Solana Price Plummets to $86 Amid Market Challenges

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 day ago

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Market Valuation Drop: Solana's market valuation has plummeted, with its price diving to $86 from a previous high of $295, indicating a significant loss of confidence among investors that could impact their holding decisions.
Key Support Level Watch: The current price hovers around the $80 to $85 support range, and if it falls below $83, it risks a deeper decline towards $60, reflecting heightened market uncertainty regarding Solana's future trajectory.
Short-term Resistance Analysis: Solana's short-term target is set at $95, and if it surpasses this level, attention may shift to the $124 weekly EMA 50; however, experts assert that a robust upward trend seems unlikely unless it breaks through $124.
Investor Sentiment Shift: As Solana's price continues to decline, investor interest has notably waned, with the market consensus indicating that breakthroughs of critical resistance levels are necessary for any sustainable uptrend, potentially affecting future trading strategies.

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Technical Analysis for SOL

Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Solana (SOL) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	68.583	75.042	80.763	87.222	92.943	99.402	105.123
Fibonacci	75.042	79.694	82.569	87.222	91.874	94.749	99.402

About SOL

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.To learn more about this project, check out our deep dive of Solana.The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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