Solana Price Crash: SOL Breaches Crucial Support, Next Stop $125?

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

August 2, 2024

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The Solana price prediction remains uncertain as SOL struggles to maintain stability, dropping over 6% in the past 24 hours.

This decline is driven by a broader bearish sentiment in the crypto market following the Federal Reserve’s decision to delay rate cuts, exacerbating recession fears and geopolitical tensions in the Middle East.

Additionally, concerns over FTX potentially holding 8% of the SOL supply have intensified market apprehensions, adding downward pressure on Solana’s price as investors anticipate possible further declines.

Solana Faces Market Challenges Amid FTX Token Concerns

Solana (SOL) is experiencing significant market turmoil following reports that the collapsed FTX exchange holds about 46.5 million SOL tokens, roughly 8% of the total supply, valued at approximately $7 billion.

These revelations have intensified market fears, causing SOL’s price to fall below the critical $160 support level.

Over the past two weeks, SOL has declined by over 9%, with nearly 4% of that drop occurring in the last 24 hours due to concerns over potential token sales.

This situation follows FTX’s earlier sale of $2.6 billion in SOL tokens, which were purchased by major venture firms but are currently locked up.

Analysts suggest further declines could be likely, with SOL potentially dipping into the $140s or even the $130-$150 range if the market reacts strongly to any additional FTX token sales.

Economic Uncertainty and Geopolitical Tensions Affect Solana Price

Solana (SOL) is feeling the effects of Bitcoin’s recent 14% drop, which saw its price fall from $70,135 to $60,465, resulting in $1 billion in liquidations.

This Bitcoin decline is linked to worsening global economic conditions, such as weak job data and recession fears.

Additionally, uncertainty is heightened by the Federal Reserve’s decision to delay interest rate cuts and rising tensions in the Middle East, with recent Israeli raids and U.S. military actions contributing to investor fears.

These combined factors have made investors cautious about Solana’s price movements, leading to uncertainty about whether to buy the dip.

Solana (SOL) Volatility: Assessing Potential Bullish Rebound

Solana (SOL) has experienced significant volatility recently, with its price dropping to $150, marking a 6.2% decline in one day and 17.1% over the week.

Despite this sharp decline, some experts view the drop as a temporary setback. Trading volume remains strong at $9.8 billion, indicating sustained investor interest.

Analyst Ali Martinez has identified a bullish signal on Solana’s 4-hour chart, where a megaphone pattern suggests the price might rebound.

Additionally, Solana’s recent correction to the 61.8% Fibonacci level indicates a potential recovery. These factors suggest it might be an opportune time for investors considering buying Solana.

Solana Price Prediction

Solana (SOL)

is currently trading at $142.90 on the 4-hour chart, navigating a challenging market environment. The pivot point is at $148.20, providing immediate resistance.

Further resistance levels are at $159.20 and $171.60. Immediate support is at $136.50, with additional support at $128.60 and $121.50.

The RSI is at 28.84, indicating oversold conditions, while the 50-day exponential moving average (EMA) is at $167.20, acting as a significant resistance barrier.

The downward trend persists, but the oversold RSI suggests a potential rebound. If Solana holds above the support levels, a recovery could occur, but caution is advised as the overall trend remains bearish.

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Presale and Future Prospects

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The presale offers a great entry point for investors looking to capitalize on this potential growth. With a market cap target of $792,208, the $MGMES presale is well on its way to success.

Don’t miss out on the Meme Games presale. Secure your $MGMES tokens now at $0.00915 each before the price increases.

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