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The Solana price dropped 2% in the last 24 hours to trade at $148.53 as of 10:42 p.m. EST as investors decrease their exposure to the crypto.
With the recent drop, the SOL price is now down more than 3% over the longer-term weekly time frame.
Solana Price Rests On Support, Will The Level Hold?
Daily chart for SOL/USD (Source: GeckoTerminal)
Solana price action has leveled off around a support level at $147.35, data from GeckoTerminal shows. Should the altcoin close a daily candle below this mark within the next 48 hours, it could be at risk of falling to the next key support level at $137. If this happens, it will mark an 8% drop for the crypto.
However, traders identifying the current Solana price as a buy opportunity might lead to a more bullish scenario playing out wherein the crypto starts to climb towards the $160.41 resistance. Breaking through this barrier will then clear the room needed for SOL to potentially rise to as high as $170.77 if the bullish pressure persists.
Bulls Can Still Take Control, But Technicals Point To A Continued Solana Price Drop
From a technical standpoint, indicators on the daily chart warn the Solana price might drop in the next 24-48 hours as bullish momentum begins to weaken. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) all warn of a continued SOL price drop.
In the last couple of days, the MACD line has started to pull back towards the MACD Signal line, which is a classic indication of decreasing buyer momentum. If the prior starts to break away below the latter, it could be seen as an indication that the Solana price has entered a confirmed bearish phase.
While momentum may be fading, RSI readings have oscillated around the neutral 50 mark. This suggests the Solana price could go in either direction in the short term.
With SOL clinging to support, investors are turning their attention to the presale for Snorter Token (SNORT). According to YouTuber Jacob Crypto Bury, who has over 56.8K subscribers, SNORT could soar 100X after it launches.
New Snorter Trading Bot Looks To Challenge BonkBot And Others
Snorter Token introduces a new crypto trading bot to the market that empowers users to snipe new tokens as soon as they emerge, copy other top traders, perform sub second swaps and monitor their crypto portfolios in real-time all from the Telegram messaging app.
In addition to that, the bot also comes with advanced rug pull and honeypot scam detection. So, users can trade with peace of mind knowing that the Snorter bot is constantly on the lookout for potential scams.
The bot enters a market currently dominated by the likes of BonkBot, Trojan and a handful of others. However, it beats all of them in terms of fees, as users that hold SNORT tokens slash their execution costs from 1.5% to 0.85%.
Snorter bot will initially operate on the Solana blockchain, but there are plans to expand its functionality to blockchains that are compatible with the Ethereum Virtual Machine (EVM). This will give traders more opportunities at potential profits.
Snorter Presale Races Towards $2 Million
Investors have already pumped more than $1.6 million into SNORT’s ongoing presale, showing strong demand for what the project has to offer. With the bullish predictions by experts like Jacob Crypto Bury and Snorter bot’s range of functionality combined with its ease of use, it’s easy to see why investors are piling into the project’s presale.
Investors interested in participating in the presale can purchase SNORT via the simple buy widget embedded on the project’s website using either crypto or bank card. SNORT is currently selling for $0.0975, and can also be staked for an attractive 223% APY.
Investors that want to lock in the best presale rate will want to hurry, because SNORT’s price will increase as the presale progresses. The next hike will come into effect in around 31 hours.
Check out SNORT on its official website.
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