Solana began to show bearish candles in the last 24 hours experiencing a price dip.
The altcoin’s daily trading volume showed an increase of 34.35% according to CMC data.
The second-largest altcoin, Solana, has experienced a price dip in the last 24 hours. With prices having declined by 5.40% Solana reverted to its previous support level at $134 on Friday. This price movement occurred amidst the overall crypto market showing a decline in market cap by 1.41%.
In the last 24 hours, Solana’s price initially showed a price increase and hit an intraday high of $146 momentarily. However, as the bears took over, the token showed a downward trajectory and slid down to current trading levels. Meanwhile, the SOL daily trading volume showed a hike of 34.35%. At the time of writing, Solana is currently trading at $135.70 according to CMC data.
Zooming out, over the past week, Solana has shown significant signs of price recovery. The token’s weekly price performance shows a 5.91% increase indicating the bulls’ attempt to make a comeback. After the recent market crash at the beginning of July, the token indicates price recovery signals.
SOL/USDT Daily Price Chart (Source: TradingView )
Moreover, the recent price drop signaled a selling pressure in the token as highlighted by its RSI standing at 45.76. Moreover, the past day price dip caused an MA crossover, indicating a bearish trend. Presently, the long-term 21-day MA stands above the short-term 9-day MA as per TradingView reports.
Where is Solana Price Headed in H2 2024?
The altcoin finds itself in a bull-bear combat with prices consolidating at previous support levels. In order for the Solana price to witness a bullish rally, the token has to break its resistance at $142.37. The second resistance level for SOL would be at the $150.47 level.
However, if the bears win the combat the token will fall to a support level of $134.58. In the instance of a continuing price dip, the token’s second support level would be at $128.66.
Meanwhile, market analysts continue to hold an optimistic outlook towards the token’s price in the coming months. TheNewsCrypto analysts have predicted a bullish price of $343.64 for Solana in 2024.
Finally, as the market still combats to overcome the July price dip, leading cryptocurrencies have shown increased liquidations. Notably, Ethereum has surpassed Bitcoin in liquidations.
Highlighted Crypto News Today:
Will the German Government’s 90% Bitcoin Sell-Off Affect BTC Price?
