{"id":573627,"date":"2024-09-06T08:07:36","date_gmt":"2024-09-06T08:07:36","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=573627"},"modified":"2024-09-06T08:07:36","modified_gmt":"2024-09-06T08:07:36","slug":"solana-price-plunges-12-in-a-month-as-investors-flock-to-this-new-meme-coin-with-a-1442-apy","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/solana-price-plunges-12-in-a-month-as-investors-flock-to-this-new-meme-coin-with-a-1442-apy","title":{"rendered":"Solana Price Plunges 12% In A Month As Investors Flock To This New Meme Coin With A 1,442% APY"},"content":{"rendered":"
The Solana price <\/span>plunged<\/span><\/a> 12% in the last month after falling a fraction in the past 24 hours to trade at $131.25 as of 11:39 p.m EST.<\/span><\/p>\n Trading volumes for the crypto also plummeted 10% in the last 24 hours. During this period, the SOL price dropped from an intraday high of $135.09 to a daily low of $128.14. It has since recovered slightly to trade at its current level.<\/span><\/p>\n 4-hour chart for SOL\/USD (Source: <\/span>GeckoTerminal<\/span><\/a>)<\/span><\/p>\n The <\/span>Solana<\/span><\/a> price has been in a consolidation between $122 and $140 over the last couple of days. This might be an accumulation phase before a strong move up. If buyers decide to push SOL higher, the altcoin will likely attempt to flip the $140 resistance level into support. Thereafter, the crypto could have the foundation needed to rise to as high as $175.<\/span><\/p>\n However, traders deciding to dump the crypto in the coming 48 hours might invalidate the bullish thesis.In this alternative scenario, the <\/span>Solana<\/span><\/a> price could end up falling below the $122 support and possibly drop to the subsequent technical crutch at $106 if the sell pressure persists.<\/span><\/p>\n From a technical perspective, indicators on SOL’s 4-hour chart suggest the crypto might climb in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are starting to show positive signs.<\/span><\/p>\n In the last couple of hours, the MACD line has started to rise above the MACD Signal line. The growing gap between the two technical indicators could be an indication of SOL’s bullish momentum growing stronger. If this margin continues to increase, the crypto might begin to rally.<\/span><\/p>\n RSI readings have been on the rise in the last 12 hours. Traders generally see increasing RSI values as a sign of buyers building up strength against their bearish rivals. Although the RSI is still bearishly below the 50 benchmark, the positive slope of the indicator suggests this might not be the case for long. A break above 50 might indicate that buyers have gained the advantage<\/span><\/p>\nThe Solana Price Might Be Gearing Up For A Strong Move<\/span><\/h2>\n
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Technicals Suggest Buyers Could Soon Take Control Of The Solana Price<\/span><\/h2>\n