- Solana (SOL) plummets from $190 as it sheds over 7% over the weekend
- Solana investors eye key demand zone to build better positions
The price of Solana (SOL) has found itself in a dire situation after the price of Bitcoin plummeted by over 10% in the past few days, leaving the price of Solana (SOL) and other cryptocurrency altcoins tumbling in a downtrend.
While the market has been experiencing significant price declines for some days now, many investors remain skeptical. Others see this as an opportunity to open more positions through dollar cost averaging (DCA) ahead of a mega bull run.
Related Read – Bitcoin Suffers Decline As Price Aims $56,500
Famous Analyst Reacts To Crypto Market Downtrend
Data from Coin360 suggest that the market remains on a downtrend. Many altcoins are suffering significant price declines, including Solana (SOL), Ethereum (ETH), and Dogecoin (DOGE), all of which are affected except for a few special altcoins that have shown resilience.
Among these altcoins that have remained strong despite the market downtrend is Toncoin (TON), which has gained much attention and demand due to Telegram games being launched on its network, attracting many people worldwide.
Previous weeks saw the price of many altcoins, including Solana (SOL), performing well, as the market looked favorable to rally higher. However, these expectations have been caught short as the market looks to take liquidity around demand zones.
However, despite the current market decline, famous crypto influencer and X analyst Poseidon tweeted that he sees Solana’s (SOL) present price as a big opportunity ahead of a mega price rally to $500.
Solana (SOL) Price Analysis On 4HR Timeframe
Despite rallying to a high of $190 in previous weeks, Solana (SOL) currently trades below $150 as the price looks weak and could be headed for $120, acting as a key demand zone for many investors.
Higher timeframes on the daily and 4-hourly charts suggest downtrends, as the price of SOL trades below its 50-day exponential moving average (EMA), which currently acts as resistance.
Besides the general market suffering a steep price decline in the past few days, this provides many opportunities for traders and investors looking to buy into their favorite crypto pairs, which haven’t given much of a breather as they continue their uptrend.
Related Read – Analyst Predicts $330k Bitcoin As Solana fails to reclaim $160
Finally, key regions for Bitcoin and Ethereum to bounce remain $54,000 and $2,100, respectively, which act as strong areas of interest for many traders looking to open a buy order for these assets.
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