Solana Price Prediction as SOL Drops Below $100 Support – Here’s the Next Level to Watch

Watch Icon
News
[[{"value":"

Solana (SOL) price action remains a focal point for investors, with the asset trading at around $101.85 and a volume of $1.5 billion over 24 hours.

Amidst market fluctuations, Solana’s valuation stands resilient, holding a market cap of roughly $44.93 billion, ranking it fifth on CoinMarketCap.

The Solana price prediction hinges on whether it can maintain the $98.60 support level, setting a critical juncture for its future trajectory in the dynamic cryptocurrency landscape.

Solana Price Prediction

The critical pivot point for SOL/USD is observed at $98.60, a level which, if upheld, could steer Solana away from bearish territory. Immediate resistance is encountered near $105.97, with further barriers at $110.54 and $114.74.

On the downside, support levels are placed at $94.24 and $89.36, with an additional potential floor at $85.51.

Solana Price Chart

The Relative Strength Index (RSI) presently stands at 42, hinting at a bearish momentum as it sits below the midline of 50.  This could indicate that sellers currently have the upper hand in the market.

However, the emergence of a Doji candle at the support level of $98.60 signals a potential reversal in this sentiment. Should Solana sustain above this level, a shift to bullish momentum could be triggered.

#Solana Price Prediction Update Key pivot for #SOLUSD is $98.60. Holding above could shift trend from bearish to bullish. Watch resistance at $105.97, $110.54, $114.74 and support at $94.24, $89.36. RSI suggests seller's market, but Doji candle hints at potential reversal. pic.twitter.com/WDuA0FnQP2

— Arslan Ali (@forex_arslan) February 24, 2024

The 50-day Exponential Moving Average (EMA) at $107.25 further cements the significance of the current price movements.

A recent downward trendline breakout at $110.50 and the fall below the $105.80 level have initiated a sharp selling trend, but the current support has brought a pause to the decline, introducing the possibility of a rebound.

Solana Market Analysis and Forecast

The technical patterns suggest that Solana is at a crossroads, with its next move highly contingent on the market’s response to the $98.60 support level.

A breach below this point could lead to an extension of the selling trend towards the lower supports at $94.25 and potentially down to $89.36.

Conversely, maintaining above $98.60 could invalidate the bearish outlook and set the stage for a recovery towards the immediate resistance levels.

Conclusion: The overall trend remains cautiously bullish above $98.60.

Unveiling $SMOG: Stake Now for Exclusive Rewards and Airdrop Access

$SMOG is revolutionizing tokenomics with an epic airdrop on the Solana blockchain. Allocations are set: 50% for marketing, 35% for airdrop rewards, 10% for CEX launches, and 5% for DEX liquidity.

The roadmap delineates a captivating journey, starting with foundational steps like website development and token deployment, to ambitious goals like achieving social dominance and crowning itself as the SOL King.

Each phase is meticulously crafted to enhance community engagement and expand $SMOG’s footprint across the digital landscape.

Join the journey from token launch to becoming the SOL King, with community engagement and expansion at the forefront.

How to Participate:

Buy $SMOG on Birdeye using Solana wallets. Ethereum users can purchase via OTC and look forward to staking options. Sign up for the airdrop on Zealy and complete tasks to earn points.

Be part of the $SMOG story for rewards and innovation in crypto.

Visit SMOG Now

The post Solana Price Prediction as SOL Drops Below $100 Support – Here’s the Next Level to Watch appeared first on Cryptonews.

"}]] 
More News

Kenya’s Capital Markets Bill Defining Cryp...

Watch Icon
Last updated

Source: Pexels The Capital Markets (Amendment) Bill, 2023, has received approval from the National Assembly’s Finance and National Planning Committee in Kenya.  On December 4, a Kenyan local news outlet, Business Daily, reported that the bill defining crypto assets as securities and including the capital gains tax on them had passed the Parliamentary Committee. The The post Kenya’s Capital Markets Bill Defining Crypto Assets as Securities Progresses in Parliament appeared first on Cryptonews.

Back to Top