Solana Price Prediction: As SOL Stablecoin Trading Volume Hits Monthly High, Experts Say This AI Presale Could Be the Best Cryptocurrency to Buy Right Now.

Solana prices fell It is up more than 3% in the last 24 hours, trading at $89.14 as of 11:30 PM ET.

Despite the 24-hour loss, Solana holders still have reason to celebrate. Data from blockchain analytics platform Artemis Solana said stablecoin transfer volume hit an all-time high of $300 billion in January.

This is not only about $3 billion more than the stablecoin transaction volume recorded in December 2023, but also a whopping 2,520% increase compared to the $11.56 billion stablecoin transfer volume recorded in January 2023. Solana’s The stablecoin market share is 32%, a significant increase from 1.2% just a year ago.

Solana price is subject to bearish pattern

SOL/USDT daily chart (Source: TradingView)

A medium-term descending triangle has been forming on the daily chart of SOL for the past two weeks. This pattern emerged after Solana price made a series of lower lows and lower highs over the past two weeks.

If the bearish trend in altcoins continues over the next few days, SOL may soon close the daily candle below the immediate support level of $90. Losing support in this important price range could expose Solana to the risk of a near-term drop to $70. However, the cryptocurrency would need to break support around $82.35 before it could potentially fall to this price.

This bearish theory could be invalidated if Solana price closes the daily candle above the hypotenuse of the descending triangle in the next 48 hours. In this alternative scenario brush It may attempt to overcome the key resistance level of $100 before a possible rally up to $110 in the next few days.

Bear maintains dominance over bull

Technical indicators on the SOL daily chart suggest that the value of the cryptocurrency may continue to decline in the coming days. Both Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are bearish.

MACD indicates that SOL’s downward trend is currently showing no signs of slowing down. This is evident from the fact that the MACD line is breaking below the MACD signal line. Apart from this, sellers have an advantage over buyers as RSI is showing weakness below the simple moving average (SMA) line.

Given these technical issues and the fact that Solana price is currently trading below the $90 support, traders may need to brace for a continued decline in SOL price. After closing the daily candle below $90 today, the altcoin may adjust towards the $82.35 support level within the next 48 hours.

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