{"id":613420,"date":"2024-12-27T04:08:08","date_gmt":"2024-12-27T04:08:08","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=613420"},"modified":"2024-12-27T04:08:08","modified_gmt":"2024-12-27T04:08:08","slug":"solana-price-prediction-sol-drops-4-as-this-new-layer-2-meme-coin-ico-surpasses-5-8-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/solana-price-prediction-sol-drops-4-as-this-new-layer-2-meme-coin-ico-surpasses-5-8-million","title":{"rendered":"Solana Price Prediction: SOL Drops 4% As This New Layer-2 Meme Coin ICO Surpasses $5.8 Million"},"content":{"rendered":"

The Solana price dropped more than 4% in the last 24 hours to trade at $188.45 as of 9:53 p.m. EST as investors decrease their exposure to the altcoin.<\/span><\/p>\n

With this recent drop in the SOL price, the altcoin has nudged its weekly and monthly performances deeper into the red zone.<\/span><\/p>\n

Solana Price Resting On A Support Level<\/span><\/h2>\n

\"SOL<\/p>\n

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

The <\/span>Solana<\/span><\/a> price is resting on a support at $187.35 following a rejection from a resistance at $198.38 in the last 48 hours, according to <\/span>GeckoTerminal data<\/span><\/a>. Should the altcoin fall below $187.35 within the next 12 hours, it could be at risk of plunging to the next technical safety net at $174.47. <\/span><\/p>\n

However, the Solana price maintaining a position above $187.35 for the next 12 hours could bring an end to the crypto’s price drop. In this more bullish case, SOL might try to break above the aforementioned $198.38 resistance level again. A successful breach of this barrier could then give the <\/span>Solana<\/span><\/a> price the foundation needed to rise to as high as $211.26 in the short term.<\/span><\/p>\n

Buyers May Soon Take Control Of The Solana Price<\/span><\/h2>\n

From a technical standpoint, indicators on SOL’s 4-hour chart suggest buyers are slowly starting to re-enter the altcoin’s order books. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) point to a potential bullish reversal of SOL’s negative trend.<\/span><\/p>\n

In the last few hours, RSI readings have risen. Although the latest reading is still below 50 to indicate bearish strength, the positive slope of the RSI line suggests this might not be the case for much longer. <\/span><\/p>\n

Additionally, the MACD line is slowly starting to rise toward the MACD Signal line. Traders often see this narrowing margin with the MACD line positioned below the MACD Signal line as an indication that an asset’s bearish momentum is cooling down. A confirmation of a bullish turnaround could be if the MACD line crosses above the MACD Signal line.<\/span><\/p>\n

As bulls attempt to regain control of the Solana price, the presale for a new layer-2 meme coin by the name of <\/span>Solaxy (SOLX)<\/span><\/a> is rapidly approaching the $6 million mark.<\/span><\/p>\n

This strong ICO performance comes amid a series of bullish predictions made on SOLX by experts who anticipate great things in the project’s future. Among them is an analyst from the 99Bitcoins YouTube channel. In a recent video for the channel’s more than 719K subscribers, the analyst said SOLX has the potential to soar 100X after its launch. <\/span><\/p>\n