{"id":624144,"date":"2025-02-05T06:52:55","date_gmt":"2025-02-05T06:52:55","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=624144"},"modified":"2025-02-05T06:52:55","modified_gmt":"2025-02-05T06:52:55","slug":"solana-price-prediction-sol-plunges-9-in-a-week-as-this-new-layer-2-crypto-ico-charges-towards-18-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/solana-price-prediction-sol-plunges-9-in-a-week-as-this-new-layer-2-crypto-ico-charges-towards-18-million","title":{"rendered":"Solana Price Prediction: SOL Plunges 9% In A Week As This New Layer-2 Crypto ICO Charges Towards $18 Million"},"content":{"rendered":"

The Solana price is down more than 9% on the weekly time frame following a 3% drop in the last 24 hours to trade at $207.74 as of 10:40 p.m. EST as investors dump their holdings in the crypto.<\/span><\/p>\n

With the negative trend the SOL price has been in over the last 7 days, the altcoin’s monthly performance has been pushed 4% into the red zone as well.<\/span><\/p>\n

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

\"SOL<\/p>\n

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

The Solana price <\/span>dropped<\/span><\/a> below the support level at $209.38 in the last couple of hours, and has since been trying to reclaim a position above the mark. If SOL is able to recover within the next 8 hours, it could rise to as high as $225.33 in the short term.<\/span><\/p>\n

On the other hand, the <\/span>Solana<\/span><\/a> price failing to close a 4-hour candle above $209.38 within the next 8 hours could lead to a more bearish scenario playing out in which traders start to short the altcoin. This potential sell pressure might result in a test of the immediate support level at $195.03. Continued sell pressure could even see the Solana price plunge to $182.27.<\/span><\/p>\n

Solana Price Drop Might Only Be In Its Early Stages<\/span><\/h2>\n

From a technical standpoint, indicators on SOL’s 4-hour chart suggest the crypto’s price drop has only just started. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest traders are unsure of which direction SOL will move in next.<\/span><\/p>\n

In the last couple of hours, RSI readings have dropped from the high 40s to the low 40s. Decreasing RSI values are often seen as a sign of diminishing buyer strength. Now, the RSI line’s slope is starting to level off, which suggests bulls are trying to take control of the situation. However, the current reading below 50 suggests buyers have an uphill climb.<\/span><\/p>\n

Meanwhile, over the past 48 hours, the MACD line has been positioned bullishly above the MACD Signal line to suggest that SOL has been in a positive trend. <\/span><\/p>\n

SOL’s positive trend seems to be coming to an end, as the MACD line starts to collapse in on the MACD Signal line. Should the two lines cross, it could confirm that the <\/span>Solana<\/span><\/a> price has entered a bearish cycle.<\/span><\/p>\n

While the Solana price stands the risk of dropping even further in the short term, investors are piling into the presale for <\/span>Solaxy (SOLX)<\/span><\/a> to grow their portfolios. According to 99Bitcoins, a popular crypto YouTube channel with over 724K subscribers, SOLX has the potential to soar 100X after its launch.<\/span><\/p>\n