Ethereum

Solana

Myro

Raydium

Bonk

<p>Solana (SOL), a formidable competitor to Ethereum’s layer-1, has encountered significant selling pressure in the last two weeks following its peak at $123 on Christmas, marking its highest point in 2023. This recent selling activity follows an impressive price rally that saw SOL surge by almost 1000% throughout the course of 2023.</p> 
<h3 id="what-s-ahead-for-sol">What’s Ahead for SOL?</h3> 
<p>As of press time, the Solana price is down by 6% trading at $89.51 with a market cap of $38.6 billion. The SOL price has also turned negative on the weekly chart dropping by 13%.</p> 
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            <p>Amidst the ongoing momentum favoring sellers, Solana’s price faces potential downward extensions, with a target at the crucial 61.8% Fibonacci level of $83.64. Such a descent would signify a 15% decline from current levels. A breach below this level may lead to a further decline to the 50% Fibonacci level at $70.18. In a more bearish scenario, the price could test the 38.2% or 28.6% Fibonacci levels at $56.73 and $40.08, respectively.</p> 
            <p><img decoding="async" class="aligncenter size-full wp-image-172741" src="https://coingape.com/wp-content/uploads/2024/01/SOLUSDT.png" alt="" width="1273" height="568" srcset="https://coingape.com/wp-content/uploads/2024/01/SOLUSDT.png 1273w, https://coingape.com/wp-content/uploads/2024/01/SOLUSDT-300x134.png 300w, https://coingape.com/wp-content/uploads/2024/01/SOLUSDT-1224x546.png 1224w, https://coingape.com/wp-content/uploads/2024/01/SOLUSDT-768x343.png 768w, https://coingape.com/wp-content/uploads/2024/01/SOLUSDT-150x67.png 150w" sizes="(max-width: 1273px) 100vw, 1273px"></p> 
            <p>The Relative Strength Index (RSI) outlook indicates declining momentum, while the Average Directional Index (ADX) underscores the strengthening downtrend, reinforcing the bearish sentiment.</p> 
            <p>However, the positive territory of the Awesome Oscillator (AO) and the presence of green histogram bars suggest that bullish forces persist in the SOL market. If bulls stage 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, the altcoin could surpass the market range and target the $127.20 range high.</p> 
            <h3 id="solana-meme-coins-rally">Solana Meme Coins Rally</h3> 
            <p>After the massive price rally in BONK, other Solana-based memecoins have taken charge once again preparing for another major bull run.</p> 
            <p>Myro (MYRO), a prominent meme coin within the Solana (SOL) ecosystem, has witnessed an impressive surge, more than tripling in value in 2024. As the third-largest Solana meme coin, following Bonk (BONK) and Dogwifhat (WIF), Myro (MYRO) exhibited remarkable parabolic growth earlier on January 5, 2024. Earlier this week, the memecoin touched a high of $0.088. However, at press time, it has retraced partially and is currently trading at $0.06008. On the weekly chart, it is still trading 150%.</p> 
            <p>Interested investors can acquire the token on Solana decentralized exchanges (DEXes) such as Raydium and Orca, as well as centralized exchanges including KuCoin, HTX, and MEXC Global.</p> 
            <p>Noteworthy cryptocurrency influencers on the X platform, formerly known as Twitter, actively endorse MYRO, and interested users can acquire it through a dedicated Telegram bot. In the upcoming year, the Myro (MYRO) team has plans to introduce a user-friendly staking program, enhancing the utility of this emerging dog coin.</p> 
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<p>The post <a href="https://coingape.com/solana-sol-price-tanks-another-6-slipping-under-90-will-it-reclaim-100/">SOL Price Tanks Under $90 But Solana-based Memecoins Shine</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

SOL Price Tanks Under $90 But Solana-based Memecoins Shine

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