Join Our Telegram channel to stay up to date on breaking news coverage
The Solana price dropped more than 3% over the past 24 hours to trade at $89.14 as of 11:30 pm EST.
Despite the 24-hour loss, Solana holders still have reason to celebrate. Data from the blockchain analytics platform Artemis revealed that the stablecoin transfer volume for Solana has hit a new record high of $300 billion in January.
Not only is this approximately $3 billion more than the stablecoin volume recorded in December 2023, it also marks a whopping 2,520% increase from the $11.56 billion stablecoin transfer volume recorded in January 2023. In addition to this, Solana’s stablecoin market share stands at 32%, which is a substantial increase compared to its 1.2% share just a year ago.
The Solana Price Is At The Mercy Of A Bearish Pattern
Daily chart for SOL/USDT (Source: TradingView)
A medium-term descending triangle has formed on SOL’s daily chart over the past two weeks. This pattern has emerged after the Solana price printed a series of lower lows and lower highs throughout the past fortnight.
Should the altcoin’s bearish trend continue for the next few days, SOL may close a daily candle below the immediate support level at $90 soon. Losing the support of this significant price point may then expose the Solana price to the risk of dropping to as low as $70 in the short term. Before the crypto potentially falls to this price, however, it will need to breach the support at around $82.35.
This bearish thesis may be invalidated if the Solana price manages to close a daily candle above the hypotenuse of the descending triangle in the next 48 hours. In this alternative scenario, SOL may attempt to overcome the major resistance level at $100 before potentially climbing to as high as $110 in the next few days.
Bears Maintain Their Dominance Over Bulls
Technical indicators on SOL’s daily chart suggest that the crypto’s value may continue dropping throughout the upcoming days. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bearish.
The MACD indicates that SOL’s negative trend currently shows no signs of slowing down. This is evident in the fact that the MACD line is breaking away below the MACD Signal line. In addition to this, sellers are also growing their advantage over buyers, as the RSI is breaking away bearishly below its Simple Moving Average (SMA) line.
Given these technical flags, coupled with the fact that the Solana price is currently trading below the $90 support level, traders may need to brace for a continued drop for SOL’s price. A daily candle close today below $90 may be followed by the altcoin correcting down to the $82.35 support level within the following 48 hours.
While the Solana price looks set to drop in the next 48 hours, investors and traders may want to utilize the range of trading tools offered in the Launchpad XYZ ecosystem to maximize their cryptocurrency trading returns.
Trading Tools To Find The Next 10x Opportunity
Keep your assets secure and easily accessible with #LaunchpadXYZ‘s integrated wallet. 🔐
Trade smarter, safer, and with peace of mind.#Crypto #Web3 #Altcoins pic.twitter.com/bBqHvFezVP
— Launchpad.xyz (@launchpadlpx) January 21, 2024
Launchpad XYZ offers a variety of cutting edge trading tools that are built for traders by traders. At the heart of the platform is the project’s advanced AI trading assistant, Apollo. This is Launchpad XYZ’s bespoke language model that helps traders uncover hidden insights in the digital asset space, allowing them to transform data into informed decisions.
The platform also includes educational resources to help new traders who are still learning how the Web3 space works identify potential trade opportunities. There is also Launchpad XYZ’s innovative ranking system, Launchpad Quotient, which is an innovative ranking system that leverages over 400 data points. This tool analyzes social, financial and market data to give unparalleled insights into the most promising trade opportunities in the digital realm.
Analysts Are Bullish On $LPX
YouTube crypto analysts Michael Wrubel and Crypto Gains, who boast hundreds of thousands of subscribers, are pointing their viewers to Launchpad XYZ. Crypto Gains even predicted that LPX, the native token of the platform, could generate a 50x return for early investors.
With the increased volatility seen in the crypto market recently, traders currently utilizing the tools available on the Launchpad XYZ platform have achieved remarkable gains.
The free trading signals offered by the platform have already generated a 2,917% return on investment for one lucky investor. With its presale set to end in less than two days, anyone looking to buy into Launchpad XYZ will need to act fast.
LPX can be purchased here.
Related Articles:
New Crypto Mining Platform – Bitcoin Minetrix
- Audited By Coinsult
- Decentralized, Secure Cloud Mining
- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY
Join Our Telegram channel to stay up to date on breaking news coverage
Credit: Source link
