Solana Price Continues Downward Slide — Is A Rebound Possible At $180?

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As a seasoned analyst with over two decades of experience in the financial markets under my belt, I have seen bull and bear cycles come and go. The recent downturn affecting large-cap assets like Solana (SOL) is no stranger to me, having witnessed similar market movements countless times. However, what caught my attention this time around was a bold prediction by prominent crypto analyst Ali Martinez on platform X.

In simpler terms, due to the recent market slump caused by the U.S. Federal Reserve reducing interest rates, Solana (SOL) – one of the major assets – also experienced a drop. For the first time in more than a month, the price of Solana dipped below $200, yielding to the bearish trends.

Despite Solana’s price experiencing a steady decline over the past day, a well-known cryptocurrency expert at X anticipates that this altcoin may be preparing for an upturn. Here’s a possible explanation of how Solana’s price might adjust and rekindle its bullish momentum.

Can SOL Price Reclaim $200 Again?

On the X platform, crypto expert Ali Martinez recently posted some intriguing thoughts about the ongoing movement in Solana’s price. Based on his analysis, various signs and patterns suggest that Solana’s price might recover soon.

As a researcher, I’ve been analyzing the price trends of Solana, and I find myself focusing on several significant indicators and chart patterns. Notably, Martinez pointed out that the price seems to be probing a critical support area, roughly between $188 and $179.

According to the graph, this price range has historically acted as a strong resistance point – from March to November. Generally speaking, once a resistance zone is reversed, it often functions as a substantial support if the price revisits it again.

In addition to investor cost basis, it appears that the Solana price may be due for a recovery, as indicated by the Relative Strength Index (RSI). At present, this indicator, which monitors an asset’s overbought and oversold conditions, stands at 31.72.

As per Martinez’s analysis, this RSI (Relative Strength Index) level has previously functioned as a support level. Each time it occurred, the price of Solana reached new peak levels. Keeping an eye on this indicator might help identify the optimal moment to take a long position in the altcoin.

Additionally, the current reading of the Stochastic Relative Strength Index (RSI) indicates oversold conditions, implying that a possible price rally could be on the horizon. Unlike the standard RSI, the Stochastic RSI offers more rapid and responsive signal generation.

Martinez didn’t set a particular price goal if the signal indicators are correct, but looking at historical price data suggests that Solana’s price often revisits its prior peak when it encounters support at those mentioned levels.

Solana Price At A Glance

From my perspective as an analyst, at present, Solana’s price stands roughly at $180, representing a 6% drop over the past 24 hours. On a weekly basis, this cryptocurrency has experienced a more significant setback, with a decline of approximately 17%.

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2024-12-22 12:04