The Solana price has dropped 2% in the last 24 hours to trade for $98.85 as of 9:00 a.m. EST time, with trading volume rising 7%.
It comes at a time when Solana-based meme coins are trending, taking the baton from Bonk Inu (BONK). Now, MYRO and SILLY are the meme coin sensations on the SOL blockchain.
With Myro price rallying up to 775% on the month, Silly price is up 40% on the week. SILLY recently secured a listing on the HTX exchange, ranking among the exchange’s top gainers on Wednesday.
🚀 #HTX Listing Gains Recap:
Which one did you trade?
— HTX (@HTX_Global) January 17, 2024
Elsewhere, American multinational asset management firm Franklin Templeton hailed Solana in a January 17 post on X.
On Solana, we see Anatoly’s vision of a single atomic state machine as a powerful use case of decentralized blockchains, lowering information asymmetry. And we are impressed by all the activity seen on Solana in Q4 2023
— Franklin Templeton (@FTI_US) January 17, 2024
While the post did not allude to the current spot exchange-traded funds (ETFs) frenzy, one analyst pointed the community to this investment product, saying, “The year of altcoin ETFs.” This triggered hope for SOL ETFs on social media platform X among its crypto community.
Solana Price Outlook With Emerging Hope For SOL ETFs
The Solana price remains within the confines of an ascending parallel channel. Nevertheless, it faces overhead pressure due to the midline of the bullish governing pattern and the supply zone that extends from $107.92 to $121.19. It comes after SOL flipped the descending trendline into a support.
Based on the outlook of the technical indicators, the odds favor the downside. For starters, the Relative Strength Index (RSI) is nose-diving, a sign that momentum is falling. If this trajectory sustains, the RSI could soon cross below the signal line (yellow band). Such a crossover is deemed a sell signal and is therefore bearish.
Also, the Moving Average Convergence Divergence (MACD) indicator is still moving below its signal line (orange band), suggesting the odds for a slump are higher than they are for a move north.
The Average Directional Index (ADX) indicator, which quantifies trend strength, shows that the predominant trend (uptrend) is losing steam. This adds credence to the postulation that a move south is likely for the Solana price.
If the bears have their way, the Solana price could lose the immediate support due to the descending trendline. An extended fall could see SOL market value tag the 89.02 support level, with the potential to collect the buy-side liquidity (BSL) that resides underneath.
In the dire case, the Solana price could dwindle all the way to the $80.00 psychological level, with the potential to roll over to the $68.03 support. Such a move would constitute a 30% drop below current levels.
On the other hand, considering the RSI remains above 50, the price strength is still in the hands of the bulls. The position of the MACD in the positive territory reinforces this position.
If sidelined investors or late buyers increase their buying pressure, the Solana price could push north, potentially overcoming the resistance due to the midline of the channel.
In a highly bullish case, the Solana price could venture into the supply zone. A break and close above the midline (mean threshold) of this order block at $114.76 would confirm the continuation of the uptrend. This could see the SOL price flip this order block into a bullish breaker and use it as the jumping-off point to hit the $126.36 resistance level, marking the Christmas high. This would denote a 27% climb above current levels.
On-chain Metrics Supporting Solana Price Bearish Outlook
Santiment data shows falling social volume and social dominance, pointing to reduced mentions of the SOL coin across crypto-related social media. This is relative to over 50 other projects.
Solana Santiment: Social Volume, Social Dominance
Development activity has also dropped from 41.64 to 24.76 between January 12 and January 18, representing a 40% drop in less than a week. Also, the buying power of the whales is low at 50.836 relative to the 51.087 recorded on December 19. This is seen in the drop in the percentage of stablecoin total supply held by whales with more than $5 million.
Solana Santiment: Development Activity, Percentage of stablecoin total supply held by whales
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Promising Alternative To Solana
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— Launchpad.xyz (@launchpadlpx) January 14, 2024
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