Bitcoin has slipped off the $70,000 mark, sending a ripple effect across the broader crypto market, with top coins shedding off past gains. Amid this bearish sentiment, Solana (SOL) tumbled from the $170 threshold and now plays below the $155 price.
SOL trades at $154, marking a 4% decline in the last 24 hours. With a volume of $2.1 billion, it has lost nearly 7% of its past week’s gains. But can Solana (SOL) recover? Let’s explore the possibilities.
SOL Recent Price Actions
Solana attained a monthly high of $187 on May 20. However, things didn’t sit still as the price started declining, with SOL reaching $160. Although SOL soon recovered momentum to hit above $174 on June 6, the tides have turned due to ongoing market turbulence.
Solana consolidated between $162 and $174 from May 26 to June 06 but has now slipped off this price range. Given the ongoing bearish pressure, Solana (SOL) has plummeted below the $156 support.
Solana Price Analysis: Can SOL Rebound to $200?
The daily chart shows that SOL is still stuck in a long-term bearish trend. The price has tried to break this trend several times but failed as sellers continue to dominate.
The above chart shows a bullish fair value gap (FVG) around the $154 price level. Asset prices typically rebound from this level as demand forces often exceed supply. But, if the buying pressure doesn’t hold at the FVG level ($154), SOL might keep falling.
However, support around the $121 threshold could stop further decline. This area has a lot of liquidity, which could boost the price significantly.
If the price finds its footing here and bounces back, combined with a break above the downtrend line, SOL could hit $209. This would represent more than a 72% increase from the $121 level. Meanwhile, the RSI approaches the 30 level, indicating SOL is nearly oversold.
Solana Network Booming, But Can Price Follow?
The Solana network shows strong signs of growth. According to The Block, nearly half a million tokens were launched on the Solana network last month. Additionally, the number of active addresses on the network hit a record high in May, with over 1.78 million users interacting with Solana.
So, what does all this mean for the price of SOL? Generally, these metrics are a good sign for the Solana network. It shows traders and investors are finding value and utility in the platform.
As more people use and develop on the platform, the demand for SOL tokens could rise, pushing the price of SOL up soon.
PlayDoge Presale Raises $3.5 Million: Could This Be the Next Crypto to Explode?
While the price trajectory of coins like Solana remains unpredictable, investors looking to diversify can boost their portfolios with new projects with massive growth potential, like PlayDoge.
Since its presale started, PlayDoge has attracted significant investor attention. In just two weeks, the project raised $3.5 million out of its $4.2 million target, a feat that echoes its appeal to investors.
Based on this, some believe PlayDoge ($PLAY) could surge 10-fold this year, placing it among the hottest meme coins in 2024.
PlayDoge’s utility token, $PLAY, has been in the spotlight for the past few days. Notable news outlets and influential crypto pundits, like the famous crypto YouTuber Jacob Bury, mentioned it. Jacob Bury believes PlayDoge could post a 10x rally in value once it launches on crypto exchanges.
Moreover, PlayDoge proves its value by combining the meme allure with a video gaming utility. It uses a Play2Earn model to incentivize users, encouraging sustainable community engagement. This makes $PLAY one of the most profitable presales to invest in 2024.
$PLAY currently trades at $0.00506, and its price will increase in less than 24 hours. Interested investors should take advantage of this window to accumulate enough PLAY coins before the price increases.
PlayDoge’s P2E Attract More Investors to the Presale
Crypto projects with real-world utility are considered more sustainable. So, PlayDoge’s gaming utility makes it attractive to investors. In the PlayDoge game, players can earn $PLAY coins each time they care for virtual pets.
The best players are shown on a leaderboard, which is a list that ranks players by their performance. High-ranking players can get extra $PLAY tokens and special prizes.
In addition, you can trade the token you earn from playing the game on crypto exchanges for ETH or BTC.
Further, the project has a staking feature, where you can earn extra income by locking up your tokens for a certain period. Investors who start now can earn a reward of 288% APY for staked tokens. Already, more than 66 million $PLAY tokens have been staked. The yield will decline as more gets staked.
PlayDoge has new and exciting features and solid technology, providing a strong foothold in the market. With the right approach, PlayDoge could be a pioneer in crypto gaming.
To participate, visit the official website and purchase your $PLAY coins using ETH, USDT, or a bank card.
