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The Solana price has plunged 7% in the last 24 hours to trade at $168 as of 3:30 a.m. EST on a 19% surge in trading volume to $3.8 billion.
Solana Price Analysis: Bulls Hit A Resistance
The Solana price has hit a resistance zone, leading the bears to take control after forming a double-top pattern. Traders often see this pattern as a signal for a potential bearish reversal.
The price has fallen to a key support level of around $168. If the bearish momentum continues, it could drop to the $127 level, which lines up with the pattern’s neckline.
SOLUSDT Analysis (Source: Tradingview)
Though in a downtrend, the price is currently trading above the 50-day and 200-day Simple Moving Averages (SMAs). If market sentiment continues,it might help the bears drive the price down below the $168 level, potentially sparking a solid bearish rally. However, if the 50 SMA remains resilient, there might be a ray of hope for the bulls.
The Relative Strength Index (RSI) also indicates a drop from the overbought zone to the 50 midline level. If the bearish momentum builds up it could push the RSI below the 50 midline level to the 30 oversold level.
Moreover, the Moving Average Convergence Divergence (MACD) indicates a bearish trend. The blue average line recently crossed below the orange signal line above the neutral level, indicating bearish momentum. Additionally, the histogram bars reflect negative price movement, reinforcing the bearish outlook.
Solana Price Prediction: Can The Bulls Regain Momentum?
The technical indicators for Solana are bearish and may push the price further downwards to the support zone at $154. If Solana price continues the downtrend, it could trigger a rally, with bears aiming to drive the price to $127. A further push below this level to reach hit $102.
In the converse case, the bulls might regain price control on the 50 SMA and push the price up again. Additionally, the RSI is trading along the 50 midline level which indicates that there is a chance that the bulls may regain momentum.
Final Call: Buy WienerAI (WAI) Now Before Imminent Launch
While the Solana price continues to decline, investors are flocking to buy the blockbuster WienerAI (WAI) presale before it’s too late.
The token, which has just stormed past $9 million in funds raised, is offering investors a last chance to buy before it lists in less than 4 days.
$8 Million raised and launch is around the corner!! The hype is real! pic.twitter.com/XiiZ3UqIns
— WienerAI (@WienerDogAI) July 26, 2024
WienerAI combines playful dog elements, a fun sausage meat twist, and advanced AI features that differentiate it from most utility-lacking meme coins..
It’s those AI features that stands out because its powerful trading bot is a crypto trader’s dream companion.
If you’re wondering about whether to buy or sell Solana, just ask the bot, “How high could SOL go before the end of the year?” In seconds, you’ll receive a detailed analysis of SOL’s current price, potential buy or sell signals, and even some price predictions.
Alongside the bot, WienerAI’s team is also offering a staking protocol that offers an annual return of 123%.
ClayBro, an influential YouTuber with 130k subscribers, says WAI could explode 20X after launch.
Rumors say WienerAI will debut on two top 12 crypto exchanges. If you’d like to join one of the most successful presales of the year, you can still buy WAI tokens for $0.00075 each on the official website before launch.
Buy WAI here using ETH, BNB, USDT, or a bank card.
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