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The Solana price has plunged 17% in the last 24 hours to trade at $128 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 Zone
The Solana price has continued the downtrend since rebounding from a resistance zone at $188, 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 $127. If the bearish momentum continues, it could drop below this level, which aligns with the pattern’s neckline.
SOLUSDT Analysis (Source: Tradingview)
Though in a downtrend, the price trades below the 50-day and 200-day Simple Moving Averages (SMAs). If market sentiment continues, it might help the bears drive the price further down, potentially sparking a solid bearish rally.
The Relative Strength Index (RSI) also indicates a drop from the overbought zone past the 50 midline to the 30 oversold level. However, this presents an opportunity for the bulls to drive the price back up again. in that scenario, the RSI could bounce back to the 50 midline 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: Bulls Could Experience Further Pain
The technical indicators for Solana are bearish and have pushed the price further downwards to the support zone at $127. If Solana’s price continues the downtrend, it could trigger a rally below the neckline, with bears aiming to drive the price to $62 support before a rebound occurs.
In the converse case, the bulls might regain price control on the pattern neckline and push the price again. Additionally, the RSI trades along the patterns’ neckline, which indicates that there is a chance that the bulls may regain momentum.
Investors Bet Big On This Solana GambleFi Token: Best Crypto To Buy Now?
As the Solana price tries to find solid ground, the Mega Dice(DICE) presale has blasted past $1.68 million in funds raised.
Since its launch in 2023, the Mega Dice platform has quickly become a top choice for crypto-based online casino and betting.
Players can enjoy over 4,500 games, including popular options like slots, blackjack, roulette, and a full sportsbook.
Now, the Mega Dice team aims to further enhance the platform by introducing their own Solana token, DICE.
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DICE will serve as a utility token within the Mega Dice ecosystem, offering holders the chance to earn rewards in the token and access exclusive games and betting opportunities not available to non-token holders.
Investors can also stake DICE to earn a portion of the online platform’s revenue. This means that as more players are onboarded onto the platform, investors who stake their tokens will stand to earn more.
Another possible reason for the investor frenzy around DICE could be the early bird bonuses offered to anyone who purchases DICE during its current presale phase. Selected holders will also receive limited edition NFTs that will give access to special privileges and rewards which can also be traded on the market.
According to analyst and YouTuber Umar Khan, DICE could explode 1000X once it launches on exchanges.
Investors eager to acquire the token early can buy DICE on the official website for $0.105266 per token.
Buy DICE here using BNB, ETH or SOL.
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