Top 3 Solana Memecoins To Sell This Week

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Will SOL Rebound or Continue Bearish Trend? – Crypto News

Published

11 months ago

May 24, 2024

Dripp

Solana price prediction: SOL has seen a significant drop over the last 24 hours, continuing a bearish trend. Currently, Solana is trading under $170, showing a descending triangle pattern indicative of ongoing selling pressure. The Solana price now stands at $163, marking an 8% decrease in the past day.

The current market capitalization for Solana is around $73.71 billion, ranking it as the fifth-largest cryptocurrency. Trading volume has surged by 66% in the past 24 hours, reaching $5.917 billion, reflecting heightened trading activity.

Solana Price Prediction: Will SOL Drop to $150 Amid Bearish Trend?

Solana has recently experienced a significant surge, surpassing the $180 mark before retreating. Over the past week, Solana’s value has dropped by over 2%, indicating a strong sell-off. However, on a monthly scale, Solana remains up by more than 4%.

The broader cryptocurrency market is also facing a bearish phase. Bitcoin is now just below $67,000, while Ethereum is trading under $3,700.

Solana Price Prediction

If the bearish trend in SOL price strengthens, it could soon fall toward the $160 support level. If this downward trajectory continues, a dip to $150 is possible, signaling a significant market sentiment shift.

On the upper side, if bullish momentum resurges, SOL could return to the $170 level. With increased bullish pressure, the price might rally above $180, reaching $200 in the next bullish run. This potential movement highlights the volatility and dynamic nature of Solana’s market performance.

Impact of Spot Ether ETF Approval on Solana’s Market Performance

The potential approval of spot Ether exchange-traded funds (ETFs) in the United States has significantly boosted the cryptocurrency market and marks a crucial step forward in cryptocurrency regulation.

According to a recent research report from a brokerage firm, this development suggests that Solana ETFs might follow. The report comes ahead of an anticipated spot Ether ETF application from the U.S. Securities and Exchange Commission (SEC), indicating that other cryptocurrencies could receive similar regulatory treatment.

Should a Solana spot ETF become a reality, the token has the potential to rally to unprecedented levels. Some targets in such an event are $300, $500 and $1,000. Solana has in the past shown resilience and the ability to rally, rewarding patient investors.

The 24-hour Solana price chart reveals a notable decline. The Relative Strength Index (RSI) sits at 53.82, indicating a neutral position. The RSI indicates a weakening momentum, suggesting that the selling pressure is increasing.

Solana Price Prediction: Will SOL Rebound or Continue Bearish Trend? — Solana Price Prediction| Source: Tradingview

Meanwhile, the Moving Average Convergence Divergence (MACD) shows a crossover with the MACD line at 7.07 and the signal line at 5.16. The histogram illustrates a shift toward bearish territory, hinting at possible further declines.

The Awesome Oscillator (AO) displayed on the chart shows a value of 22.33, indicating a bearish momentum. Additionally, the Average Directional Index (ADX) is at 21.82, suggesting a weak trend strength.