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Bitcoin Rally Continues: Analyst Predicts $70,000 Target Soon

Bitcoin continues to maintain its momentum toward the upward trajectory, touching the $ 68,000 price mark earlier today, leading to speculations about how long it will take to hit a new peak.

Bitcoin To Reach $ 70,000 In A Matter Of Time

With the price action of Bitcoin today, several crypto analysts are bullish about BTC as they believe that the crypto asset could reach a new peak very soon. The digital asset recently touched the $ 68,000 threshold for the first time in nearly 3 years, placing it just short of capping off a notable recovery.

In a post on the social media platform X (formerly Twitter), Cryptocurrency analyst and enthusiast Crypto Jelle has expressed his bullish optimism toward BTC with the community. His predictions examine Bitcoin’s current price position and its potential to surpass its all-time high.

According to the crypto expert, the price of BTC is just “inches away” from reaching unprecedented heights. He pointed out that the coin tried to break through its current peak but was unsuccessful.

Additionally, he noted that the crypto asset is presently “retesting the 4-Hour 25 Exponential Moving Average (EMA) and the 50 Relative Strength Index (RSI).” Nonetheless, crypto Jelle believes that “both trends are good entries that could trigger a bounce” to a new level.

Bitcoin

As a result, the analyst has predicted the asset to reach “$ 70,000 in only a matter of time.” Furthermore, he has urged the community to be patient as this is the “name of the game.”

The post read:

Bitcoin is within inches of a new all-time high. Rejected on its first attempt, but now retesting the 4-Hour 25E MA and the RSI 50 level. Both tend to be good entries for a bounce. $ 70,000 is a matter of time, and patience remains the name of the game.

As Bitcoin continues to rally, the token’s fear and greed index seems to have also skyrocketed. Jelle has also highlighted in another post that BTC’s “fear and greed index are presently reaching extreme levels.”

However, this does not imply that we will be seeing a pullback, according to the expert. He then clarified that as of the time Bitcoin surpassed $ 20,000, the fear and greed index was higher than it is now while urging investors not to be “shaken out” of the market.

BTC Could Hit $ 150,000 Before 2024 Closes

The head of research at Fundstrat, Tom Lee, has also shared his optimism toward BTC in an interview with CBNC. Tom Lee’s optimistic overview came in light of the asset drawing close to its peak.

According to Lee, he believes that Bitcoin is heading straight back towards its “long-term trendline.” Due to this, he has placed his price target at “$ 82,000 in the short term.” Lee also predicted a long-term price for BTC, putting his target at “$ 150,000 before the year closes.”

Presently, Bitcoin is situated at $ 66,710, up by over 2% in the past day, and above 18% in the past week. CoinMarketCap shows that its market cap and trading volume are up by 2.70% and 70.61% in the past day, respectively.

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Shiba Inu Blasts Into Top 10 Crypto Following 175% Price Surge

The crypto market witnessed an explosive surge last week, pushing crypto prices to new levels. Meme coins, particularly Shiba Inu, have reaped significant benefits from this market surge. At the time of writing, SHIB has carried over its gains from the previous week into the current week and is currently on a 175% increase in the past seven days. Interestingly, this surge saw SHIB breaking into the top 10 crypto by market cap last week as it outperformed most altcoins.

SHIB Blasts With A 175% Surge

Shiba Inu’s ecosystem (spearheaded by SHIB) is one of the fastest-growing communities in the crypto industry. The meme cryptocurrency has come a long way in a short time from its days as a cryptocurrency fueled by hype. Despite constant SHIB burns and updates to the ecosystem, SHIB largely underperformed in December and January, prompting community members to call for swift and better action from team members. 

Things have taken a turn for the better since early February, as SHIB and other tokens in the SHIB ecosystem have recorded strong gains across the board. 

The price of SHIB spiked by over 180% at one point in the past few, pushing it over the $ 0.00002 price level since April 2022. This impressive performance saw it breaking ranks and overtaking Chainlink (LINK), Tron (TRX), and Polkadot (DOT) in market cap rankings. It’s important to note that these altcoins have also witnessed gains amid a wider influx, with Chainlink, Tron, and Polkadot currently up 10%, 2%, and 27% respectively in the past seven days.

SHIB’s recent gains have also flowed into other tokens in the Shiba Inu ecosystem. BONE, for instance, is currently up by 70% in the past 30 days. LEASH is also up by 112% in the past 30 days. SHIB has also outperformed DOGE, which itself has posted a massive 94% gain in the past seven days.

