project in its presale phase, is positioning itself as the next evolution of the Solana ecosystem.
The project aims to address Solana’s network congestion issues by implementing off-chain processing mechanisms similar to Ethereum’s layer-2 solutions.
This model has already been proven successful in scaling a blockchain through platforms like Arbitrum and Optimism.
By processing transactions off of Solana’s main chain, bundling them together, and submitting them to the mainnet for final verification, Solaxy’s system enhances efficiency.
Investors are backing this idea, having already poured over $29.3 million in its blockbuster presale.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
This approach directly addresses one of Solana’s biggest challenges: network congestion.
Once launched, Solaxy will also provide a platform where developers can build decentralized applications or launch new tokens without compromising Solana’s layer-1 capabilities.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001686 each using BNB, ETH, USDT, or a bank card.
Solaxy also offers holders who stake SOLX a huge annual yield of 139%.
Interested investors will want to buy SOLX before the next presale price hike in less than 9 hours to secure the best deal.
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