Solana (SOL) has dropped sharply in the past 24 hours and currently sits at $170.60 after losing 4.3%.
Trading has been quiet despite the drop and is 2.6% lower than the previous day, accounting for just 4% of the token’s circulating market cap.
SOL has managed to trim its yearly losses to less than 10% after a strong rally in the meme coin category pushed the price of its token higher.
Market sentiment has improved dramatically in the past month and a half, as reflected by the behavior of the Fear and Greed Index.
The latter jumped from a record low of 15 (Extreme Fear) to 68 (Greed) during this period as market participants reacted positively to the White House’s willingness to pause the implementation of high tariffs.
The best-performing assets in the Solana ecosystem include meme coins like dogwifhat (WIF), whose monthly gains currently sit at 79%. Before that, Fartcoin (FARTCOIN) and Pudgy Penguins (PENGU) were among the biggest winners as they tripled their price in a short period.
Meanwhile, decentralized exchanges (DEXs) in the Solana ecosystem like PumpSwap, Raydium, and Orca have benefited from the trend, while the top aggregator of this network, Jupiter (JUP), has seen the price of its governance token skyrocket recently as well.
Solana Enters Consolidation After Big Recovery
Solana’s latest price action shows that the token has entered a stage of consolidation with the $170 level acting as the key support and the $180 area as the key resistance.
This has formed a confined area within which the price could fluctuate for a while until the market decides which way it should go next.
The rapid recovery that cryptos as a whole have experienced has pushed momentum indicators to extreme levels, and the rally may need a breather before its next leg up.
For now, as long as Solana (SOL) stays above the $170 range, the token will maintain its bullish structure. However, a break out of this consolidation rectangle and below those levels could result in a more severe correction.
In the near term, the $173 level is the most relevant resistance. This is the second-best lower low that today’s retreat experienced, and, from a technical standpoint, this is where the price could bounce to if the $170 area holds.
The Relative Strength Index (RSI) has already reached oversold levels in the hourly chart, meaning that the downtrend may have reached a local bottom. However, if the price fails to climb above $173, the next decline could end up breaking out of consolidation.
Meanwhile, the Solana meme coin hype has been quite profitable for the most skilled traders. A new crypto presale called Snorter offers access to a sophisticated trading bot that snipes the best tokens in this ecosystem and delivers positive returns to token holders.
Snorter (SNORT) Nears $100,000 Just a Few Hours After Its Launch
Snorter (SNORT) is a multi-chain trading bot that will initially specialize in identifying the most promising Solana meme coins.
The presale event of its utility token kicked off just a few hours ago and has already attracted significant interest from investors who wish to take advantage of the latest bullish cycle of the meme coin space.
What sets Snorter apart from other bots is its lower fees of 0.85% and its advanced features like limit-orders to lock-in profits and its sophisticated fraud-detection software that protects users from falling prey of the abundant number of scams that plague the meme coin space.
The demand for $SNORT will rise once the bot starts to perform positively and deliver strong returns to early adopters.
To buy $SNORT at its discounted presale price, head to the Snorter website and connect your wallet. You can either swap SOL or USDT for this token or use a bank card to make your investment.
