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Solana Dips to $104.75 Amid Market Volatility

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on December 28, 2023 | 2 min
Updated on Dec 28, 2023
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  • Solana’s live price hovers around $104.79, marking a decline of 4.84% within the last 24 hours.
  • SOL’s immediate resistance is established at $131.21, followed by higher resistance at $150.51 and a significant threshold at $182.30
  • Solana finds immediate support at $80.12, with subsequent levels at $47.95 and $29.40
  • SOL’s market trend appears bearish below the $108.15 level and this suggests a potential continuation of the current downward trajectory.

In the continually evolving world of cryptocurrencies, Solana (SOL/USD) has recently been the focus of intense market scrutiny. On December 28, SOLa’s live price hovers around $104.79, marking a decline of 4.84% within the last 24 hours. This movement positions the coin at the #5 ranking on CoinMarketCap, with a substantial market cap of approximately $44.86 billion and a circulating supply of 428.1 million.

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SOL/USD Price Chart
SOL/USD Price Chart – Source: Tradingview

Solana Price Prediction: Technical Outlook

Solana’s current market trajectory unfolds within a complex matrix of support and resistance levels. The cryptocurrency is maneuvering around a pivotal point of $99.04. On the upside, the immediate resistance is established at $131.21, followed by higher resistance at $150.51 and a significant threshold at $182.30. On the downside, Solana finds immediate support at $80.12, with subsequent levels at $47.95 and $29.40. These key technical points offer insights into SOL’s potential price movements and are critical for traders to monitor.

The Relative Strength Index (RSI) for the coin stands at 45, which indicates a bearish sentiment in the market. This suggests that Solana currently lacks the momentum for a significant upward move. The Moving Average Convergence Divergence (MACD) further echoes this sentiment, with a value of -1.90, significantly below its signal line at 0.65. This indicates potential downward momentum and may signal caution for those looking to invest in Solana in the short term.

Notably, Solana’s price is currently below its 50-Day Exponential Moving Average (EMA) of $102.15, reinforcing a bearish trend. The observed downward trendline around the $109.90 mark is supporting this downtrend. This pattern is crucial in assessing SOL’s current market stance and future prospects. A break below this trendline could signify a deeper decline, whereas holding above it might indicate a potential reversal.

In summary, Solana’s market trend appears bearish below the $108.15 level. This suggests a potential continuation of the current downward trajectory, unless the coin can break above this threshold, which could change the current market dynamics.

Stay anchored for more in-depth analyses on Solana and other crypto movers!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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