What’s Next For SHIB?

SHIB’s recent performance seems long overdue for its fervent holders, and it isn’t showing any sign of stopping soon. Lookonchain recently called attention to a whale who made $ 2.5 million as a result of the price surge.

According to data from Coinglass, open interest in active perpetual futures contracts tied to SHIB is now over $ 100 million for the first time since August 2023.

SHIB is still 66% down from its all-time high, but it faces virtually no resistance until it reaches $ 0.000032. A sustained move above $ 0.000027 could send SHIB skyrocketing to $ 0.000032 for the first time in over two years. 

Shiba Inu price chart from Tradingview.com

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$906 Million Worth Of Ethereum Leave Exchanges Last Week – ETH To $4,000?

Exchange data has revealed continued bullish sentiment from Ethereum traders. According to IntoTheBlock, $ 906 million worth of Ethereum was withdrawn from crypto exchanges last week, indicating a holding mentality among investors. This massive exodus of ETH from exchanges could indicate that traders are anticipating higher prices and moving their holdings into private wallets for long-term storage.

The holding attitude has emerged amid a wider spike in the price of cryptocurrencies throughout the market and numerous demands for Ethereum to cross over $ 4,000 and beyond.

Ethereum Sees Massive Exodus From Exchanges

Exchange data typically helps give an overview of the supply and demand dynamics of crypto assets. When the supply of an asset declines on exchanges, it indicates holders have a long-term view. 

In this vein, exchange data from IntoTheBlock concerning Ethereum has shown the dynamics tipping to the demand side as investors have increased their accumulation of the industry’s second-largest cryptocurrency since the beginning of the year. 

More importantly, outflows of Ethereum from exchanges totaled $ 906 million last week to mark eight consecutive weeks of outflows. 

This outflow pattern has been reaffirmed by a comparable exchange metric on CryptoQuant. Since January 10, the total amount of Ethereum on exchange reserves has decreased by more than 1 million ETH, and it currently stands at 13.7 million ETH.

What’s Next For Ethereum?

The massive outflow from exchanges can be attributed to Ethereum bulls looking to push the crypto to new highs. Ethereum has gone on a sustained upward trend in the past few months to outperform majority of altcoins.

At the time of writing, the crypto is trading at $ 3,392, up by 46% in the past 30 days. If anything, the increase in outflow from exchanges is a signal for a continued uptrend and ETH is now on its way to reaching the $ 3,500 mark again after a brief crossover on February 29.

The bullish action has prompted investors to look forward to Ethereum breaking into $ 4,000 again towards its all-time high of $ 4,878. With decreasing supply on exchanges, the price of ETH is poised to rise. A breach of the $ 4,000 level seems imminent, and from there, a run-up to $ 4,900 could happen quickly. 

A crypto analyst known as Trader Alan pointed out that recent price action has seen Ethereum perfecting a bullish breakout and retest on the monthly chart. According to the price chart shared by the analyst, a strong bullish movement could see ETH reaching $ 7,000 by the end of 2024, as well as exceeding $ 10,000 and $ 15,000 in the coming years.

Featured image from Pexels, chart from TradingView

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Dogwifhat What? Memecoin Barges Into 86th Spot With 320% Rally – What’s Going On?

The strong ascent of Dogwifhat (WIF) has made it stand out among cryptocurrencies and captivated investors. Crypto markets are gearing up for the first weekend of the month, and memecoins in particular are showing strong signs of positive momentum.

Amidst the increased hope, the meme coin based on Solana experienced an incredible 320% rally last week, propelling WIF to the top 100 cryptos from a valuation of $ 1 billion or more. However, why has this ascent been so rapid?

Dogwifhat’s Rise: Bulls In Action

At the time of writing, the price of Dogwifhat had increased 35% to $ 1.20, and its trading volume had surged 75% to $ 388 million. Over the past day, the value of one WIF token has fluctuated between $ 0.83 and $ 1.32.

Withstanding sufficient bullish and bearish pressures, WIF has been trading within an ascending parallel channel since its debut. In spite of this, bulls should be prepared to fight fiercely against any bearish pressures that may arise.

As a result, we anticipate that the WIF price will first reach $ 1.5 after continuing its upward consolidation along the parallel channel’s upper resistance. If the bulls keep on their momentum, getting to $ 2 might not be too difficult for dogwifhat pricing.

