Solana Price Drop: Temporary or Will Continue?

Bittime - Solana price dropped significantly after failing to break the $225 resistance level, and was unable to stay above the $220 level, with the price currently sitting below $200.

This decline is similar to that experienced by Bitcoin and Ethereum, indicating a bearish trend in the crypto market in general. So, is this just a temporary decline or will it continue?

Solana Price Drop: Bearish Trend

Technically, there is a bearish trend line forming with resistance around the $204 level. The next major resistance is at the $210 level, which also coincides with the 50% Fibonacci retracement level of the downside move from $223 to $196.

If bulls manage to break the $213 resistance, Solana price declines may start to recover. The next upside target is $225, with a potential move higher toward $240 if positive momentum continues.

However, indicators such as MACD and RSI are showing bearish signs. MACD for the SOL/USD pair is strengthening in the bearish zone, while RSI is below level 50, which indicates selling pressure is still dominant.

Read Also: Solana Price Prediction by Ali Martinez: Can It Break $4,000?

Solana Price Drop: Further Decline 

If Solana price falls again and fails to break the $205 resistance, further downside is very likely. Initial support is at the $196 level, but if selling pressure increases, SOL price could head towards the key support level at $188.

If the $188 level is unable to hold, it is likely that Solana price falls further to $175. In fact, a drop below this level could take the price to the next support zone at $162. 

Solana Price Drops: Next Price Movement

Solana price drops and the ongoing bearish trend has made many investors cautious about Solana's movements. 

With key resistance levels at $213 and $225, bulls will have to work hard to restore positive momentum. On the contrary, the bears continue to push the price towards lower support levels.

If the crypto market as a whole shows no signs of recovery, Solana's price is likely to remain under pressure. 

However, for long-term investors, the current price level could be an opportunity for accumulation, especially if there is a trend reversal in the future.

Read Also: 5 Decentralized Exchange (DEX) Solana Teratas

Solana FAQs

What is Solana?

Solana is a blockchain designed to support DApps with high speed and low transaction fees. Its advantage lies in the Proof-of-History (PoH) consensus mechanism which allows the network to process up to thousands of transactions per second with high efficiency.

How many Rupiah is 1 SOL?

Currently, 1 SOL is worth IDR 3,117,157 based on the Bittime market. 

1 SOL How much is USD?

Currently, 1 SOL is worth $191.34 according to Coinmarketcap. 

How to Buy Crypto with Bittime

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Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Additionally, visit Bittime Blog to get various interesting updates and educational information about the world of crypto. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the world of crypto.

Reference

The Daily HODL, Solana (SOL) Falls Under $200: Temporary Setback or Trend Shift?, accessed January 8, 2025.

Coinmarketcap, Coinmarketcap Currency Solana, accessed January 8, 2025.

Author: IPR