Solana Price Decline: 16.43% In 24 Hours, Recovery Levels Awaited

Solana (SOL) is currently experiencing a significant drop in value, mirroring Bitcoin’s recent sharp decline. Bitcoin recently hit a new low of $49.2k, sending shockwaves through the cryptocurrency market and creating an atmosphere of extreme fear. This panic has led to substantial losses for many altcoins, including SOL.

Solana had been maintaining a support level at $123. However, Bitcoin’s unexpected dip breached this critical threshold, causing SOL to fall to a recent low of $112. This substantial drop underscores the interconnected nature of the cryptocurrency market, where major players like Bitcoin can significantly influence other digital assets.

Currently, Solana’s price stands at $119.61, reflecting a 16.43% decrease in the last 24 hours. The trading volume for SOL has surged to $22.42 billion, indicating heightened activity as investors react to the market’s turbulence. Despite the recent decline, Solana still has a market cap of $53.75 billion, maintaining a market dominance of 2.90%.

Solana Comeback Forecasted

In the midst of current market volatility, crypto analyst Crypto Nuevo has provided an update on Solana (SOL), detailing potential price movements and key levels to watch. As a spot buyer, Nuevo is focused on the weekly 50-day Exponential Moving Average (EMA).

However, He expects the weekly 50EMA to hold, suggesting this level could serve as crucial support. Nuevo believes Solana could reach this target if Bitcoin (BTC) hits its own weekly 50EMA at $53.5k, a scenario he finds likely.

Nuevo describes the market as moving sideways in higher time frames (HTF) and in an overextended downtrend in lower time frames (LTF). He points out two key levels, just 3% apart, where he anticipates a potential bounce for Solana. These are the areas where he plans to enter an LTF recovery pump, aiming to capitalize on a short-term recovery.

Investors will closely monitor whether Solana can hold these critical support levels and potentially rebound, especially as Bitcoin’s movements continue to influence the broader cryptocurrency market.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.