Robinhood Europe’s IPO of the WIF token occurred at the same time as Dogwifhat’s stratospheric ascent in the cryptocurrency hierarchy. European customers of Robinhood can now trade WIF in addition to a plethora of well-established tokens, such as XRP, Cosmos, and Polkadot.

The anticipation for the Robinhood listing was reaching a peak, and former BitMEX CEO Arthur Hayes was among the many who took to social media to voice their opinions.

X influencer “OSF” has fueled rumors that other major exchanges like Coinbase, Binance, or Gemini may soon join Robinhood in listing Dogwifhat, which is a huge deal for everyone.

Whale Confidence Boosts Dogwifhat’s Surge

Separately, Lookonchain, an on-chain data source, uncovered substantial whale activity in the WIF area. A large investor recently bought more over 673,000 WIF tokens at $ 1.36 each after withdrawing around $ 918,000 worth of Solana from Binance.

Also, this whale has clearly seen the potential in WIF; he has spent $ 2 million to buy 2.82 million tokens at $ 0.71 each, demonstrating his faith in the project. This whale’s activities, which resulted in an unrealized profit of almost $ 1.35 million, add to the positive attitude around dogwifhat (WIF) and its prospects for significant gains in the coming months.

Featured image from Pexels, chart from TradingView

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Crypto Analyst Reveals Why Most Realistic XRP Price Lies Between $13 And $39

The future of the XRP price has been a hot topic of contention among crypto analysts for a while now. Most of these analyses focus on the possible movements of the price as the bull market unfolds, as well as possible price targets. In the same vein, crypto analyst CryptoBull has presented their own bull case for the altcoin, giving the most realistic price targets.

Long Time Price Channel Shows Realistic Price

In the analyst CryptoBull posted on X (formerly Twitter), he shows the historical price movement of the altcoin going as far back as 2014. The analyst uses this to deduce the possible trajectory of the XRP price in the coming months using the XRP price channel.

According to CryptoBull, using this data, the most realistic price for the altcoin currently sits somewhere between $ 13 and $ 39. ”The long-term price channel shows the most realistic #XRP price between $ 13 and $ 39 in the coming months!” CryptoBull stated.

While the lower end of this channel of $ 13 was more realistic, the upper end of $ 39 has drawn criticism from the community. In response to CryptoBull’s prediction, another X user, Ben McClymans, said it was “crazy talk.” This is because for XRP’s price to reach $ 39 per coin, then its market cap would have to be larger than that of Ethereum, which is currently the second-largest cryptocurrency in the market.

However, other community members jumped to the defense of XRP, reminding Ben that the market cap of XRP had actually flipped Ethereum before. Given this, they believe that it is possible that it will end up flipping to Ethereum once again.

XRP Price Performance Worries Investors

The XRP price performance over the last few years has worried investors because while other altcoins were hitting new all-time highs, XRP continued to struggle. However, this is understandable given that the United States Securities and Exchange Commission (SEC) sued Ripple in 2020, which adversely affected XRP’s performance.

The XRP price had crashed off the back of the announcement alone and did not recover as well as expected. There is a light at the end of the tunnel, though, as the lawsuit with the SEC seems to be coming to an end. The court looks to be leaning toward a settlement, which would put an end to the case once and for all.

To get an idea of what could happen with the XRP price when the lawsuit is over, we can take a look at what happened when Ripple secured a partial victory over the SEC in 2023. After Judge Analisa Torres declared that XRP programmatic sales did not qualify as securities, XRP jumped more than 60% in a single day.

The lawsuit is currently the biggest hindrance to the XRP price performance, and expectations are that the price will surge once it’s over. If it does so, then CryptoBull’s prediction could end up playing out.

XRP price chart from Tradingview.com

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Ethereum Bulls Get Aggressive As Traders Set Sights on $4,000 Amid Market Frenzy

Ethereum has been exhibiting a robust and sustained upward trend, showing its mettle in the volatile cryptocurrency market. At the time of writing, the price of ETH was hovering around $ 3,743, surpassing its moving averages with considerable bullish momentum.

The cryptocurrency community is now eagerly anticipating the breach of the significant $ 3,500 price threshold, marking a potential milestone for Ethereum’s continued ascent to the highly-coveted $ 4,000 price tag.

Notably, the current price has surged well above the 50-day moving average, which stands at approximately $ 2,700, underscoring the strength of the ongoing bullish trend. Furthermore, the 100-day moving average, situated at $ 2,400, serves as another crucial support level. Historically, these key supports have proven instrumental in propelling Ethereum prices higher upon retesting.

