{"id":622982,"date":"2025-01-31T04:19:51","date_gmt":"2025-01-31T04:19:51","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=622982"},"modified":"2025-01-31T04:19:51","modified_gmt":"2025-01-31T04:19:51","slug":"solana-price-prediction-sol-plunges-5-in-a-week-as-investors-pivot-to-this-layer-2-crypto-presale-for-100x-potential","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/solana-price-prediction-sol-plunges-5-in-a-week-as-investors-pivot-to-this-layer-2-crypto-presale-for-100x-potential","title":{"rendered":"Solana Price Prediction: SOL Plunges 5% In A Week As Investors Pivot To This Layer-2 Crypto Presale For 100X Potential"},"content":{"rendered":"

The Solana price dropped over 5% in the last week following a more than 1% correction in the last 24 hours to trade at $236.05 as of 10:43 p.m. EST as investors turn their attention elsewhere. <\/span><\/p>\n

Not only has the SOL price undergone a retracement throughout the past day of trading, the altcoin’s trading volumes have also plummeted 27% during the same period.<\/span><\/p>\n

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

\"SOL<\/p>\n

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

The <\/span>Solana<\/span><\/a> price is resting on a support level at $222.99, GeckoTerminal <\/span>data<\/span><\/a> shows. Should the altcoin drop below this technical safety net within the next 8 hours, it could stand the risk of falling to the subsequent mark at $194.38. Conversely, SOL maintaining a position above $222.99 for the next 12 hours might invalidate the bearish thesis.<\/span><\/p>\n

In an alternative and more bullish scenario, the Solana price will likely try to break back above the closest resistance level at $261.14. Clearing this technical obstacle might then open up the room needed for the crypto to rise to $298.10 or even higher if the potential pressure from buyers persists.<\/span><\/p>\n

Technicals Suggest The Solana Price It Still At Risk<\/span><\/h2>\n

From a technical perspective, indicators on SOL’s 4-hour chart suggest a bearish scenario is more likely to play out. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are showing early warning signs.<\/span><\/p>\n

RSI readings have plunged from the mid 60s to low 50s to indicate a sharp decrease in buyer strength. While the current reading above the neutral 50 mark is still bullish, the negative slope of the RSI line warns there might be a bearish shift in power if bulls don’t step in soon.<\/span><\/p>\n

The MACD line also crossed below the MACD Signal line in the last 24 hours to trigger a major bearish technical flag. Traders usually interpret the MACD line falling below the MACD Signal line as an indication that an asset has entered a negative trend. <\/span><\/p>\n

With the <\/span>Solana<\/span><\/a> price clinging to support, investors might shift focus to alternative options to mitigate downside risk. Layer-2 presale token <\/span>Solaxy (SOLX)<\/span><\/a>, which is not yet susceptible to public market swings, could stand to benefit, especially as experts share their bullish predictions for the project’s future.<\/span><\/p>\n

According to the popular YouTube channel 99Bitcoins, which has more than 723K subscribers, SOLX has the potential to soar 100X after its launch.<\/span><\/p>\n