In a recent update, crypto analyst AltcoinSherpa offered straightforward advice to Solana investors. He suggested acquiring the cryptocurrency within the $168 to $208 range. He emphasized that SOL could be heading toward further gains in the upcoming months. According to him, this strategy could lead to profitable outcomes in the forthcoming months. Consequently, this approach underscores a period of anticipation for higher value.
Moreover, AltcoinSherpa’s guidance sheds light on a specific entry point for investors. It aims to simplify the investment process amidst the volatile nature of cryptocurrency markets. Hence, his suggestion provides a clear direction in the coming sessions. Additionally, the recommendation aligns with the analyst’s chart outlook, which reflects a breakout in the upper region could possibly occur. It reflects confidence in the asset’s future performance.
Solana, known for its efficient blockchain technology, continues to attract attention. The recent launches of Solana-based memecoins such as BONK, Dogwifhat, and BOOK OF MEME have garnered the crypto community at large. Solana Meme Coins’ market cap is currently at $8.03 billion, a decrease of 0.9% in the last 24 hours. The 24-hour trading volume has a value of $1.8 Billion, according to data from CoinGecko.
As of press time, Solana is trading on a downward trajectory following the recent market dip. Since failing to hold above the $200 key level at the start of this month, SOL has been declining only to seek support in the $175 region. SOL was able to retrace above the $190 mark yesterday as the Bulls took the lead. However, the gains were short-lived when the bears struck, and the price started to head downward again.
Currently, SOL is exchanging hands at $185, down by 2.34% in the past 24 hours. The weekly chart displays a -0.73% change, while the monthly chart shows an increase of 40%. The market capitalization has declined by 2%, with a value of $82 billion, while the trading volume has seen a major decline of 20%, with a value of $3.6 billion.
On the technical front, SOL has maintained a bullish outlook amid the recent price correction. The Relative Strength Index (RSI) is trending in the neutral region, which indicates that SOL is neither overbought nor oversold. An increase in buying pressure could send the RSI toward the overbought region, leading to a bullish reversal in the SOL market.
However, the Moving Average Convergence Divergence (MACD) indicator indicates a bearish outlook as the MACD line continues to drop further below the signal line. The histogram has turned negative as the red bars continue to form, suggesting a strong bearish momentum. In addition, SOL has touched the 20-day EMA at 180, which could lead to further losses if the current trend continues.