ETH Surge: Price Correction In The Offing?

Ethereum (ETH) surged alongside Bitcoin (BTC) on February 28th, reaching within spitting distance of its all-time high of $ 3,500. While bulls celebrate, a technical indicator hints at a potential pause in the rally.

The CryptoQuant Funding Rates metric, reflecting fees paid in perpetual futures contracts, reveals a significant spike for ETH on February 28th. Reaching 0.07%, it marks the highest level since April 2021, exceeding the 0.06% peak observed before ETH’s previous peak of $ 4,800 in November 2021. Historically, such surges in funding rates have often preceded price corrections.

The high CryptoQuant Funding Rates not only suggest a potential pause in the rally but also raise concerns about the sustainability of the current momentum. Typically, such dramatic surges indicate excessive bullish sentiment and overheated markets fueled by highly leveraged long positions.

There are two reasons why this scenario is extremely complex. First off, in the event that prices turn around, it exposes bulls to significant losses. Second, it raises the possibility of a long squeeze, an uncommon situation in which strong short-term selling pushes holders of long positions to liquidate, thus quickening the price decrease.

Imagine a domino effect: leveraged long positions get called upon margin calls, forcing liquidation, which triggers further selling, pushing prices down further, and causing more margin calls. This cascading effect can lead to panic selling and significant losses for overly optimistic investors.

Although there is no assurance that a prolonged squeeze will occur, the increased funding rates serve as a harsh reminder of the inherent risks that are associated with chasing a highly stretched rally.

Old Ethereum Whales Reappear, Sparking Crypto Speculation

In another development, a pre-mine Ethereum wallet that had remained inactive for almost nine years has been reopened, according to data released by the cryptocurrency tracker Whale Alert. It has 72 ETH valued at $ 243,771 in it.

This tracking platform discovered that these 72 ETH funds had been moved to another anonymous cryptocurrency wallet. In addition to this wallet, according to recent sources, a number of dormant Ethereum whales awoke in February and held premined Ethereum worth 100 ETH, 429 ETH, 3,465 ETH (valued at roughly $ 10.4 million), and 100 ETH. They had all been dormant for about nine years.

Featured image from Pixabay, chart from TradingView

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CEO Of German VC Firm Predicts XRP To Become ‘World Reserve Bridge Currency’

Oliver Michel, CEO of Tokentus Investment AG, has made a bold assertion in the latest episode of Crypto Talk – a series produced for German television in collaboration with Der Aktionaer, regarding the future role of Ripple and XRP. Michel, leading one of Germany’s prominent venture capital firms, provided a deep dive into the operational excellence of Ripple Labs and the transformative potential of XRP within the financial sector.

Ripple IPO And XRP Price Expectations

Michel praised Ripple Labs for its professional management and strategic direction, aiming for a major initial public offering (IPO). He stressed the importance of Ripple’s approach to solving the inefficiencies of cross-border payments, distinguishing between the company’s operational framework and the utility of XRP.

“Ripple is a professional company […] It’s not a foundation where some people get together and say we’re going to do something. It’s a professional company with the ambition of a fairly large IPO,” Michel stated, emphasizing the solid foundation upon which Ripple builds its services.

Delving into the specifics of Ripple’s value proposition, Michel elaborated on the inefficiencies of traditional banking transactions across borders, highlighting the advantages of using XRP as a bridge currency.

He detailed, “You give it to the bank, exchange these euros for XRPs, put them on the ledger, i.e., on the blockchain, very quickly and without major costs […] This means that XRP is the bridge currency, XRP Ledger is the blockchain, the bridge and the liquidity pool.” This process, according to Michel, stands as a testament to Ripple’s innovative approach to leveraging blockchain technology for real-world financial operations.

Michel also shared insights into his investment strategy regarding XRP, noting his expectations for the cryptocurrency’s value. When queried when he plans to sell, he remarked, “I’ll think about it when it’s at $ 5. So, from now on, a tenfold increase. At $ 10, I think that would be super good.” These comments not only reveal Michel’s bullish outlook on XRP but also his nuanced understanding of the cryptocurrency’s market dynamics.

Michel further disclosed his dual investment in Ripple, holding both XRP coins and shares in Ripple Labs through Tokentus Investment AG and his family office. This strategic positioning underscores his confidence in Ripple’s dual offerings and his belief in their long-term potential.

