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The Solana price dropped more than 2% over the past 24 hours to trade at $83.88 as of 11:40 pm EST.
The Solana Price Briefly Falls Below Support
4-hour chart for SOL/USDT (Source: TradingView)
The Solana price briefly dipped below the $82.35 support level over the past 24 hours, but managed to recover back above the significant price point. There is still some sell pressure present on SOL’s charts, however, as evident by the wicks present above today’s candles.
If bulls are unable to fend off the sell pressure, the Solana price could drop below the $82.35 again within the next 24 hours. This could then put the altcoin at risk of plummeting towards the subsequent support at $70 in the following few days.
On the other hand, this bearish thesis may be invalidated if the Solana price remains above the $82.35 mark for the next 24 hours. In this alternative scenario, SOL may attempt to flip the $90 barrier into support as well. A 4-hour candle close above this level could then give the Solana price the foundation needed to rise to $100.
However, before the crypto can reach the $100 threshold, it will need to overcome the medium-term negative trend line that has emerged on its daily chart. A break above this trend line and the $100 level may trigger a wave of FOMO buying, which could then push SOL another 10% to the $110 level in the short term.
Solana Price: Buyers Are Rising From The Ashes
Technical indicators on SOL’s 4-hour chart suggest that buyers are making a comeback. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bullish.
The RSI line is positioned above its Simple Moving Average (SMA) line, which indicates that buyers are currently stronger than sellers on SOL’s 4-hour chart. In addition to this, the RSI line is positively sloped on the 4-hour chart. This could signal that buyers are still growing stronger.
Traders and investors will also want to take note of the major bullish technical flag that is on the verge of being triggered on SOL’s 4-hour chart. Currently, the MACD line is attempting to cross the MACD Signal line. Should these two lines intersect, it will signal that the Solana price has entered into a short-term positive trend.
While the Solana price looks to recover from its sudden drop, investors are turning their attention to eTukTuk as it looks to reduce global carbon emissions through the use of blockchain technology and AI.
Poised To Profit From The Growing EV Sector
eTukTuk introduces an innovative platform that is centered around electric vehicles (EVs). Through the clever combination of AI and blockchain technology, the project’s team is establishing a committed system that combats global carbon emissions by promoting more environmentally friendly transportation options.
The eTukTuk EV is at the heart of this initiative, and offers more cost-effective and reliable alternatives to Tuk Tuks.
What makes our eTukTuks so special?
⚙ Streamlined design with under 200 components
🫡 Patented roll cage design for enhanced safety
🤑 Up to 85% domestic sourcing means no import duties and increased driver earningsExperience the difference with eTukTuk!#ElectricVehicles pic.twitter.com/6P19GWFzDa
— eTukTuk (@eTukTukio) May 12, 2023
The team’s decision to focus on three-wheeler taxis is motivated by the prevalence of these vehicles in Sri Lanka and India. This gives eTukTuk access to a vast existing user base that can benefit from the reduced operating costs and carbon emissions associated with the eTukTuk EV.
1/ Traditional tuktuks vs. eTukTuks: 💥🔌
A comprehensive comparison of why the world needs eTukTuks 🧵 pic.twitter.com/E2vxoqUKps
— eTukTuk (@eTukTukio) June 17, 2023
Not only do these mini EV taxis run at a lower cost, making them ideal for third-world countries, eTukTuk’s strategic partnerships with local manufacturers drastically lowers the manufacturing cost of each EV vehicle as well.
As a result, developing countries that are perfectly positioned to benefit from these mini taxis, but do not have the large budgets that more-developed countries do, can realistically consider rolling out eTukTuk EVs.
The Potential To 10x
eTukTuk’s focus on developing nations, coupled with its eco-friendly and affordable EV solution, makes the project’s native token, TUK, a potential 10x opportunity.
With the project’s significant contribution towards the global carbon emissions battle, eTukTuk is poised to achieve global recognition and potentially become a household name in the near future.
As developing nations begin to explore the rollout of eTukTuk EVs, the TUK token price looks likely to soar on launch.
$TUK can be purchased here.
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