Fun

Solana Price Continues Downward Slide — Is A Rebound Possible At $180? 

News Feed - 2024-12-22 06:12:47

Este artículo también está disponible en español.


Solana (SOL) was one of the large-cap assets affected by the recent market downturn triggered by the US Federal Reserve’s rate cut. The Solana price succumbed to the bearish pressure and fell beneath $200 for the first time in over a month.


While the price of SOL has continued its downward spiral in the past day, a prominent crypto analyst on X believes that the altcoin might be gearing for a rebound already. Below is how the Solana price could course-correct and resume its bullish trend. Can SOL Price Reclaim $200 Again?


In a post on the X platform, crypto pundit Ali Martinez shared an interesting insight into the current Solana price action. According to the analyst, several indicators and formations are pointing to a rebound for the altcoin’s price. Related Reading SUI Shows Strong Bullish Comeback: Breakout Above $4.98 In Sight 23 hours ago


This prediction revolves around quite a number of indicators and chart formations. Firstly, Martinez noted that the price of Solana appears to be testing a key support zone between the $188 and $179 region. Source: Ali_charts/X


As shown in the chart above, this price zone has served as a significant resistance level in the past — from March to November. Typically, when the price flips a resistance zone, the level tends to act as a significant support should the price return to it.


Besides the cost basis of investors, the Relative Strength Index (RSI) is also pointing to a potential rebound for the Solana price. The RSI, which tracks an asset’s overbought and oversold levels, is currently at 31.72.


According to Martinez, this RSI level has acted as support in the past, with the Solana price traveling to new swing highs on each occasion.  Monitoring this indicator could provide the right time to enter a long position for the altcoin.


Furthermore, the stochastic RSI is currently at oversold levels, suggesting that the price might be ready for a reversal. The Stoch RSI differs from the regular indicator in terms of the sensitivity and timeliness of its signals.


Martinez did not specify a target for the Solana price should the indicator signals prove true. However, a glance at price action data shows that the altcoin’s price tends to at least return to its previous swing high whenever it finds support at the aforementioned levels. Solana Price At A Glance


As of this writing, the price of Solana is hovering around $180, reflecting a disappointing 6% decline in the past 24 hours. The cryptocurrency’s performance is even much worse on the weekly timeframe, having dropped by nearly 17% in the last seven days. Related Reading Bitcoin Will Test ATH Once It Breaks This Strong Supply Zone – Details 1 day ago The price of SOL on the daily timeframe | Source: SOLUSDT chart on TradingView Featured image from Dreamstime/Aivaras Sakurovas, chart from TradingView

News Feed

Retail interest in crypto ‘quite low’ compared to last bull run — LunarCrush CEO
Ezra Reguerra13 hours agoRetail interest in crypto ‘quite low’ compared to last bull run — LunarCrush CEOLunarCrush CEO Joe Vezzani believes that despite the upcoming Bitcoin halving, there might not be a significa
Exclusive: Mike Flood is shaking up Congress over cryptocurrency
Rudy Takala1 hour agoExclusive: Mike Flood is shaking up Congress over cryptocurrencyMike Flood, a second-term lawmaker from Nebraska, has played central casting in the effort to make Congress move on crypto policy.284 T
Amazon takes minority share in ChatGPT rival Anthropic AI
Savannah Fortis1 hour agoAmazon takes minority share in ChatGPT rival Anthropic AIAmazon has fulfilled its $4-billion investment commitment to AI startup Anthropic, announcing a minority ownership stake in the company an
Middle East accounts for 7.5% of global crypto volume — Chainalysis
Vince Quill7 hours agoMiddle East accounts for 7.5% of global crypto volume — ChainalysisAccording to the World Bank, less than 50% of adults in the Middle East and North Africa region had access to adequate banking se
Bit2Me Debit Card Launch Gives Users up to 9% Cashback on All Purchases
Bit2Me Debit Card Launch Gives Users up to 9% Cashback on All Purchases sponsored Bit2Me, the biggest Spanish exchange, and the first company to be recognized as a virtual service p
Elections may swing Senate Banking Committee toward crypto, Sen. Lummis says
Derek Andersen4 hours agoElections may swing Senate Banking Committee toward crypto, Sen. Lummis saysThe committee is an obstacle, the pro-crypto senator said, but that could change soon.729 Total viewsListen to article
Sichuan Should Work to Remain Attractive to Crypto Mining: Policy Advisor
China’s Sichuan province – a major bitcoin mining hub – should further study how to remain attractive to the crypto industry, according to a local politician. As reported
Crypto Super PAC spends $2M on attack ad targeting NY lawmaker
Turner Wright2 hours agoCrypto Super PAC spends $2M on attack ad targeting NY lawmakerDemocratic Representative Jamaal Bowman in New York’s 16th Congressional District has voted against three pro-crypto bills in the la
Bitcoin Sharks & Whales Continue To Accumulate: Stage Set For New All-Time High?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
National Power Administration Will Propose a Special Cryptocurrency Mining Fee in Paraguay
National Power Administration Will Propose a Special Cryptocurrency Mining Fee in Paraguay The National Power Administration of Paraguay has proposed to set a special mining fee fo
Uniswap Labs’ Crypto: The Game set for Emmy Award consideration
Derek Andersen4 hours agoUniswap Labs’ Crypto: The Game set for Emmy Award considerationCrypto meets reality TV in a hit online game just scooped by Uniswap.1081 Total views2 Total sharesListen to article 0:00NewsOwn t
Indian Police Probe Crypto Exchange and Founders Allegedly Running a Scam
Indian Police Probe Crypto Exchange and Founders Allegedly Running a ScamDelhi police are reportedly investigating a cryptocurrency exchange and its executives allegedly duping Indi