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The Solana price tumbled 2.5% in the last 24 hours to trade for $95.25 as of 3:20 a.m. EST time, with trading volume rising almost 30%.
Despite the drop, the SOL price is still up 6% up over the week as the high-speed Layer 1 (L1) blockchain token dominates the market post spot BTC ETF approvals. This is because SOL, popular for its high throughput and low transaction fees, has earned a reputation for efficiency and scalability.
Meanwhile, the Hong Kong Virtual Asset Consortium (HKVAC) has removed XRP from its global crypto index, with SOL taking its place in the top five constituents.
The shift comes after SOL took from XRP in December the position as the fifth ranked crypto by market cap.
Solana Price Outlook With SOL Dethroning XRP on HKVAC’s List
With Solana price still consolidating along the support offered by the ascending trendline, the L1 token is bound to record more gains. It is confronting the resistance due to the 25-day Exponential Moving Average (EMA) at $95.33 but downward support is robust. With the 50-, 100-, and 200-day EMA moving north at $85.99, $69.58, and $52.49 levels, the path with the least resistance is north.
Increased buying pressure above current levels could see Solana price increase the gains past the $100 psychological level to test the $112.38 resistance level. A flip of this barricade into resistance could send SOL market value to the range high at $126.36. In a highly bullish case, the altcoin could clear this local top, recording a higher high.
TradingView: SOL/USDT 1-day chart
Converse Case
However, considering the subdued look of the Relative Strength Index (RSI), the bearish grip on SOL is increasing as buyer momentum fades. This could see Solana price descend below the ascending trendline. This is accentuated by the position of the RSI, moving horizontally along the 50 level while the histogram bars of the Awesome Oscillator (AO) flash red while edging towards the negative territory.
In addition, the Moving Average Convergence Divergence (MACD) indicator continues to move below its signal line, both southbound, after crossing below its orange band in late December. This adds credence to the bearish supposition.
Enhanced seller momentum could see Solana price lose the support due to the ascending trendline, potentially falling below the $95.36 support. If the 50- and 100-day EMAs fail to hold as support, SOL market value could extend to bottom out around the $68.03 support level, below which the bullish outlook would be invalidated.
Meanwhile, some investors have shifted their focus to Launchpad XYZ, a top choice among analysts for the best AI crypto coins to invest in. It is also among the top three picks for the best presales now.
Promising Alternative To Solana
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— Launchpad.xyz (@launchpadlpx) January 14, 2024
The project is in the presale stage, with upwards of $2.530 million already in the bag. The LPX token is selling for $0.0445 now.
📊 Tip of the day: Analyse liquidity when considering a trade.
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— Launchpad.xyz (@launchpadlpx) January 15, 2024
Buy LPX in the presale here.
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