Will SOL price rebound before Bitcoin halving?

With 16 greedy days recorded in the past 30 days, SOL’s value has dropped by about 28%. The past seven days have not been the best for the “Ethereum Killer” coin, with its price plummeting by more than 23%. As the crypto community awaits the Bitcoin halving, expected in four days, will SOL price recover?

The latest market results show a significant drop in volume across time periods. The coin has also fallen by 10.33% in the past day. This trend is also reflected in its performance over the past week and month, which have dropped by 23.09% and 28.41%, respectively. This marks a bearish phase that could be worrying for traders. Solana’s current price of $135.38 is significantly lower than its all-time high of $260.06 set on November 7, 2021. The current price is 48.03% lower than its previous peak.

With a market cap of about $60.5 billion, SOL ranks fifth among the top 5 cryptocurrencies in the cryptocurrency market. The token saw a slight drop in trading activity, with trading volume down 5.76% to $5.7 billion. Solana has a circulating supply of 446.6 million SOL out of a total supply of 573.9 million SOL in the past 24 hours. Despite a brief downturn, Solana remains a major contender in the cryptocurrency market, ranking among the top digital currencies.

Blockchain Era is known for its fast speed and coffee-cheap transaction fees, making it an attractive option for developers and projects in the industry. Investors should also keep an eye on Solana’s future performance and market news to see how current trends may change. Solana’s community will benefit from the launch of the latest update to its validator client software, version 1.17.31. qun🐳秆👉玮：tq58956By using Stake-Weighted Quality of Service (SWQOS), the system prioritizes transactions from validators with stake, improving the performance and reliability of the network by resolving congestion issues.

This action is expected to ease the current community congestion, which can also improve the user experience and promote more participation in the Solana network. In short, this upgrade may increase people's trust in the stability and efficiency of the network, thereby affecting the price of Solana. Nevertheless, while the update is a step in the right direction, it may not cause Solana's price to immediately recover before Bitcoin's halving.These improvements may also be intended to mirror the market. However, these advancements and future changes may enhance Solana’s lasting value and security.

When analyzing technical indicators, SOL is currently trading below its various moving averages, such as the short-term and medium-term moving averages (10-day, 20-day, 30-day, and 50-day), all of which indicate sell signals. Nonetheless, the extended moving averages (100-day and 200-day) indicate buy signs, indicating the possibility of extended growth.

Most oscillators are in neutral territory, with the relative strength index (RSI) at 33.71, indicating that SOL is approaching oversold levels. On the other hand, the MACD indicator is showing a sell signal, indicating a decline in momentum.

Moreover, Solana is currently trading within a pivot range, which is a range between support and resistance levels. The Fibonacci pivot point of 174.09 is a key resistance point, and potential support levels of 112.36 and 74.19 can help stabilize the price of SOL in case of further declines.

Considering these indicators, the price of Solana is likely to remain volatile until the Bitcoin halving. Despite the need for near-term caution, there is still positive potential for a long-term recovery trend.

However, it is important to recognize that the cryptocurrency market is known for its unpredictability. The upcoming Bitcoin halving could lead to increased market volatility, which could affect the price of SOL#比特币减半 #大盘走势 #SHIB #WIF #Meme