Solana Faces Selling Pressure
The price of Solana (SOL), a competitor to Ethereum, has been experiencing significant selling pressure in the past two weeks. After reaching its highest point of $123 on Christmas, the price has dropped. This decline follows a massive rally in 2023 that saw SOL’s price increase by almost 1000%.
Current State of SOL
At the moment, the price of Solana is down by 6%, trading at $89.51, and its market cap stands at $38.6 billion. On the weekly chart, SOL’s price has dropped by 13%.
Potential Downward Extensions for SOL
Given the current momentum favoring sellers, there is a possibility of further downward extensions for Solana’s price. The crucial target level to watch is the 61.8% Fibonacci level at $83.64, which represents a 15% decline from the current levels. If this level is breached, it could lead to a further decline to the 50% Fibonacci level at $70.18. In more bearish scenarios, SOL’s price could test the 38.2% or 28.6% Fibonacci levels at $56.73 and $40.08, respectively.
The Relative Strength Index (RSI) indicates declining momentum, while the Average Directional Index (ADX) confirms the strengthening downtrend, reinforcing bearish sentiment.
However, there are still bullish forces present in the SOL market as indicated by the positive territory of the Awesome Oscillator (AO) and the presence of green histogram bars. If bulls make a comeback, there is potential for a shift in directional bias, with Solana’s price aiming to reclaim levels above the 78.6% Fibonacci level. In an exceptionally bullish scenario, SOL could surpass the market range and target the $127.20 range high.
Rally of Solana Meme Coins
Following the significant price rally in BONK, other meme coins based on Solana have also seen a surge in value, indicating preparations for another major bull run.
MYRO, one of the prominent meme coins within the Solana ecosystem, has experienced impressive growth in 2024, more than tripling in value. It currently holds the position of third-largest Solana meme coin after BONK and WIF. MYRO showed remarkable parabolic growth earlier this year and reached a high of $0.088. Although it has retraced partially and is currently trading at $0.06008, it still maintains a 150% increase on the weekly chart.
Investors interested in MYRO can acquire the token on decentralized exchanges such as Raydium and Orca, as well as centralized exchanges like KuCoin, HTX, and MEXC Global.
The X platform (formerly known as Twitter) hosts notable cryptocurrency influencers who actively endorse MYRO. Interested users can acquire it through a dedicated Telegram bot. Additionally, the MYRO team plans to introduce a user-friendly staking program in the coming year to enhance the utility of this emerging dog coin.
Hot Take: Solana Faces Selling Pressure but Meme Coins Rally
Solana’s price has been under pressure recently, facing selling pressure after a significant rally in 2023. However, there are still bullish forces in the SOL market that could potentially shift the directional bias. Meanwhile, meme coins based on Solana, such as MYRO, have experienced impressive growth and are preparing for another major bull run. MYRO has seen a substantial increase in value and remains one of the top meme coins in the Solana ecosystem. Investors can acquire MYRO on various exchanges and platforms, with plans for a staking program in the future.
By
By
By
By
By