{"id":625697,"date":"2025-02-11T04:14:30","date_gmt":"2025-02-11T04:14:30","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=625697"},"modified":"2025-02-11T04:14:30","modified_gmt":"2025-02-11T04:14:30","slug":"solana-price-prediction-sol-plunges-6-in-a-week-as-investors-flock-to-this-sol-layer-2-meme-coin-presale-offering-a-210-apy","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/solana-price-prediction-sol-plunges-6-in-a-week-as-investors-flock-to-this-sol-layer-2-meme-coin-presale-offering-a-210-apy","title":{"rendered":"Solana Price Prediction: SOL Plunges 6% In A Week As Investors Flock To This SOL Layer-2 Meme Coin Presale Offering A 210% APY"},"content":{"rendered":"

The Solana price is down more than 6% on the weekly time frame following a 1% 24-hour drop to trade at $200.96 as of 10:43 p.m. EST as investors decrease their exposure to the altcoin.<\/span><\/p>\n

Despite the drop in the SOL price over the last 7 days, the crypto’s positive monthly performance remains intact. The altcoin is over 7% in the green on the longer-term time frame.<\/span><\/p>\n

Solana Price Trying To Escape A Negative Channel<\/span><\/h2>\n

\"SOL<\/p>\n

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

The <\/span>Solana<\/span><\/a> price is attempting to break out above a medium-term descending channel that has formed on its charts in the last couple of weeks, <\/span>GeckoTerminal data<\/span><\/a> shows. Should the crypto rise above the upper boundary of this negative range, it might try to flip the resistance at $223.34 before potentially soaring to the resistance at $260.22.<\/span><\/p>\n

However, failure to escape above the negative channel within the next 8 hours could invalidate the bullish thesis. In this more bearish scenario, the Solana price might continue to trade within the negative channel. This could lead to a test of the immediate support at $194.53. Continued sell pressure might even lead to a drop to as low as $162.27.<\/span><\/p>\n

Solana Price Could Start To Rally If Bulls Step In Soon<\/span><\/h2>\n

From a technical standpoint, it seems the Solana price is on the verge of entering into a rally. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators on the daily chart are showing early bullish signs.<\/span><\/p>\n

Over the last couple of hours, the MACD line has started to rise towards the MACD Signal line. The narrowing gap between these two technical indicators could suggest that SOL’s negative trend is nearing its end. Should the MACD line cross above the MACD Signal line, it might indicate that SOL has entered a new positive cycle. This could then lead to a rally.<\/span><\/p>\n

Meanwhile, the RSI line on the daily chart has started to level off at around 43. The current reading below the neutral 50 mark might indicate that bears currently have the upper hand. However, the leveling off of the technical indicator has opened up the possibility for bulls to step in and take back control of the <\/span>Solana<\/span><\/a> price if they choose to capitalize on the opportunity.<\/span><\/p>\n

As the Solana price tries to break out of a negative channel, investors flock to the presale for new SOL layer-2 meme coin <\/span>Solaxy (SOLX)<\/span><\/a>, which is charging towards the $20 million milestone. 99Bitcoins, a popular crypto channel on YouTube with over 724K subscribers, believes SOLX could surge 100X after its launch.<\/span><\/p>\n