{"id":619543,"date":"2025-01-20T03:37:29","date_gmt":"2025-01-20T03:37:29","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=619543"},"modified":"2025-01-20T03:37:29","modified_gmt":"2025-01-20T03:37:29","slug":"solana-price-prediction-sol-plunges-8-after-setting-a-new-all-time-high-as-this-layer-2-crypto-presale-closes-on-12-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/solana-price-prediction-sol-plunges-8-after-setting-a-new-all-time-high-as-this-layer-2-crypto-presale-closes-on-12-million","title":{"rendered":"Solana Price Prediction: SOL Plunges 8% After Setting A New All-Time High As This Layer-2 Crypto Presale Closes On $12 Million"},"content":{"rendered":"

The Solana price plunged over 8% in the last 24 hours to trade at $232.35 as of 10:04 p.m. EST as investors decrease their exposure to the altcoin.<\/span><\/p>\n

This drop in the SOL price comes after the crypto was able to set a new all-time high at $294.33 yesterday. <\/span><\/p>\n

Solana Price Drops Below Support<\/span><\/h2>\n

\"SOL<\/p>\n

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

The Solana price dropped below the support level at $280.68 in the last few hours, according to <\/span>GeckoTerminal data<\/span><\/a>. If sellers continue to exert sell pressure on the altcoin, it could stand the risk of testing the $245.89 support soon. A break below this second technical crutch might then expose SOL to the risk of plummeting all the way down to $214.66.<\/span><\/p>\n

On the other hand, the Solana price reclaiming the $280.68 support within the next 12 hours might invalidate the bearish thesis. In this alternative scenario, the <\/span>altcoin<\/span><\/a> could try to flip the resistance level at $316.37 into support. A 4-hour candle close above this level might then give SOL the foundation needed to keep rising in the short term.<\/span><\/p>\n

Technicals Warn The Solana Price Drop Is Not Over Yet<\/span><\/h2>\n

From a technical standpoint, there are warning signs on SOL’s 4-hour chart that point to a continued decrease in the Solana price. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators warn that sellers show no intentions of easing their pressure on the crypto’s price.<\/span><\/p>\n

RSI readings dropped from the overbought region above 70 to around 68, signaling a decrease in buyer strength. Additionally, the negative slope of the RSI line suggests bears are still chipping away at bulls’ strength. The RSI dropping below 50 could suggest that sellers have taken complete control of the <\/span>Solana<\/span><\/a> price.<\/span><\/p>\n

There is also a major bearish technical flag that is on the verge of being triggered by the MACD. In recent hours, the MACD line has started to collapse towards the MACD Signal line. This narrowing gap is often interpreted as an indication that a crypto’s bullish momentum is cooling. Should the two lines cross soon, it could confirm that SOL has entered a negative trend.<\/span><\/p>\n

As the Solana price tries to fend off pressure from bears, investors continue to buy into new Solana layer-2 project <\/span>Solaxy (SOLX)<\/span><\/a> to grow their portfolios. 99Bitcoins, a popular YouTube channel with over 721K subscribers, says SOLX might soar 100X after its official launch.<\/span><\/p>\n