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The Solana price plunged 12% in the last 24 hours to trade at $137.33 as of 03:08 a.m. EST on trading volume that dropped 13% to $5.37 billion.
This comes in the wake of strong manufacturing, jobs, and hotter-than-expected CPI data out of the U.S., with markets paring back bets for Fed interest rate cuts in 2024. That’s pushed U.S. government bond yields and the dollar aggressively higher in recent sessions.
Solana Price Bulls To Use The Support Around $135 To Rally The Price
The Solana price in April has been down from the $204 resistance, trading down within the boundaries of the falling wedge pattern. However, the pressure by the bears intensified, with SOL dropping below the lower boundary of the falling wedge.
The bulls have found support at $135, which may push the price over through a new rally back to the falling wedge pattern.
SOL is currently trading below the 50-day and 200-day Simple Moving Averages (SMAs), coinciding with the price drop.
Additionally, the Relative Strength Index (RSI) is dropping below the 50-midline level to the oversold level at 39, showing intense selling pressure.
Solana Price Prediction
The Solana price analysis on the 4-hour chart indicates that Solana is poised for a trend reversal over the falling wedge pattern, as the bulls aim to use the $135 support. The bulls are targeting $200, having breached the $160 and 178 resistances, which coincide with the 50-day and 200-day SMA, respectively.
Additionally, the RSI has already crossed the oversold levels, opening up doors for the bulls to start buying, possibly raising the price.
However, the 50-day SMA crosses below the 200-day SMA, forming a death cross at $178.13. In such a case, the price may go down further to the support level of around $129.77.
Meanwhile, as the Solana price bulls prepare for a rally over the falling wedge pattern, other investors are also sending SOL to Slothana, with the presale set to end in less than 13 days.
Slothana Presale Ends Soon – Last Chance To Buy Before Listing
The new meme coin Slothana (SLOTH) continues to gain popularity, having raised over $10 million in less than two weeks before extending its presale to give investors a last chance to buy.
🌿💰 Prepare for the rise of Slothana! With our coffers overflowing, it's time to embark on a Sloth crusade to establish a global empire. Slothana's reign is imminent. ⚔️ Anyone who stands in its way will face the wrath of the holy Slothana army! 🚀🦥 #SlothanaEmpire… pic.twitter.com/TyFjlJTL8q
— Slothana (@SlothanaCoin) April 11, 2024
Slothana aims to follow in the footsteps of other meme coins like $SLERF, $PUMP, $PUNDU, and $BOME, which introduced a new way of launching on Solana without price stages, timers, or hard caps.
Interested investors can choose between sending SOL to the project’s address or by visiting the Slothana website, connecting a wallet, and making a direct purchase. Token distribution via airdrop will happen at the end of the presale.
🚀 Get ready to blast off with Slothana! 🌿 We're gearing up for launch and this is your last chance to grab your $SLOTH 🌕 Don't miss out on the action as we prepare to announce our official launch date. Watch this space. #slothana #memecoin
— Slothana (@SlothanaCoin) April 8, 2024
According to Crypto Boy, a crypto analyst on YouTube, Slothana has the potential to surge 100X after launch.
To participate in the presale, you can buy $SLOTH here. For every 1 SOL sent to the address, you will receive 10,000 $SLOTH.
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