“I have XRP coins, both in my family office and in Tokentus Investment AG. However, we also got involved in Ripple shares very early on, both via Tokentus and via the family office, via a preliminary company, via an SPV, a special purpose vehicle,” Michel elaborated, indicating a comprehensive investment approach towards the Ripple ecosystem.

German CEO Sees XRP As Global Currency Standard

Addressing the future of digital finance, Michel underscored the significance of XRP and Ripple’s On-Demand Liquidity (ODL) service in the evolving landscape of Central Bank Digital Currencies (CBDCs). He posited that Ripple’s infrastructure could become central to global financial systems, facilitating seamless and efficient transactions between central banks.

“This is actually the most exciting question […] If the banks work together via the backend, Ripple’s bridge technology is central, everything revolves around it,” Michel stated, highlighting Ripple’s potential to revolutionize financial transactions at a global scale.

Despite acknowledging the competitive landscape, including initiatives like the JP Morgan Coin, Michel’s confidence in Ripple’s unique value proposition remains unshaken. He concluded with a compelling vision for Ripple’s future, “If time plays in Ripple’s favor, then Ripple may well become the world reserve bridge currency.”

At press time, XRP traded at $ 0.57769 after being rejected at the 0.5 Fibonacci level once again.

XRP price
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Bitcoin Spot ETF Inflows Eye New Record As BTC Price Touches $57,000

Bitcoin Spot ETFs are gunning for a new record after an incredible start to the new week. The price of BTC has risen 8% in the last day, and this has caused euphoria in the market. There could be a number of factors behind this; however, institutional investors seem to be playing a big role as daily inflows continue to rise.

Spot Bitcoin ETF Inflows Cross $ 400 Million

According to Bloomberg analyst James Seyffart, the Spot BTC ETF inflows are not slowing down. In a screenshot shared by the analyst on Tuesday, Seyffart reveals that inflows into Spot BTC ETFs climbed above $ 400 million.

The image shows that the Fidelity Wise Origin Bitcoin Fund is leading the charge with $ 243.3 million in inflows, which accounts for more than 50% of the total inflow. The ARK 21Shares Bitcoin ETF follows behind with significant inflows of $ 130.6 million. The third-largest inflow to a single fund for the day was recorded in the Bitwise Bitcoin ETF, which saw $ 37.2 million in inflows.

Spot Bitcoin ETF

Other funds, including the Franklin Bitcoin ETF, VanEck Bitcoin Trust, and the WisdomTree Bitcoin Fund, all saw minor inflows of $ 7.9 million, $ 6.2 million, and $ 0.9 million, respectively. In total, the inflows to all six funds came out to $ 426 million.

However, the Grayscale Bitcoin Trust (GBTC) continues to bleed during this time, with outflows of $ 22.4 million in the 24-hour period. This brought the total net flows to $ 403.6 million. At the same time, funds such as the iShares Bitcoin Trust, the Invesco Galaxy Bitcoin ETF, and The Valkyrie Bitcoin Fund all saw negligible inflows during this time frame.

Gunning For A New Record

The inflows into the Bitcoin Spot ETFs over the last day are a testament to the demand that these products are getting from the market. With institutional investors gaining more exposure to BitBTCcoin, demand is expected to rise, especially as the BTC price continues to do well.

The inflow volumes, while not the largest single-day inflows so far, are significant when measured up to others. For example, Seyffart points out that the daily record was from the first day of trading when inflows climbed as high as $ 655 million. The second-largest single-day net flow was then recorded earlier in the month on February 13 with $ 631 million. “A big day from $ IBIT could push us beyond that Day 1 record,” Seyffart declared.

At the time of writing, the BTC price is experiencing a retracement after reaching a new 2-year high of $ 57,000. It has seen 8.58% gains in the last 24 hours to trade at $ 55.900, according to data from CoinMarketCap.

Bitcoin price chart from Tradingview.com

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Bitcoin Spot ETF Jitters Subside: Grayscale Outflows Drop To New Lows

Outflows from Grayscale’s Bitcoin Trust (GBTC) seem to be slowing down, as shown by the trading activity of Bitcoin ETFs. This comes as investor anxiety over Grayscale’s Spot ETF seems to finally be subsiding, with the entire ETF cohort continuing to attract huge trading volumes and rapid growth in assets under management. As a result, the GBTC saw daily outflows drop steadily over the course of the week to just $ 44.2 million on Friday, the lowest since spot Bitcoin ETFs went live.

