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

发布于 2024年1月24日的其他文章

5 DeFi Projects That Are Worth Every Penny

Coinbase introduces non-custodial crypto wallets creation

Shiba Inu Community Burns 100 Million Tokens Amid Price Decline

Celsius Shifts $40 Mln Ethereum To Coinbase Amid ETH Price Dip To $2,200

Meme Coins Rally: DOGE, SHIB, BONK and WIF’s Market Movements

Binance Coin: Is BNB setting the stage for a rebound

订阅我们免费的电子期刊，获取每日最新加密领域动态！