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The Solana price dropped 4% in the last 24 hours to trade at $159.73 as of 5:30 a.m. EST on trading volume that went up 2% to $6.1 billion.
The SOL price drop came at a time when Bitcoin itself dipped by 4% in the last day after previously hitting a new all-time high. Solana likely followed due to Bitcoin’s overwhelming market dominance.
Solana Price Prediction
On the weekly chart, the SOL price is still 8% up compared to last week Tuesday, but in the last 24 hours, the coin saw a strong 4% dip that took its value from $167 to $158. After reaching this support a few hours prior to the time of writing, SOL made its first attempt at recovery, reaching only $160 before being rejected again.
Right now, Solana is trying to recover again, with its price once again approaching the resistance at $160.
SOL/USDT chart analysis (Source: TradingView)
Right now, its Bollinger Bands are narrower than in the last few days, but they seem to have become relatively stable. However, the coin’s RSI has spent the last 24 hours fluctuating between the oversold zone and the neutral value of 50. At the time of writing, it is once again growing toward 50, but this time, it might be able to breach it and venture further up.
With the Bitcoin-led correction seemingly over, traders and investors might be more optimistic and start buying again, which could lead to a more serious recovery in the coming hours. For now, Bitcoin is showing signs of a very slow recovery, so SOL is unlikely to see a sharp price boost. Even so, it could gradually reach the resistance at $160 and work its way up from there.
Promising Alternative To Solana
While SOL is seeing a slow recovery, Snorter Token (SNORT) is attracting a lot more attention from investors.
Snorter is a Solana-based meme coin trading bot that has its own token, SNORT, which is currently in presale. The bot is a Telegram-powered trading assistant that allows users to spot, snipe, and trade tokens in seconds, much faster than a human trader could ever hope to do on their own.
Its first release is focusing on Solana’s ecosystem due to its speed, but the bot will eventually expand to other chains, including Ethereum, BNB Chain, and other EVM networks.
Those who buy SNORT will get access to a number of features, such as low fees, automated sniping, copy-trading, staking yields, and community rewards.
Meanwhile, experts like ClayBro, a crypto YouTuber with over 136k subscribers, recently predicted that SNORT could be a crypto with 10x potential.
So far, the project’s ICO has seen massive success, quickly raising over $1.88 million, with more coming in every day. If you wish to join others who invested in SNORT early, buy its token now, while its price is still only $0.0981 apiece.
Visit the SNORT website today.
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