Solana koers op randje 22% correctie, bearish druk neemt toe
Solana (SOL) is climbing higher again this morning despite a sharp increase in bearish pressure. The price fell 20% in a week, but has rebounded 3.4% to $186.70 today. Can Solana hold key support near $183, or will rejection lead to a decline?
If Solana continues to rise, he could break out of the downtrend that has been going on since late November. However, for this to happen, SOL will first have to break above $200 again, with a gain of 7%.
Solana recovers from losses to reach lowest level since Nov. 6
Solana fell to $170 yesterday, its lowest level since November 6th. That day, cryptocurrency markets skyrocketed following Donald Trump’s victory. The sharp decline suggests Solana has lost a lot of momentum. The strong support suggests not all hope is lost.
Solana’s further losses seemed inevitable at the start of the week after bearish pressure mounted. The analysis below shows Solana has a new accumulation area near $165. Analysts are predicting a rebound here, and you can see that today (so far).
#SOLUSDT 1 hour
analyze
The price is #solana We have reached a very critical decision point!
If the price fails to recover higher from the current area, it is bound to move lower to find more buyers near the $165 support area.
Either way, based on current market conditions,… pic.twitter.com/gN8v9ivvIl
— Crypto Master (Futures/Spot) (@master_binance) January 12, 2025
But as mentioned earlier, this morning’s gains were not enough to break the downward trend that has been going on since November. A move from $170 to $187 means buying pressure from short-term holders is likely to increase.
What will Solana do?
Solana’s price has been declining since late November and has been trading range-bound for much of the past two months, currently between $180 and $210. Levels around $210 may act as additional resistance, but a move above this level would allow for a breakout of the downtrend.
SOL tested multiple support levels yesterday, such as the 200-day moving average (blue) at $173 and the bottom of the trading range at $180. Despite the bearish pressure, it seems difficult to push the price below $170 unless the crypto market collapses.
The relative strength index (RSI) of 42 indicates that Solana is lacking momentum, which may make it more difficult to break through resistance levels. The next resistance is at the current level at $188, followed by the 30-day moving average (yellow) at $197.
Today we may see where Solana goes. One bright spot is that we are six days away from the inauguration of Donald Trump. This could spark a lot of hype around the cryptocurrency, giving SOL an extra boost.
Alternatives to Solana
Currently, the cryptocurrency market seems to be picking up again. Bitcoin, for example, has risen 4% in the past 24 hours after breaking above $96,000 in the morning. This is positive for the overall market, which generally performs better when the largest cryptocurrencies perform well.
Smaller cryptocurrencies that attract a lot of investor attention benefit the most, as smaller capital inflows can lead to big gains. Below we take a look at 3 emerging cryptocurrency projects that have low market caps but have the potential to rise significantly in the near future.
Wall Street Invitation ($WEPE)
Meme coins may also make a comeback soon. Dogecoin’s 7% rise shows investors haven’t lost confidence yet. new Wall Street Invitation ($WEPE) It has also received widespread attention from investors and has raised more than $47.7 million in pre-sales.
One possible reason why $WEPE became one of the largest presales in recent years is that $WEPE is a memecoin with a lot of utility. Token holders not only profit as $WEPE rises, but also gain access to an exclusive community with elite trading insights.
The power of Wepe lies in every hand that holds it. 🐸⚔️ pic.twitter.com/Z8M3bsxTwf
— Wall Street Pepe (@WEPEToken) January 13, 2025
Wall Street Pepe is still selling at a fixed low price of $0.00036647 per coin, but the price will increase in around 24 hours. Early investors can choose to stake their tokens immediately and receive an additional 27% annualized returns.
Solaxy ($SOLX)
Solaxy ($SOLX) Probably the best alternative to Solana as it is the first Solana Layer-2 blockchain. Not only has the concept generated a lot of hype, but Solaxy also has a much lower market capitalization than Solana. Although it could benefit from the success of major altcoins.
As a Layer-2, with Solaxy you still benefit from low transaction costs and high speeds, but without the risk of interruptions or failed transactions. Additionally, $SOLX can be used to invest in projects launched on new blockchains.
As the entry key to the new blockchain, $SOLX could become very valuable. Therefore, it is not surprising that the current pre-sale price of $0.0016 may be very low, and it has already raised $10 million in the pre-sale. Buy and stake $SOLX now for 343% APR.
Best Wallet Token ($BEST)
of Best Wallet Token ($BEST) The Presale is a unique opportunity to purchase Best Wallet utility tokens at a fixed low price. Combined with this crypto wallet, the coin has unique advantages compared to other well-known wallets such as Metamask and Phantom.
As a token holder, you enjoy discounts on in-app operations and early access to new presales and releases. You also receive exclusive benefits and higher staking rewards from partners. This could lead to a significant increase in the price of $BEST after the pre-sale.
Keep up the good work, king👑 pic.twitter.com/kSqYs40qDI
— Best Wallet (@BestWalletHQ) January 13, 2025
After raising $7 million in the pre-sale, the price of $BEST has risen to $0.0236. The price will rise further tomorrow. Be one of the first to buy $BEST and benefit from 265% APY. This is specifically for pre-sale investors.
