Solana ‘Still Wants Lower’ As Meme Coins Face A Major Shakeout – Analyst
In the past few days, Solana has faced huge pressure on decline. Due to the selling of speculation and uncertainty, the wider cryptocurrency market has decreased by more than 15 %. Meme Coins has always been the main catalyst of Solana’s growth. It has now seen huge losses, causing concerns about the short -term prospects of blockchain. With the struggle of the coin project, Solana’s ecosystem is being hit, because these token has made significant contributions to its transaction volume and online activities.
Related reading
Top analyst Incomesharks shared a technical analysis on X, indicating that Solana still has a lower space, which will be attributed to the main flushing of the Meme Coin industry. Promoting the hype of Solana’s price rally in the past few weeks is gradually disappearing, and as traders obtain profits or reduce losses, liquidity is exhausted. If Solana cannot maintain the key support level, another leg may be reduced.
Although long -term emotions still rise For Solana, short -term price action indicates that fluctuations will continue. Investors are closely paying close attention to whether Solana can stabilize, or whether further shortcomings are coming. The next day is essential for determining that this correction is just a tilt or a deeper callback.
Sorana facing sales pressure
After lasting sales pressure and increased volatility, Solana is trading at critical levels. As the most popular The blockchain of the coin Creation and transactions, Solana benefited from the surge in speculative interest in these assets. When the Meme coin runs well, Solana tends to see the increase in demand, thereby increasing its price. However, the current market conditions are not good for aluminum coins. Compared with other cottage coins, Solana’s price performance has seriously declined.
Top analyst Incomesharks Share technical analysis on XIt is pointed out that the price of Solana still wants to decline because the Meme coin is facing major rinse. The wider cryptocurrency market has entered a period of uncertainty. As liquidity changes, Meme Coin Hype is gradually disappearing. As traders withdrew high risk positions, this brought additional sales pressure on Sorana.
In the past week, Solana has dropped by more than 15 %. As the emotional takeover of the decline, the key support level failed. The recent price has fallen below $ 230, eliminating a few weeks of income. Incomesharks set a target that has not reached $ 200 since January 16. If Solana fails to hold more than $ 220, the selling may accelerate and push the price to the next main support area.
Related reading
However, not all analysts are declining. Some traders believe that the decline of Solana is a temporary review, rather than the beginning of a long -term decline. If the buyer set foot on the range of $ 220 to $ 225, Solana can stabilize and try to recover. The push -pull of more than 250 US dollars will indicate new forces of strength, and the goal of the Bulls is to return to the previous high.
Price action details: display power
After SOLANA (SOL) increased the transaction price of $ 231 after lasting sales pressure and increased volatility. The price on January 19 reached about $ 295, but since then, Sol faced a sharp decline in 25 % in less than ten days. As Solana’s efforts to seek strong support in a wider market uncertainty, this large decline has attracted the attention of traders and investors.
In order to re -control the Bulls and reverse the short -term loser trend, SOL must maintain higher than the current level and exceed $ 244. Beyond this resistance will indicate the re -purchase of pressure and confirm the potential trend reversal. If SOL manifests this level, it can then waste at $ 260, which marks the recovery stage.
Related reading
However, failure to maintain more than $ 230 may lead to further shortcomings. The rest of this critical level will cause SOL to suffer more in -depth losses, and the next main support area is about $ 200. Falling to this level will marked a more steep correction and may eliminate its recent returns.
Featured images from Dall-E, chart of tradingView
