Solana Price Prediction: SOL Slumps 7% As Experts Say Consider This New Solana Meme Coin With 1,143% Staking APY

Solana Price Analysis

In the past 24 hours, Solana has experienced a 7% decline, currently trading at $183.50 (8:13 p.m. EST). Trading volume has also decreased by 42% to $6.9 billion, as per CoinGecko.

Bearish Trend for Solana

The SOL/USDT chart on a 12-hour timeframe reveals an initial uptrend for Solana. However, after reaching an all-time high of $264.35, the price entered a downtrend characterized by lower highs and lows.

Potential Support Zone

The Fair Value Gap (FVG) at $155–$165 presents a potential liquidity zone. Solana is currently retracing towards this zone, which may provide support.

Technical Indicators

Solana has recently broken below both the 50-day and 200-day Simple Moving Averages (SMAs), indicating further downward momentum. The Relative Strength Index (RSI) is at 35, approaching oversold territory.

SOL Price Prediction

Solana is currently on a bearish trend, with the potential to retrace to the $155 zone if the downtrend continues. However, a bounce from the FVG as support could lead to a relief rally towards resistance levels near $186 or $190.

Alternative to Solana: Solaxy

Amidst Solana's decline, investors are exploring Solaxy (SOLX) as an alternative. Branded as the first Solana Layer-2 solution, Solaxy has secured over $4.2 million in its presale. It aims to address issues faced by Solana, such as spam transactions and network congestion.

The native token of Solaxy, $SOLX, is multi-chain, offering access to both Ethereum and Solana ecosystems. Users can earn passively through staking, with an annual yield of 1,143%. Interested investors can purchase SOLX via the official website.

Disclaimer: This article contains affiliate links.