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The Solana price plummeted 18% in the last week and a fraction of a percentage in the past 24 hours to trade at $186.15 as of 11:25 a.m. EST on trading volume that dropped 8% to $2.3 billion.
Solana Price On A Bearish Trend
The SOL price chart analysis on the 4-hour timeframe showcases recent bearish price action following a failed attempt to sustain higher levels above $200.
After a steep decline from around $220 and forming a rounding top pattern, SOL has entered a consolidation phase between $184 and $192, according to data from GeckoTerminal.
This consolidation is marked by a descending trend from the previous peak, forming what appears to be a rounded top—a bearish reversal pattern—leading to a sell-off.
The chart also shows that the Solana price is struggling to reclaim the critical resistance zone near $192, which is now a ceiling for further upside movement. Moreover, the lower boundary at $184 has acted as support multiple times, forming a horizontal channel.
The Solana price is now trading below both the 50-period and 200-period Simple Moving Averages (SMAs), which supports the general bearish outlook.
Meanwhile, the Relative Strength Index (RSI) is at 41.38, slightly below the neutral 50 level, indicating mild bearish momentum.
While the RSI is not yet in oversold territory (below 30), its current level suggests that selling pressure has weakened recently. However, there is no strong bullish divergence, indicating a lack of clear buying interest.
SOL To Continue Dropping?
The overall market sentiment, combined with technical indicators and patterns, suggests a bearish bias for the Solana price in the near term.
The rounded top formation and the inability to reclaim the 50-period SMA and 200-period SMA reinforce the likelihood of further downside unless a strong catalyst reverses the trend.
If the price of Solana continues to drop, the $180 level remains a critical support zone. A breakdown below $180 could lead to a test of the next psychological level at $170 or lower.
On the upside, SOL faces immediate resistance at $192, followed by the 50-period SMA and 200-period SMA levels at $198-$202. Breaking above these levels could indicate a potential recovery.
As the SOL price plummets, investors are buying into a new layer-2 Solana meme coin called Solaxy (SOLX). According to 99Bitcoins, a popular crypto YouTube channel with over 721K subscribers, Solaxy has the potential to soar 100X after its launch.
Solaxy Presale Blasts Past The $10 Million Mark
Solaxy has raised over $10 million in less than a month, showcasing remarkable demand for the innovative project.
Solaxy is a Solana layer-2 solution that is designed to enhance speed, scalability, and efficiency within the Solana ecosystem. The project addresses key issues such as network delays and transaction failures, while simultaneously leveraging Solana’s inherent strengths.
The project also provides an optimized user experience tailored to the growing demands of the blockchain industry while focusing on performance and customization.
🚨 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
Additionally, Solaxy bridges Solana with Ethereum, combining the best features of two of the most prominent networks in the crypto space.
By leveraging Ethereum’s liquidity and security alongside Solana’s speed and scalability, Solaxy creates a robust ecosystem tailored to accommodate the growing demands of the decentralized finance (DeFi) and meme coin communities.
Buyers of the SOLX token can also earn passively on the platform, with a humongous 348% APY currently on offer.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens at $0.001598 each using BNB, ETH, USDT, or a bank card.
Buy SOLX here before an imminent price hike to secure the best deal.
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