The post Solana (SOL) Price Facing Potential Bearish Threat? appeared on BitcoinEthereumNews.com.

Solana (SOL) is witnessing a short-term correction, which has resulted in the altcoin losing its shot at reaching $200. The chances of SOL climbing back up are very high, either, since mixed market signals suggest a different outcome. Solana Set for Sideways Movement Solana’s price fell to $166 at the time of writing, slipping below the crucial support of $169. This has propelled the altcoin’s bearishness, evident in the Moving Average Convergence Divergence (MACD). The MACD is a momentum indicator that measures the difference between the 12-day and 26-day exponential moving averages (EMAs). It generates buy and sell signals through the MACD Line and the 9-day EMA Signal Line crossover. Solana is witnessing the first bearish crossover in nearly four weeks, which is not a good sign for price. Solana MACD. Source: TradingView Furthermore, altcoin shares a very high correlation of 0.93 with Bitcoin. This is both a boon and a bane for SOL. This is because should the world’s biggest crypto asset mark a rally, Solana’s price would benefit by following its cues.  On the other hand, if BTC falls, SOL may not be safe from a drawdown either. At the moment, the latter seems to be the more probable outcome. This is because Bitcoin’s price recently lost the critical support floor of $68,500 and could look at further decline. Read More: How to Buy Solana (SOL) and Everything You Need To Know Solana Correlation to Bitcoin. Source: TradingView In turn, Solana could observe a decline, too. SOL Price Prediction: One of the Two Solana’s price is looking at either consolidation or a drop. The aforementioned factors suggest the latter outcome. The result would be SOL falling to the low of $156, which could send the “Ethereum killer” to $137. Read More: Solana (SOL) Price Prediction 2024/2025/2030 Solana Price Analysis. Source: TradingView However, if the…

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Filed under: News - @ May 30, 2024 4:30 pm