Cryptonews Price Analysis

Solana Price Dips 3% With $3.5 Billion Volume – Is $300 Still Within Reach?

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Arslan Butt

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Sep 2022

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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December 27, 2024

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Solana Reaches $260 ATH, Fueling Altcoin Season Hype – Are Meme Coins Next?

Solana (SOL) has faced a challenging week so far, dropping 11.4% from December 18 to 24, reflecting broader bearish market sentiment.

As of now, SOL trades at $190.75, down 3% in the last 24 hours.

Despite a substantial $91.46 billion market cap, critical metrics like DeFi Total Value Locked (TVL) fell to $8.239 billion, signaling waning investor engagement.

Yet, Solana’s decentralized exchange (DEX) ecosystem showed resilience. DEX volume climbed 5.76% to $30.486 billion, outperforming Ethereum for the third consecutive month.

Solana’s competitive edge, including low fees and fast transaction speeds, continues to attract DeFi users.

However, with prices remaining below the $194 resistance, the risk of further declines toward $180 or even $168 looms large.

Bitget Wallet: Empowering Solana Traders with Automation

Solana’s ecosystem recently received a boost with Bitget Wallet introducing limit order functionality, powered by Jupiter, a DEX aggregator. This innovative feature automates trades, enabling users to set price thresholds to optimize transactions during volatile market conditions.

Key Features of Solana Limit Orders:

Automated Execution: Trades trigger when target prices are met.
Customizable Settings: Users can set expiration times and cancel conditions.
Enhanced Liquidity: Jupiter aggregates liquidity from multiple DEXs for optimal prices.

Alvin Kan, COO of Bitget Wallet, highlighted that the feature reduces trading stress by addressing the challenges of rapid market swings. By integrating Solana, Bitget Wallet strengthens its position as a leader in multi-chain wallet trading, supporting over 100 blockchains.

Solana: Market Insights and Technical Outlook

Current Price: $190.75 (down 3% intraday).
Market Cap: $91.46 billion.
24-Hour Trading Volume: $3.5 billion.
DeFi TVL: $8.239 billion.
Daily Active Addresses: >5 million.

On the 2-hour chart, Solana is forming a descending triangle pattern below the 50-period EMA, signaling bearish pressure. Immediate resistance stands at $194, with breakouts potentially targeting $201.75 and $211.72. On the downside, key supports lie at $180.63 and $174.97. RSI at 48 suggests neutral momentum but favors sellers below $194.

Conclusion

Solana’s short-term outlook remains bearish, but features like Bitget Wallet’s automation tools could support ecosystem growth and attract traders. As volatility persists, investors should monitor resistance at $194 and brace for potential sharp moves in either direction.

SOLX Presale Gains Momentum

While Solana’s price has remained relatively stable, there’s an emerging opportunity that has captured the attention of investors.

Solaxy’s native token, $SOLX, has seen a remarkable presale success, raising over $6.22 million in a short period.

This layer-two solution for the Solana blockchain promises to solve scalability issues by providing zero congestion, errors, and delays — addressing the ongoing congestion Solana has faced.

As interest grows in meme coins and the Solana ecosystem, Solaxy’s innovative solution could offer the scalability needed for the network’s future growth.

With the presale ending soon, the strong capital raise suggests substantial demand for $SOLX once it hits decentralized exchanges (DEXs).

In addition to the excitement around the presale, the early success of Solaxy could also lead to potential listings on major centralized exchanges (CEXs), further boosting its prospects.

To purchase $SOLX, simply visit the Solaxy website, connect your wallet, and make a purchase using ETH, USDT, or BNB. Alternatively, you can pay with a bank card.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.