{"id":624806,"date":"2025-02-07T03:30:58","date_gmt":"2025-02-07T03:30:58","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=624806"},"modified":"2025-02-07T03:30:58","modified_gmt":"2025-02-07T03:30:58","slug":"solana-price-prediction-sol-plunges-18-in-a-week-as-investors-pivot-to-this-18-million-layer-2-meme-coin-for-its-220-apy","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/solana-price-prediction-sol-plunges-18-in-a-week-as-investors-pivot-to-this-18-million-layer-2-meme-coin-for-its-220-apy","title":{"rendered":"Solana Price Prediction: SOL Plunges 18% In A Week As Investors Pivot To This $18 Million Layer-2 Meme Coin For Its 220% APY"},"content":{"rendered":"

The Solana price plunged over 18% in the last 7 days after a 2% 24-hour drop to trade at $194.85 as of 10:00 p.m. EST as investors continue to decrease their exposure to the altcoin.<\/span><\/p>\n

The recent drop in the SOL price has also pushed the crypto’s weekly performance more than 2% into the red zone. <\/span><\/p>\n

Solana Price Forms A Negative Channel<\/span><\/h2>\n

\"SOL<\/p>\n

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

The <\/span>Solana<\/span><\/a> price has printed a series of lower lows and lower highs in the last 48 hours on the 4-hour chart to form a descending price channel, data from <\/span>GeckoTerminal<\/span><\/a> shows. As a result of the negative sequence, the altcoin is now resting on the support level at $185.96. Should it fall below this mark, SOL might stand the risk of plummeting down to $173.36.<\/span><\/p>\n

On the other hand, the Solana price breaking above the upper boundary of the negative channel, which coincides with the closest resistance at $201.37, could invalidate the bearish thesis. A 4-hour candle close higher than $201.37 within the next 8 hours might then give SOL the space needed to rise to $215.37 in the short term.<\/span><\/p>\n

Technicals Suggest The Solana Price Could Rebound Soon<\/span><\/h2>\n

From a technical perspective, indicators on SOL’s 4-hour chart suggest the Solana price might keep rising in the next 12 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are starting to show bullish signs. <\/span><\/p>\n

RSI readings have started to rise in the last couple of hours. This could signal increased buyer strength. While the current reading below the neutral 50 mark shows bears still have a stronger grip on the Solana price than bulls, the positive slope of the RSI line suggests buyers might soon take back control.<\/span><\/p>\n

Meanwhile, the MACD line is rising towards the MACD Signal line. The narrowing gap between the two technical indicators could be interpreted as an indication of SOL’s negative short-term trend nearing its end. A confirmation that the <\/span>Solana<\/span><\/a> price has entered a new positive cycle might be when the MACD line crosses above the MACD Signal line.<\/span><\/p>\n

With the growing chances of a Solana price rebound, even more investors will likely pile into the presale for <\/span>Solaxy (SOLX)<\/span><\/a>, a Solana layer-2 meme coin. Popular crypto YouTube channel 99Bitcoins, with over 724K subscribers, says SOLX could soar 100X after its launch.<\/span><\/p>\n