Rally

Solana

Read

Coin

<ul>
 <li>Solana’s price dropped 28% to $83 in a month, with a 3% loss in 24 hours and a 14% dip in seven days.</li>
 <li>Technical indicators suggest a bearish trend, emphasizing the need to hold support above $80.</li>
 <li>Traders should monitor a potential rebound at $80, as breaking the descending channel could lead to a quick recovery to $120.</li>
</ul>
Solana (SOL) is facing a challenging period as its price experienced a significant decline of 28% over the past month. The altcoin, which recently tested a new demand area at $85, saw a 3% loss in the last 24 hours and a notable 14% dip in the past seven days.
Technical indicators are painting a cautious picture of <a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow">Solana</a>‘s future. The price decline since its peak at $125 in December has adhered to a descending channel, indicating a persistent bearish trend with no immediate signs of a reversal. The 20-day Exponential Moving Average (EMA) and the 50-day EMA on the daily chart are both signaling a worsening technical structure, raising concerns among investors.
The Relative Strength Index (RSI), although currently neutral, is dropping sharply toward the oversold region, suggesting a bearish outlook and the potential for the downtrend to extend below the critical support level at $80. For bullish sentiment to prevail, maintaining support above $80 is essential, as a breach could pave the way for a more prolonged bearish trend.
The key indicators to watch include the RSI, which needs to avoid reaching oversold levels below 30 for a sustained recovery. Additionally, a break above the descending channel, supported by the middle boundary and the 50-day EMA at $87, could signal a shift in momentum for Solana.
For conservative traders, a breakthrough above the channel might usher in a new bullish phase, with anticipation of a recovery to $120. A successful retest of $100 resistance could expedite the recovery, setting the stage for a potential breakout to $200 and a retest of the all-time high at $260.&nbsp;
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/pm-hopeful-pledges-300-crypto-airdrop-to-every-thai-citizen/" rel="noopener noreferrer nofollow">PM Hopeful Pledges $300 Crypto Airdrop to Every Thai Citizen</a></li>
 <li><a href="https://cryptonewsland.com/xrp-price-watch/" rel="noopener noreferrer nofollow">XRP Price Watch: Crucial Levels for Traders</a></li>
 <li><a href="https://cryptonewsland.com/dogecoiners-hopeful-amid-rumors-of-a-new-twitter-coin/" rel="noopener noreferrer nofollow">Dogecoiners Hopeful Amid Rumors of a New Twitter Coin</a></li>
 <li><a href="https://cryptonewsland.com/sp-500-bounced-off-support-crypto-rally-underway/" rel="noopener noreferrer nofollow">S&amp;P 500 Bounced Off Support, Crypto Rally Underway?</a></li>
 <li><a href="https://cryptonewsland.com/sbf-plans-on-a-new-business-to-compensate-ftx-users/" rel="noopener noreferrer nofollow">SBF Plans on a New Business to Compensate FTX Users</a></li>
</ul>
The post <a href="https://cryptonewsland.com/solana-eyes-bounce-back-from-80-support-bulls-hopeful/" rel="noopener noreferrer nofollow">Solana Eyes Bounce Back from $80 Support, Bulls Hopeful</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Solana Eyes Bounce Back from $80 Support, Bulls Hopeful

Crypto News Land

Other articles published on Jan 24, 2024

Celsius Network Spots Potential Scammers Ahead of Creditors’ Repayment Exercise

SEC Escalates Legal Pressure on Ripple, Impacting XRP Market Performance

Shiba Inu Community Burns 100 Million Tokens Amid Price Decline

2024’s Best Texas Online Gambling Sites for Real Money

FTX Unloads $1 Billion GBTC Shares; Will The Bitcoin Rally Be “Vicious”?

Ethereum Shows Resilience Amidst Bitcoin's Surge in Market Dominance

Join our free newsletter for daily crypto updates!