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The Solana price plummeted more than 8% over the past 24 hours to trade at $167.96 as of 3:00 a.m. EST as investors continue to drop their holdings in the crypto.
The Solana Price At Risk Of Losing Another Key Support
4-hour chart for SOL/USDT (Source: TradingView)
The Solana price printed a series of lower lows and lower highs on the 4-hour chart over the past 48 hours. This sell pressure pulled the altcoin’s value below the $180.08 support, with the crypto now at risk of losing the $162.42 support in the next 24 hours as well. If bears are able to drag SOL below this key level, it could drop to the subsequent support at $149.28 in the following 48 hours.
This bearish thesis could be invalidated if the Solana price rebounds from the $162.42 support in the coming 12 hours. SOL may then attempt to reclaim a position above the recently-breached $180.08 mark. A 4-hour candle close higher than this significant price point in the coming 24 hours may give the altcoin the foundation needed to keep climbing in the short term. Buyers may look to drive the Solana price towards the $207.05 barrier as a result.
The Solana Price May Keep Falling As Technicals Flag Bearish
Technical indicators on SOL’s 4-hour chart warn that bears may continue to push SOL down. This is after the altcoin entered into a negative cycle, as evident by the Moving Average Convergence Divergence (MACD) line crossing below the MACD Signal line in the last couple of days. The negative gradient of the MACD Histogram may also signal that this bearish trend still has some steam left.
Sellers have a large advantage over buyers as well, as indicated by the Relative Strength Index (RSI) being positioned below its Simple Moving Average (SMA) line. Traders generally see this as a sign that momentum is in favor of bears, and a crypto’s price could keep falling. However, the RSI below 40 signals that SOL is oversold, which could be seen as a buy opportunity by bulls should they choose to seize the opportunity.
While the Solana price tries to stay above key support levels, SOL meme coin sensation SMOG has skyrocketed over 128% in the past month.
The Greatest Airdrop Of All Time
Dragon-themed SMOG has also soared over 220% since launch as the altcoin benefited from the recent investor frenzy around SOL-based meme coins. The project stands out from its counterparts because of its vow to deliver “the greatest airdrop in history.”
An indication of the airdrop’s scale is that the team has set aside 35% of the total token supply for the event.
#Dragons, your support is phenomenal, and we're aiming for new heights this week because we believe in the strength of our community! 🌟🐉
New Weekly Targets: 🎯
💰 55K followers – $1000 in $SMOG
💸 65K followers – $2500 in $SMOG
💵 75K followers – $5000 in $SMOG— SMOG (@SMOGToken) March 18, 2024
SMOG Airdrop Heads For Season Two
Smog recently announced that season one of this highly-anticipated airdrop will end on Apr. 3 and that it’ll likely involve about $1 million in giveaways. There is still time left for investors to get in on this amazing opportunity.
By completing a variety of Zealy quests, investors can earn airdrop points. These points will then be used to determine the percentage of the airdrop each investor is entitled to.
Whereas in season one the airdrop is focusing on who completes the most quests, in the second season the emphasis will be on investors who purchase and hold SMOG. The Zealy leaderboard will be reset to give everyone a fair chance at receiving SMOG tokens in the next season.
Investors who want to build their score for season two can do so by purchasing SMOG on the project’s official website. It can be bought on the platform using USDT, ETH or bank card, and is currently selling for a 10% discount. Investors who stake their tokens will also gain access to up to 42% in annual rewards.
SMOG can be purchased here.
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