{"id":611687,"date":"2024-12-20T08:31:47","date_gmt":"2024-12-20T08:31:47","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=611687"},"modified":"2024-12-20T08:54:12","modified_gmt":"2024-12-20T08:54:12","slug":"solana-price-prediction-sol-plunges-12-in-a-week-as-this-new-layer-2-meme-coin-presale-races-towards-4-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/solana-price-prediction-sol-plunges-12-in-a-week-as-this-new-layer-2-meme-coin-presale-races-towards-4-million","title":{"rendered":"Solana Price Prediction: SOL Plunges 4% As This New Layer-2 Meme Coin Presale Races Towards $4 Million"},"content":{"rendered":"

The Solana price tumbled more than 4% in the last 24 hours to trade at $197.93 as of 10:12 p.m. EST as traders short the altcoin.<\/span><\/p>\n

The 24-hour pullback in the SOL price coincided with a broader market correction. Throughout the past trading day, the digital asset market cap dropped more than 3%, with market leaders Bitcoin (BTC) and Ethereum (ETH) falling more than 3% and 5%, respectively.<\/span><\/p>\n

Solana Price Trying To Break The $198.64 Resistance<\/span><\/h2>\n

\"SOL<\/p>\n

4-hour chart for SOL\/USD (Source: <\/span>GeckoTerminal<\/span>)<\/span><\/p>\n

The <\/span>Solana<\/span><\/a> price rebounded from the $186.51 support level in the last few hours, according to GeckoTerminal data<\/a>. As a result, the crypto is now attempting to break above the technical barrier at $198.64. Should it close a 4-hour candle above this threshold within the next 12 hours, the altcoin might have the necessary foundation to rise to as high as $210.77 in the short term.<\/span><\/p>\n

On the other hand, a rejection by the $198.64 resistance could be followed by a retest of the $186.51 support. Sellers might then exert overwhelming sell pressure on the Solana price in this alternative scenario, which could lead to a drop to the $172.02 support level.<\/span><\/p>\n

Bulls Are Trying To Take Back Control Of The Solana Price<\/span><\/h2>\n

From a technical standpoint, indicators on SOL’s 4-hour chart suggest the <\/span>Solana<\/span><\/a> price might climb through the course of the next 24 hours. Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show that buyers are slowly starting to take control of the crypto’s price.<\/span><\/p>\n

After dropping into oversold territory, the RSI has started to climb again. Traders usually see rising RSI readings as a sign of growing buyers strength. While the latest reading at around 37 signals bears still have the upper hand, the positive slope of the RSI line suggests the indicator might soon break above the neutral 50 mark to indicate that bulls have taken back control.<\/span><\/p>\n

SOL’s bearish momentum also seems to be cooling down, as suggested by the rising MACD Histogram values on the 4-hour chart. This indicator measures the distance between the MACD and MACD Signal lines and is used as a gauge to determine how strong an asset’s bullish or bearish momentum is.<\/span><\/p>\n

The current orientation of the MACD and MACD Signal lines, with the former positioned below the latter, suggests the Solana price is in a negative cycle. However, the narrowing margin between the two lines could be an early sign of an upcoming bullish trend reversal.<\/span><\/p>\n

While the Solana price tries to recover from its recent correction, investors are turning their attention to the new meme coin <\/span>Solaxy (SOLX)<\/span><\/a>, which offers a huge 1,126% staking APY.<\/span><\/p>\n

In addition to the high passive rewards on offer, the token also comes with great speculative potential, according to popular crypto YouTuber ClayBro. <\/span><\/p>\n

In a recent video for his more than 134K subscribers, he said that the SOLX token has the potential to soar 100X after its launch.<\/span><\/p>\n