{"id":617641,"date":"2025-01-13T13:25:09","date_gmt":"2025-01-13T13:25:09","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=617641"},"modified":"2025-01-13T13:25:09","modified_gmt":"2025-01-13T13:25:09","slug":"solana-price-prediction-sol-plummets-18-in-a-week-as-this-new-layer-2-meme-coin-presale-surpasses-10-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/solana-price-prediction-sol-plummets-18-in-a-week-as-this-new-layer-2-meme-coin-presale-surpasses-10-million","title":{"rendered":"Solana Price Prediction: SOL Plummets 18% In A Week As This New Layer-2 Meme Coin Presale Surpasses $10 Million"},"content":{"rendered":"

The Solana price plummeted 18% in the last week and a fraction of a percentage in the past 24 hours to trade at $186.15 as of 11:25 a.m. EST on trading volume that dropped 8% to $2.3 billion.<\/span><\/p>\n

Solana Price On A Bearish Trend<\/h2>\n

The <\/span>SOL price<\/span> chart analysis on the 4-hour timeframe showcases<\/a> recent bearish price action following a failed attempt to sustain higher levels above $200. <\/span><\/p>\n

After a steep decline from around $220 and forming a rounding top pattern, SOL has entered a consolidation phase between $184 and $192, according to data from <\/span>GeckoTerminal<\/span><\/a>. <\/span><\/p>\n

This consolidation is marked by a descending trend from the previous peak, forming what appears to be a rounded top—a bearish reversal pattern—leading to a sell-off.<\/span><\/p>\n

The chart also shows that the Solana price is struggling to reclaim the critical resistance zone near $192, which is now a ceiling for further upside movement. Moreover, the lower boundary at $184 has acted as support multiple times, forming a horizontal channel.<\/span><\/p>\n

The Solana price is now trading below both the 50-period and 200-period Simple Moving Averages (SMAs), which supports the general bearish outlook.<\/span><\/p>\n

Meanwhile, the Relative Strength Index (RSI) is at 41.38, slightly below the neutral 50 level, indicating mild bearish momentum. <\/span><\/p>\n

While the RSI is not yet in oversold territory (below 30), its current level suggests that selling pressure has weakened recently. However, there is no strong bullish divergence, indicating a lack of clear buying interest.<\/span><\/p>\n

\"Solana
SOL\/USD Chart Analysis Source: GeckoTerminal<\/figcaption><\/figure>\n

SOL To Continue Dropping?<\/h2>\n

The overall market sentiment, combined with technical indicators and patterns, suggests a bearish bias for the Solana price in the near term. <\/span><\/p>\n

The rounded top formation and the inability to reclaim the 50-period SMA and 200-period SMA reinforce the likelihood of further downside unless a strong catalyst reverses the trend.<\/span><\/p>\n

If the price of Solana continues to drop, the $180 level remains a critical support zone. A breakdown below $180 could lead to a test of the next psychological level at $170 or lower.<\/span><\/p>\n

On the upside, SOL faces immediate resistance at $192, followed by the 50-period SMA and 200-period SMA levels at $198-$202. Breaking above these levels could indicate a potential recovery.<\/span><\/p>\n

As the SOL price plummets, investors are buying into a new layer-2 Solana meme coin called <\/span>Solaxy (SOLX)<\/span><\/a>. According to 99Bitcoins, a popular crypto YouTube channel with over 721K subscribers, Solaxy has the potential to soar 100X after its launch.<\/span><\/p>\n