Solana (SOL) is climbing again this morning despite a sharp increase in bearish pressure. The price has fallen 20% in a week, but today it has shot back up 3.4% to $186.70. Can Solana hold its key support around $183 or will a rejection lead to a decline?
In case Solana continues to rise, he could break out of a downtrend that has been going on since the end of November. However, for this, SOL will first have to break above $200 again with an increase of 7%.
Solana recovers from decline to lowest level since November 6
Solana went as low as $170 yesterday, the lowest level since November 6. On that day, the crypto market skyrocketed after Donald Trump’s victory. The sharp drop showed that Solana has lost a lot of momentum. The strong support indicates that not all hope is lost.
After mounting bearish pressure, a further decline for Solana seemed inevitable at the start of the week. The analysis below shows that Solana has a new accumulation zone around $165. The analyst predicted a bounce here, which is visible today (so far).
#SOLUSDT 1H
ANALYSIS
Price for #SOLANA has reached a very critical decision point!
If price cannot find recovery from the current zone to higher levels, then it is bound to go lower to find more buyers around 165$ support zone.
Either way, with the current market conditions,… pic.twitter.com/gN8v9ivvIl
— Crypto Master ( Futures/Spot ) (@master_binance) January 12, 2025
But as mentioned earlier, this morning’s rise is not yet enough to break out of the downtrend that has been going on since November. And the increase from $170 to $187 means there is a chance that buying pressure will increase from short-term holders.
What will Solana do?
The Solana price has fallen since the end of November and has been in a trading range for most of the past two months that is now between $180 and $210. The level around $210 may serve as additional resistance, but a rise above this will allow a breakout above the downtrend.
SOL tested several 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 still seems difficult to push the price below $170 unless the crypto market collapses.
Solana rate chart – Source: TradingView
The Relative Strength Index (RSI) of 42 indicates that Solana has little momentum, which could make it more difficult to break through resistance levels. The next resistance is at the current level of $188, followed by the 30-day moving average (yellow) of $197.
We may see today which way Solana goes. One bright spot is the fact that we are still 6 days away from Donald Trump’s inauguration. This can create a lot of hype around crypto, giving SOL an extra boost.
Alternatives to Solana
The crypto market seems to be picking up again for now. For example, Bitcoin has already risen 4% in the past 24 hours, after breaking above $96k in the morning. This is positive for the entire market, which generally performs better when the largest cryptocurrency is doing well.
Small crypto coins that attract a lot of attention from investors benefit the most, because a smaller influx of capital can lead to large increases. Below we look at 3 emerging crypto projects with a low market cap and potential to rise significantly in the near future.
Wall Street Invite ($WEPE)
Meme coins could also make a comeback soon. A 7% increase for Dogecoin hints that investors have not yet lost confidence. The new Wall Street Pepe ($WEPE) has also received a lot of attention from investors, raising more than $47.7 million in its presale.
A possible reason that $WEPE is one of the largest presales in recent times is that $WEPE is a meme coin that offers a lot of utility. Token holders can profit as $WEPE rises, but also gain access to an exclusive community with elite trading insights.
The strength of Wepe is in every hand that holds it. 🐸 ⚔️ pic.twitter.com/Z8M3bsxTwf
— Wall Street Pepe (@WEPEToken) January 13, 2025
Wall Street Pepe is still for sale for a fixed low price of $0.00036647 per token, but this price will rise in about 24 hours. Early investors will have the option to stake their tokens immediately, for an additional 27% APY.
Now to Wall Street Pepe
Solaxy ($SOLX)
Solaxy ($SOLX) is perhaps the best alternative to Solana, because it is the very first Solana Layer-2 blockchain. Not only has this concept generated a lot of hype, Solaxy also has a much lower market cap than Solana. While it can benefit from the success of the major altcoins.
As a Layer-2, with Solaxy you still benefit from low transaction costs and high speeds, but without the risk of disruptions or failed transactions. In addition, it is possible to invest with $SOLX in projects that are launched on the new blockchain.
As the entry key to the new blockchain, $SOLX could become very valuable. Therefore, the current presale price of $0.0016 may be very low and it is not surprising that the presale has already raised $10 million. Buy and stake $SOLX today for an APY of 343%.
Now to Solaxy
Best Wallet Token ($BEST)
The Best Wallet Token ($BEST) presale is a unique opportunity to purchase Best Wallet’s utility token for a fixed low price. In combination with this crypto wallet, this token offers unique advantages compared to other well-known wallets such as Metamask and Phantom.
As a token holder, you benefit from discounts on actions within the app and early access to new presales and launches. You also get exclusive benefits from partners and higher staking rewards. This could potentially cause the price of $BEST to become much higher after the presale.
Keep it up, king 👑 pic.twitter.com/kSqYs40qDI
— Best Wallet (@BestWalletHQ) January 13, 2025
After raising $7 million in presale, $BEST’s price has risen to $0.0236. This price will rise further tomorrow. Be among the first to buy $BEST and benefit from a 265% strike APY. This is exclusively for presale investors.
Now to the Best Wallet presale
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