The Solana price fell more than 2% in the last 24 hours to trade at $143.60 as of 4:57 a.m. EST.
This drop in the SOL price came even after the launch of Solana’s new validator client called Firedancer, which is an independent validator client that validators can run to build the blockchain.
The Solana Price Could Enter Into A Strong Move Soon
4-hour chart for SOL/USDT (Source: TradingView)
The Solana price is testing the key support level at $143.48. A symmetrical triangle has also formed on the altcoin’s 4-hour chart, which suggests SOL could soon undergo a strong move. As such, the crypto is at a critical juncture, since this specific chart pattern indicates that the Solana price could go either way in the coming 24 hours.
Should SOL close a 4-hour candle below $143.48 within the next 8 hours, it could be at risk of plunging to the subsequent support level at $135.96 in the following 24 hours. However, the Solana price closing the next two 4-hour candles above $143.48 might invalidate the bearish thesis.
In an alternative scenario, traders could identify the altcoin’s current level as a long opportunity. This potential buy pressure might then push the Solana price above the upper boundary of the symmetrical triangle pattern and beyond the $150.54 resistance. SOL could subsequently have the foundation needed to rise to as high as $162.25 in the short term.
Technicals Point To A Continued Drop In The Solana Price
From a technical perspective, indicators on SOL’s 4-hour chart show that the crypto is at risk of shedding more of its value through the course of the next trading day. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators show that bears have the upper hand against bulls.
RSI readings have declined sharply in the last couple of hours. With the RSI line sloped negatively, it seems sellers are still accumulating strength. This could lead to a continued drop in the Solana price.
Over the past 24 hours, the MACD line also crossed below the MACD Signal line. Traders usually see this as an indication that a crypto has entered a short-term negative trend. The growing gap between these two lines suggests that SOL’s bearish momentum is picking up steam as well.
If these technical signs influence traders’ decisions in the next 24 hours, then the Solana price could drop to the $135.96 support level.
As the Solana price heads south, funds being pumped into the new meme coin ICO Crypto All-Stars (STARS) have surged north to blast past $1.5 million in presale.
Allowing Investors To Put Their Meme Coin Holdings To Work
Crypto All-Stars (STARS) offers meme coin lovers an innovative platform to grow their meme coin bags. Through the project’s platform, investors can lock up a variety of tokens for passive rewards.
DOGE, SHIB, PEPECOIN, FLOKI, BRETT, MOG, LADYS, TOSHI, COQ, BONK, and TURBO can be staked so far, with more options to be added in the coming weeks.
Once staked, investors will receive payouts in STARS, which can then also be locked up on the platform. Anyone who stakes STARS now will gain access to an astonishing 968% APY.
Its meme coin appeal and unified staking offering has excited crypto experts and analysts, including popular YouTuber Jacob Crypto Bury. In a video to his 42K subscribers, he said that the meme coin has the potential to generate 10X returns for investors.
Investors Rush To Get In On STARS At Presale Prices
Crypto All-Stars has already raised over $1.5 million through its ongoing ICO, signaling strong investor confidence in the project’s future. Included in this impressive raise so far is a recent purchase by a crypto whale, who acquired $50K worth of STARS at the start of the month.
Investors can join this crypto whale in scooping up STARS at this early stage using the simple buy widget embedded on the project’s website. Selling for $0.0014593, STARS can be bought using either USDT, ETH, BNB, FLOKI, SHIB, PEPE, DOGE or bank card.
Investors looking to purchase the crypto at the best possible rate will want to act fast because its price is scheduled to increase in less than 2 days, and also during subsequent stages of its presale.
Purchase and stake STARS here for the 968% APY here before its price increases.
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