Solana is Going to Zero as SOL Price Drops 10% in a Week But Evil Pepe Coin Just Raised $500,000 – How to Buy Early?
Solana has endured a rough two years of price action after bleeding-out -90% since the previous all-time high (ATH) in November 2021, but as SOL's 2023 recovery rally heads south, could all be over for the major layer-1 blockchain? Find out in this Solana price analysis.
Amid a broader resurgence in crypto markets triggered in January, Solana pumped an impressive +147%, driven in part by the Solana integration with Neon EVM.
Yet a rejection at $32.00 on July 14th has triggered the first major retracement for SOL in 2023 - leaving investors in fear over tumbling price action.
In the midst of the downtrend (driven by resistance at the top trendline), SOL is currently trading at $23.72 (a 24-hour change of -4.2%), as price action risks plummeting through local support at the 20DMA.
With 10 days of downside moves now reaching -28%, many traders had hoped the 20DMA would for a strong lower support level. However, this now seems under threat as SOL has begun to rapidly slip under this level around $23.75.
The last time SOL fell below the 20DMA on June 6 saw Solana bleed-out -30%, painting a foreboding image of the potential price action ahead.
Lower support can be found at the 200DMA, which currently sits around $21, and would likely form the next foothold if SOL pushes lower.
Little reassurance is to be found in Solana's key indicators either, despite a rapid cool-down on a grossly overheated RSI, the indicator is still displaying an over-bought signal at 53.5.
There is no relief either from the MACD, which mirrors this concern with bearish divergence at -0.31.
With price direction risking freefall to lower support, downside seems likely, and Solana's risk: reward structure reflects this at 0.86 on the short-time frame.
As for whether
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