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The Solana price plunged 8% in the past 24 hours to trade for $136.87 as of 01:15 a.m. EST on trading volume that soared 151%.
It is a sign of market sentiment shifting to a bearish stance on Solana amid a flash crypto crash.
.$SOL ⚠️
I have just checked my sol chart again and just SOLD ALL MY SOL. It made over 20x and has poor volume and bearish divs. Broke bullish structure in April and it's not worth the risk to carry on holdling it. $210 is likely to be the top for this bull cycle.
. pic.twitter.com/kjMrIaqcv3— ⭐RᗩᖴᗩEᒪᗩ 𝗥𝗜𝗚𝗢 ⭐ (@RAFAELA_RIGO_) June 18, 2024
Jelle, a trader and analyst, observes that it is beginning to look like capitulation for many altcoins.
Starting to look like capitulation on many alts. $SOL made its way back to $140 as expected, even pushing deeper into the key support area – but holding on well.
So long as we hold here, all good. pic.twitter.com/g5x0IA1p2V
— Jelle (@CryptoJelleNL) June 18, 2024
Solana Price Prediction
The Solana price trades with a bearish bias, adapting to the broader market trend. It has recorded a new lower low at $131.00, marked by the Tuesday intra-day low. The dump has seen the Solana price break below the trendline (centerline) of the Fibonacci retracement indicator, worsening the outlook.
The Relative Strength Index (RSI) shows that SOL bulls continue to capitulate as they record lower highs. Likewise, the Moving Average Convergence Divergence (MACD) is subdued below the signal line (orange band). The volume profiles also show large red nodes to signify abounding bearish sentiment in the SOL market.
This could extend the fall in the Solana price, potentially providing another buying opportunity at the bottom of the market range at $121.45.
GeckoTerminal: SOL/USD 1-day chart
Conversely, resurgence among the bulls could see the Solana price recover and the trendline hold as a support. Based on the Fibonacci retracement indicator, key levels to watch are the 68.1%, 50%, and 38.2% Fibonacci retracement levels at $152.74, $162.41, and $172.07 respectively.
To confirm the uptrend, however, the bulls must manage to haul SOL above the 23.6% Fibonacci retracement level of $184.03. A stable candlestick close above this level would confirm the continuation of the uptrend. This could see that the Solana price reclaims the $203.36 range high, levels last tested on March 17.
Meanwhile, investors are seeking safe havens amid the crypto crash and one of them might be Sealana (SEAL), a Degen crypto meme coin that’s blasted past $5 million in funds raised in its presale. It’s now offering a last chance to buy before listing.
Renowned YouTuber Crypto Mischief sees it as a potential new Dogwifhat (WIF), another Solana meme coin that exploded upon launch.
Promising Alternative To Solana
SEAL, which powers the Sealana ecosystem, is a new contender in the Solana meme coin market, a token that distinguishes itself through a lighthearted narrative centered on a seal trader.
The token’s branding is based on a charming, chubby seal character who has dived deep into the ”Solana Sea.” The character, once sleek and agile, has now adopted a sedentary trader’s lifestyle, and grown fat on a diet of canned tuna and chips.
What better way to show your love of Lambos, Massive Gains & Freedom than getting a #USA tattoo to show for it! 🇺🇸 #Sealana knows what’s best for American made #Memecoins and has a plan to make them great again! 🦭
Send $SOL 💸 and let him be an example for all #Degens!💪 #MAGA pic.twitter.com/B4aBZ2wEbI
— Sealana (@Sealana_Token) June 14, 2024
Jacob Bury, a crypto analyst on YouTube, says that SEAL has the potential to surge 10X after launch.
The SEAL presale will end on June 25 at 6 p.m. UTC, so there are only seven days left to buy the token, which costs $0.022.
Buy Sealana tokens on the official website here.
Also Read:
- How to Buy Sealana – SEAL Presale Review
- Is Sealana the Next Big Solana-Based Meme Coin? – TodayTrader Presale Review
- Next Crypto to Explode: Unveiling the Potential Market Shaker of 2024
- New Meme Coin Sealana Set To Be Top ‘Dog’ On Solana, Bounding Over $WIF?
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- Private Trading Alpha For $WEPE Army
- Staking Pool - High Dynamic APY
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