Solana (SOL) Price Prediction: Will SOL Rise Again After the Recent Drop?

The Solana price surged 6% in the last 24 hours to trade at $167.73 as of 4.45 a.m. EST on trading volume that skyrocketed 92% to $3.34 billion.

Solana price went up and while the bears have stepped in, this digital currency may see a price drop after reaching the $170 resistance. Here's what the technical analysis shows, as well as a promising alternative cryptocurrency that is currently on presale.

Solana continues to rise in price and while the bears have stepped in, the digital currency may see a drop in price after reaching the $170 resistance. Here's what the technical analysis shows, as well as a promising alternative cryptocurrency that is currently on presale.

The price of Solana cryptocurrency has increased by 6% in the past 24 hours and is at $177.3 as of 4:45 AM ET, while trading volume has increased by 92% to $3.34 billion. It is traded.

Solana, the fifth largest digital currency with a market capitalization of $78.7 billion, rose 10% last week and reached the $170 resistance. While the digital currency briefly broke through this resistance at first, it only went up to $170.8 before falling.

However, climbing to $170 is still a big achievement for SOL. This year is only the fourth time that SOL has managed to reach this height.

The first one dates back to March, followed by another attempt to increase the price in May, and the last one in late July. In all three previous cases, SOL was able to reach a higher height and in March it increased to $180, $190 and even $200.

This shows that its price can still go higher.

Solana price prediction

Other than Dogecoin, Solana has been the biggest weekly gainer among the top 10 cryptocurrencies by market capitalization, but now that it has hit the $170 resistance, the bears seem to have started a massive sell-off. . The price of Solana has fallen sharply, although it is notable that this is happening across the entire market.

Trading signals indicate that this is going to be a sharp correction and Bollinger Solana Bands are expanding which is usually a good sign, but the price has crossed from the upper band to the lower band making it a bearish signal. Currently, SOL is pushing the lower band further down, indicating a strong bearish trend.

This project's Relative Strength Index (RSI) value also suggests the same, although it also suggests that SOL may bounce back soon. This massive selling started after the RSI entered deeply into the overbought range and reached a value of 86.19.

RSI started a downward spiral which brought it to the current value of 36.16. If the RSI dips slightly below 30, traders will likely take it as a buy signal that could initiate a recovery in the SOL price. Currently, the digital currency has a strong support at $165, although it may drop further and possibly drop to $160 if the price decline continues for a longer period of time.

A promising alternative digital currency for Solana

While traders wait for the right time to buy SOL, they are jumping into Pepe Unchained (PEPU) cryptocurrency, which is likely to be the most successful presale of the year after raising over $21.26 million to date. .

Pepe Unchained considers itself the new and improved version of Pepe, a meme cryptocurrency that is technologically superior to the original thanks to its own proprietary blockchain.

While the original version of Pepe runs on Ethereum and suffers from slow transactions and high fees, PEPU's Layer 2 blockchain makes it incredibly fast and very cheap.

Not only that, but the project has started developing its own ecosystem, with a native block explorer, its own DEX, and plans to launch a PEPU foundation that will grant developers who join it

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