Convergence

Solana

Bitcoin

Divergence

Solana price analysis: SOL price has seen a notable decrease over the past 24 hours, following a bearish trend. This descent has led the cryptocurrency to break through several previously established support levels. Currently, the altcoin is trading below the $170 mark, indicating a descending triangle pattern that highlights a persisting selling momentum. 
<a href="https://coingape.com/price/solana/">Solana price</a> is currently $152.26, representing a notable decrease of 9.64% in the past day. Its market valuation now stands at approximately $67.9 billion, securing its position as the fifth-largest cryptocurrency by market cap. Trading activity has surged, with a 128.83% increase in 24-hour volume, reaching $5.74 billion. 
<h2 id="strong-solana-price-analysis-bearish-trend-breaks-key-support-levels-strong">Solana Price Analysis: Bearish Trend Breaks Key Support Levels</h2> 
Solana has been on a downward trajectory recently. After a surge past the $200 mark, the cryptocurrency has retreated, signaling a downturn. In the last seven days alone, Solana’s value has diminished by over 13%, suggesting a robust sell-off. Over a monthly frame, it has contracted by 10%. 
<figure id="attachment_191404" aria-describedby="caption-attachment-191404" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-191404" src="https://coingape.com/wp-content/uploads/2024/04/SOLUSD_2024-04-13_17-39-27-e1713019280492.png" alt="Solana Price Prediction: Bearish Pressure Intensifies, $130 Next Support?" width="1200" height="727">
 <figcaption id="caption-attachment-191404" class="wp-caption-text">
 Solana Price Prediction
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</figure> 
The broader crypto market also reflects a bearish phase. <a href="https://coingape.com/price/bitcoin/">Bitcoin</a> is currently just under the $68,000 level. Similarly, <a href="https://coingape.com/price/ethereum/">Ethereum</a> is trading beneath the $3,400 mark. This trend is typical as markets adjust before a halving event, which often leads to price fluctuations. 
With the crypto world looking forward to Bitcoin’s impending halving, there’s rising speculation about its ripple effects on altcoin values, especially Solana. 
<h2 id="strong-bearish-trends-prevail-solana-s-response-to-market-adjustments-strong">Bearish Trends Prevail: Solana’s Response to Market Adjustments</h2> 
If the bullish trend returns, the <a href="https://coingape.com/price-predictions/solana-sol-price-prediction/">price of SOL</a> might break the $170 resistance level, which could indicate a revival of bullish momentum, possibly pushing the cryptocurrency towards $190. If <a href="https://coingape.com/solana-price-approach-200-amid-historic-spike-in-new-spl-token-creation/">SOL</a> maintains this trajectory, it could set the stage for an approach to the $200 resistance level soon. 
Conversely, if bearish pressures intensify, <a href="https://coingape.com/markets/3-reasons-why-solana-price-could-tumble-to-140-before-blasting-to-200/">SOL price</a> might drop to the $140 support level. If sellers continue to dominate, the price could further descend to a lower $120 support zone, potentially marking a bearish turn in the market. 
<figure id="attachment_191401" aria-describedby="caption-attachment-191401" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-191401" src="https://coingape.com/wp-content/uploads/2024/04/SOLUSD_2024-04-13_17-22-50.png" alt="Solana Price Prediction: Bearish Pressure Intensifies, $130 Next Support?" width="1154" height="588" srcset="https://coingape.com/wp-content/uploads/2024/04/SOLUSD_2024-04-13_17-22-50.png 1154w, https://coingape.com/wp-content/uploads/2024/04/SOLUSD_2024-04-13_17-22-50-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/04/SOLUSD_2024-04-13_17-22-50-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/04/SOLUSD_2024-04-13_17-22-50-150x76.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-191401" class="wp-caption-text">
 Solana Price Prediction| Source: <a href="https://www.tradingview.com/x/c4PzVw9r/">Tradingview</a>
 </figcaption>
</figure> 
The Relative Strength Index (RSI) is currently at 36.16, approaching the oversold threshold of 30. This might suggest that the asset is becoming undervalued and could potentially see a turnaround if buyers step in. 
Meanwhile, the moving Average Convergence Divergence (MACD) indicator shows a bearish crossover. Its signal line and histogram reflect increasing bearish momentum as it deepens into red territory. 
The post <a href="https://coingape.com/markets/solana-price-prediction-bearish-pressure-intensifies-130-next-support/">Solana Price Analysis: Bearish Pressure Intensifies, $130 Next Support?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Price Analysis: Bearish Pressure Intensifies, $130 Next Support?

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