The Solana price has pumped 10% in the past month and 1.3% in the last 24 hours to trade at $174 as of 12:20 a.m. EST on a 10% surge in trading volume to $3.2 billion.
Solana Price Might Fall
The SOL/USDT 1-hour chart displays a series of technical patterns and signals suggesting potential price movements. Initially, an ascending triangle formed between October 20th and October 24th, a bullish continuation pattern where the price gradually rose while encountering resistance.
This pattern typically signals buyer strength, and true to form, SOL/USDT broke above the triangle’s resistance around October 24th, sparking a rally to a new resistance level of around $179.
After the breakout, SOL/USDT faced significant resistance at the $178 – $179 level, repeatedly failing to close above it. This area became a strong selling zone, and between October 24th and October 27th, the price formed a double top pattern at this resistance level.
This indicates that sellers are pushing back after the initial breakout rally. Following this pattern, the price has begun dropping, reinforcing the double top as a valid reversal signal.
SOLUSDT Analysis Source: Tradingview
The 50-period and 200-period Simple Moving Averages (SMAs) provide additional context on potential support zones. The 50 SMA, currently at $172.43, is acting as a short-term support level, while the 200 SMA at $169.04 offers more substantial support, marking a critical level for determining the overall trend strength.
Currently, the price is hovering around the 50 SMA, but if it breaks below this level, it may decline further toward the 200 SMA. A breach below the 200 SMA could indicate further bearish momentum.
Solana Price RSI Indicates A Correction: But Can The Bulls Rebound Fast?
The Relative Strength Index (RSI) adds another layer to the analysis, with a current reading of 46.45, indicating mild bearish sentiment as it has fallen below the neutral 50 level. Previously, the RSI entered overbought territory, peaking at 60.49, which aligns with the double top formation and subsequent price decline. This drop in the RSI suggests weakening bullish momentum, for the Solana price potentially signaling further downside if it continues to decrease.
Looking ahead, the double top pattern and declining RSI imply a potential further decline towards $164, aligning with recent support levels. The area around $164 may serve as a rebound zone where buyers could step in, potentially leading to another attempt at breaking recent highs if momentum shifts.
However, if this support fails, the next target would be around the psychological support level of $160 or lower.
Flockerz Presale Hurtles Toward $2 Million
Amid doubts over where the Solana price is headed, investors might take a look at the new Vote-To-Earn (V2E) meme coin Flockerz (FLOCK), which has surged past $1.1 million in funds raised in presale.
According to YouTuber Crypto Zeus, with 79K subscribers, $FLOCK “could be huge.”
Flockerz is setting out to change the game in the meme coin space by putting true decentralization in the hands of its community, affectionately called “The Flock.” The idea is simple: everyone in The Flock gets a say in shaping the future of the project.
At the core of this is FlockTopia, a platform where each holder has a voice and can earn rewards through its innovative V2E system.
🥂We're toasting to $1M! 🥂
Along with this mega milestone comes BIG news.
🔥TELEGRAM OPENS IN 3 DAYS!🔥
⌛October 26th at 15:00 CET. https://t.co/4cM18DEytN⌛ pic.twitter.com/o5vz6Nkfrb
— Flockerz (@FlockerzToken) October 23, 2024
So, by participating and voting, community members actually get rewarded. In addition, the token offers an astronomical 1,526% annual return for staked FLOCK tokens.
To join the presale, you can buy $FLOCK on the official website here for $0.0058628 per token using BNB, ETH, USDT, or bank card.
Buy before a price hike in less than 1 hour to secure the best deal
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