tl;dr
Solana (SOL) has experienced a 23% decline from its peak price of $295.83 on January 19, currently trading at $226. The decrease is attributed to waning demand and increased selling pressure. The decline in activity on the Solana network, following the launch of the MELANIA meme coin and Donald Trum...
Solana (SOL) is facing increasing selling pressure and waning demand as its price experiences a decline. The dip in activity on the Solana network has impacted SOL's performance, positioning its price for a sustained drop. With the possibility of SOL's price falling below $210 or attempting to reclaim its all-time high, the cryptocurrency has experienced a 23% decline from its peak price of $295.83 on January 19, now trading at $226. The decrease is attributed to waning demand and increased selling pressure.
The launch of the MELANIA meme coin and Donald Trump’s January 20 inauguration led to a decline in activity on the Solana network, which has influenced SOL's performance. Currently trading at $226, SOL's price has fallen below the 20-day Exponential Moving Average (EMA), signaling weakening momentum. The Moving Average Convergence Divergence (MACD) indicator also supports a bearish outlook, indicating a potential price drop. If selling pressure strengthens, SOL's price could fall below $210 to trade at $202.73, according to readings from its Fibonacci Retracement tool. However, a surge in new demand could invalidate this bearish projection, potentially leading to a reclaim of its all-time high.
The significant surge in demand for the Solana-based meme coin TRUMP pushed SOL to a new all-time high of $295.83 on January 19. However, following Donald Trump’s January 20 inauguration and the launch of the MELANIA meme coin, trading activity gradually diminished, resulting in a significant dip in activity on the Solana network and impacting SOL’s performance. With SOL currently trading at $226, noting a 9% decline over the past 24 hours, its price has fallen below the 20-day Exponential Moving Average (EMA), signaling a key indicator of weakening momentum.
If SOL’s selling pressure strengthens, readings from its Fibonacci Retracement tool indicate that its price could fall below $210 to trade at $202.73. On the other hand, a surge in new demand for the altcoin will invalidate this bearish projection, potentially leading to a reclaim of its all-time high.