SOL Coin, SHIB and SUI investors are going through a tough period after the recent market decline. While certain support levels are expected to be broken in January 2025, this situation also raises the possibility that the lowest levels of recent years may be reached. Technical analysis offers some important indicators of price declines. Here are the details...
The SOL Coin price has recently fallen to $194 and is currently a critical support level at $186. However, if this level is broken, the risk of Solana falling to $175 or lower increases. Investors’ bearish expectations also strengthen this possibility.
The Net Unrealized Profit/Loss (NUPL) metric shows that investors are still in the money and avoiding major losses. However, this makes it difficult for Solana to generate strong upward momentum. Historically, investors in the money usually indicate a period of stagnation in the market. For this reason, SOL Coin is currently exhibiting a more cautious market sentiment rather than sharp price movements.
The SOL Coin price has dropped by 11% in the last 24 hours and is currently trading at $194. However, the $186 support level is still holding. This level continues to be a critical reference point for Solana. If Solana can break out of the $201 level and turn this area into support, a gradual recovery could be on the cards.
However, stronger bullish momentum and more favorable market conditions may be needed for Solana to reach its previous all-time high of $264. If the downtrend continues, the price is likely to drop to $175 or lower if the $186 support is broken. This scenario would invalidate positive expectations and increase investor concerns.
Shiba Inu (SHIB) saw its price decline by 10% today. This decline came after investors made $426 million in profits. This was recorded as the biggest daily sell-off since February 2022. On January 7, the SHIB network recorded a Net Profit/Loss (NPL) of $426 million, the highest in a single day since February 2022.
SHIB’s Relative Strength Index (RSI) also points to increasing selling pressure. Currently, the RSI value is below the neutral 50 level at 41.96, indicating a downward trend. When examining the daily chart, SHIB has been trading within a downward parallel channel for the last 30 days. This pattern indicates continued selling pressure, as it has been consistently creating lower highs and lows. If SHIB continues to remain within this channel, experts say the price could fall to the 0.000018 level.
The price of the SUI token peaked at $5.35 two days ago. However, the rise was short-lived and the token is currently trading at $4.59, down 15%. If the price drops to $4.56, this will liquidate the crypto whale’s $20 million position. According to Lookonchain data, the whale holds 4.1 million SUI tokens (about $19.2 million) and 100,000 sSUI tokens (about $470,000). These assets were deposited into the Suilend protocol and in return, $14.4 million worth of stablecoins were borrowed.
SUI tokens are at risk of a serious decline after their peak. A drop to $4.56 would lead to a $20 million liquidation and could lead to selling pressure not only on this altcoin but also on the overall crypto market. However, some analysts believe that SUI will remain in an uptrend and will gain a more optimistic outlook if it breaks the $5.50 level.
These market conditions indicate critical levels that investors in altcoins such as SOL Coin, SHIB, and SUI should pay attention to. Although market dynamics and technical analysis provide important data for investors to take the right steps, there are still uncertainties and risks.