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The Solana price plunged 10% in the last 24 hours to trade at $142 as of 00:47 a.m. EST on trading volume that rose 16% to $3.1 billion.
Solana is trading near the $140 support level, a critical juncture that could significantly influence its future trajectory.
The Solana network continues to experience a surge in activity, resulting in a fluctuations between $142 and $149. Despite the upward momentum, the cryptocurrency struggles to reclaim the $155 level, according to data from GeckoTerminal.
As technical indicators offer mixed signals, can the price of Solana eventually overcome the consolidation phase?
Solana Price Could Breakout
The Solana price has rebounded from a recent downtrend, soaring from the $110 support to the $163 resistance. SOL then pulled back slightly to trade back within a sideways pattern, with the bulls now aiming for a breakout above the consolidation zone.
However, the price of Solana still trades below both the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, supporting the current downtrend towards the lower boundary of the pattern.
The Relative Strength Index (RSI) also seems to be consolidating slightly below the 50-midline level in a neutral position, currently at 45, an indication that investors may be accumulating to take advantage of looming buying signals.
The RSI also indicates a neutral condition as the bulls and bears struggle for dominance. However, with a sideways pattern having formed after a recent surge, the bulls aim to try and take control, which could push the price of Solana to the $180 level.
However, if the bears gain control of the price at this level, the price of Solana could retrace below the sideways pattern, with $130 acting as the immediate support zone.
Meanwhile, as the Solana bulls aim for a rally, other investors are buying the new Base meme coin, Base Dawgz (DAWGZ), which has already garnered over $2.9 million as it hurtles towards the $3 million milestone.
After passing $2.9M raised, we're steadily on our way to 3M 🚀 pic.twitter.com/JbZUMgF8yd
— Base Dawgz (@BaseDawgz) August 13, 2024
Base Dawg Presale Garners $2.9 Million – Best Meme Coin To Buy Now?
Base Dawgz brings a unique multi-chain experience that offers seamless interoperability across different blockchains, spanning Ethereum, Solana, Binance Smart Chain, Avalanche and the layer-2 Base network.
To ensure that holders can easily soar through the decentralized world without limits, Base Dawgz leverages the latest technology in Web3, including Wormhole and Portal Bridge. This allows you to transact seamlessly across multiple blockchain ecosystems and have unparalleled multi-chain functionality.
Users can benefit from staking rewards, with the team already setting aside 20% of the total token supply. If you buy and stake DAWGZ, you get an annual percentage yield (APY) of 839%.
The project is also launching the “Be Social for Airdrop” campaign to reward users with points that can later be redeemed for DAWGZ. All you have to do is engage with social media networks on X.
According to Jacob Bury, a crypto analyst and YouTuber, DAWGZ can potentially surge 100X after its launch.
If you are interested in participating in the presale, you can buy DAWGZ tokens for $0.007784 each. But don’t wait too long, becausethe price will increase in less than four days.
You can buy DAWGZ tokens on the official website here.
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