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The Solana price has plunged 7% in the past week and 2% in the last 24 hours to trade at $165 as of 12:30 a.m. EST on a 24% surge in trading volume to $5.1 billion.
Solana Price Analysis: Bears Continue The Downtrend
The Solana price bears have continued the downtrend after hitting the resistance zone at $190, leading to a price decline that has wiped out 20% of the bulls’ profit. The bears are also capitalizing on the double-top pattern formed at the resistance level, which traders often see as a signal for a potential bearish reversal.
The price has fallen to a key support level of around $162. If the bearish momentum continues, it could drop to the $127 level, which aligns with the pattern’s neckline.
SOLUSDT Analysis (Source: Tradingview)
Though in a downtrend, the price currently trades 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: Is More Downside Coming?
With the formation of the double top pattern, more downside is expected as the price may drop to the $127 support zone, which is also the pattern neckline. Moreover, the technical indicators for Solana are bearish and may push the price further downwards to the support zone at $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.
Base Dawgz Presale Zooms Past $2.79 Million: Best Meme Coin To Buy Now?
As the Solana price tumbles, so the new Base meme coin Base Dawgz (DAWGZ) is rocketing towards $3 million in funds raised in its presale.
$2.7 MILLION$DAWGZ just keeps pushing and we don't let up 💪 pic.twitter.com/200LaSt3v0
— Base Dawgz (@BaseDawgz) July 26, 2024
While the Base blockchain is its home, Base Dawgz offers a unique multi-chain experience with seamless interoperability across Ethereum, Solana, Binance Smart Chain, and Avalanche.
Holders can also stake DAWGZ tokens to earn an impressive 977% annual percentage yield (APY). The team has already set aside 20% of the token supply for staking.
Investors have staked about 32% of the 1.69 billion presale tokens, underlining their long-term bullish outlook for Base Dawgz.
We would like to hear from the $DAWGZ community.
Other than the presale ending early, what would you like to see being implemented by the Base Dawgz team? We are all ears to see where we could improve alongside the community. pic.twitter.com/mh9irxQU56
— Base Dawgz (@BaseDawgz) July 30, 2024
The project will also launch the “Be Social for Airdrop” campaign to reward users with points. All you have to do is use your X account to create and share memes and other content about Base Dawgz. After the presale ends, users can exchange these points for $DAWGZ tokens.
According to ClayBro, a crypto analyst on YouTube with over 130K subscribers, $DAWGZ “could create millionaires.”
If you are drawn to the presale, you can buy DAWGZ tokens on the official website for $0.007061 each. But don’t wait too long because the price will increase in less than four days.
Buy DAWGZ tokens here using ETH, USDT, BUSD, or USDC.
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