Outflows Drop As Grayscale’s BTC ETF Stabilizes

After several weeks of elevated outflows totaling over $ 7.44 billion, investors pulled just $ 436.2 million of Grayscale’s Bitcoin Trust last week. Notably, the lowest daily outflow of $ 44.2 million came on the last day of the week.

Grayscale’s GBTC is undoubtedly the biggest Bitcoin ETF among its cohort. This is because GBTC was launched in 2013 as a Bitcoin trust available only in OTC markets., allowing it to grow over the years as it was the only go-to for investors looking to dive into the crypto industry.

However, after a lengthy regulatory procedure, the SEC finally approved GBTC’s conversion into a Spot Bitcoin ETF. Consequently, Grayscale’s new Bitcoin ETF went live on January 11, along with nine other recently approved ETFs. 

GBTC held around $ 27 billion worth of BTC assets when it first began trading as an exchange-traded fund (ETF). Surprisingly, Grayscale’s conversion into an ETF came along with a vast amount of withdrawals from investors, and by the end of January, GBTC had witnessed $ 5.55 billion worth of withdrawals. 

Many analysts have attributed Grayscale’s high management fees (1.5%) to the outflows. During this period, other Bitcoin ETFs continued to attract new money. BlackRock’s iShares Bitcoin Trust (IBIT) now has over $ 6.64 billion worth of BTC in its ETF, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) with $ 4.73 billion.

What’s Next For Grayscale’s Bitcoin ETF?

While last week’s outflow data is an encouraging sign for Grayscale and the wider ETF market, outflows could continue in the coming weeks. Bankrupt crypto lending firm Genesis recently received court approval to sell its $ 1.3 billion worth of GBTC in order to repay its creditors. 

The prospect of a liquidation of such gravity has propelled concerns amongst investors of the potential downward implications on the price of BTC. However, many others remain optimistic. According to a report by crypto exchange Coinbase, full liquidation would have a neutral impact on the market as the majority of funds are expected to remain in the crypto ecosystem.

At the time of writing, Bitcoin was trading at $ 51,300, while Grayscale’s GBTC now had $ 22.7 billion worth of assets under management.

Bitcoin price chart from Tradingview.com

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Solana Drops Below 100-Day MA On 4-Hour Chart, SOL Price In Danger?

Having failed to break its previous high for the year, the price of Solana has continued to move downward. From the height of $ 118.88, the coin, which is currently ranked 5th in the crypto space with a total supply of 440,961,455 SOL and a market capitalization of $ 58.2 million,  has made a drop of over 25% and is not showing any signs of stopping.

As of the time of writing, the price of SOL was up by 2.76% and trading around $ 102.63, below the 100-day moving average in the last 24 hours. Meanwhile, in the daily timeframe, the price has dropped a bearish candlestick, indicating that the price is still bearish.

The moving average indicator generally is used to determine the trend of an asset, which could be an uptrend or downtrend. Since the price of Solana is trading below the 100-day moving average, could this mean that the price has changed from an uptrend to a downtrend?

Solana On The 4-Hour Chart

A technical examination of the chart from the 4-hour timeframe and with the help of a trend line we can see that two resistance levels of $ 118.88 and $ 114.87 have been created by previous price movement. We can also see that the price has broken the support level of $ 103.57. Therefore, the price for the next destination might be the $ 92.84 support level. 

This can be seen in the image below:

Solana

Also, taking a look at the 4-hour timeframe chart with the help of the MACD indicator in the above image, we can see that the MACD histogram is trending below the MACD zero line. Both the MACD line and the signal line have crossed and are trending below the MACD zero line, suggesting that the price of SOL is bearish and could continue to move downward.

A final look at the chart with the help of the Bull Power Vs. Bear Power Histogram indicator, we can see that the histograms are trending below the zero line. This suggests that buyers have completely lost momentum in the market, and sellers have taken over it. Thus, the price will tend to move downward. 

We can see this in the image below:

SOL price

Possible Outcomes If The SOL Price Continues To Drop

If SOL continues to drop, we might see the price moving toward the support level of $ 92.84. Also, if it manages to break below this level, the price might move further downward toward the $ 79.32 support level.

Presently, Solana is seeing minor upsides of 1.3% in the last 24 hours, according to data from CoinMarketCap.

Solana price chart from Tradingview.com (SOL price)

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