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Solana Price Prediction as SOL Drops 5% Overnight – What’s Going On?

Solana (SOL/USD) has experienced a notable setback, dropping 5% overnight to trade at $135. Holding the fifth position on CoinMarketCap with a market capitalization of $60.41 billion, Solana’s downturn highlights the volatility inherent in the cryptocurrency market.

Despite a substantial trading volume of nearly $2 billion in the same period, the sharp decline prompts a closer examination of the factors influencing Solana price prediction.

Solana Price Prediction

From a technical perspective, Solana is trading near a pivotal point at $133.77. This level is crucial as it could determine the immediate directional bias for the token. If Solana maintains above this pivot, bullish sentiment may prevail, but a break below could precipitate a sharp selling trend.

Looking at resistance levels, the immediate barrier stands at $145.41. Should Solana break past this point, the next resistance levels are pegged at $160.58 and $175.43, respectively. These figures represent potential targets for buyers if upward momentum continues.

Solana (SOL/USD) Update: Currently trading at $135.05, down 4.75%. Key levels: Pivot at $133.77, with resistance up to $175.43. Support begins at $122.20. RSI at 34 signals potential oversold conditions. Watch for movements above $133 to stay bullish. #Solana #CryptoTrading

— Arslan Ali (@forex_arslan) April 29, 2024

Conversely, support levels are currently set at $122.20, with further cushions at $112.48 and $99.58. These levels could play a significant role should the price retreat from its current position, providing fallback points that might stabilize declines.

The technical indicators provide a mixed but leaning cautious outlook. The Relative Strength Index (RSI) is at 34, suggesting that Solana is nearing oversold conditions, which could either prompt a price recovery or indicate further declines if investor sentiment does not improve.

Solana Price Prediction

Meanwhile, the 50-day Exponential Moving Average (EMA) is at $143.98, which has been acting as a resistance. This suggests that unless Solana can sustain closes above this level, the likelihood of a bearish trend persists.

In terms of market dynamics, the candlestick patterns near the 50 EMA show resistance, where closing prices below this line could encourage a bearish sentiment among traders.

Conversely, the presence of a supporting upward trendline around the pivot point of $133.77 suggests a potential limit to any downward movement, providing a buffer against a free fall in prices.

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With the price currently at $0.000303, an imminent price hike is scheduled to occur in just 20 hours. This expansion across diverse blockchain ecosystems is designed to merge the iconic appeal of Doge with enhanced blockchain functionalities, promising broader utility and appeal.

For more updates and to engage with the community, follow Dogeverse’s official channels on Twitter and Telegram.

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The post Solana Price Prediction as SOL Drops 5% Overnight – What’s Going On? appeared first on Cryptonews.

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