Solana crypto has taken quite a damaging hit today from the recent upheaval across the entire blockchain market. Bitcoin pursued to break down as it lost support from a bearish reversal pattern known as a rising wedge.
As a result Solana (SOL) crypto lost support of a long-term ascending channel that it was trading in. The price structure was lost and the bullish thesis invalidated.
According to Coinmarketcap Solana is down 11.6% over the last 24 hours and is trading at $36.5. Solana crypto is available on Bybit.
Cryptoassets are a highly volatile unregulated investment product.
Solana (SOL) Crypto Price Prediction 2022
Over the last eight weeks Solana (SOL) crypto had been gaining bullish price momentum teasing that it might soon reach $50 price levels.
Today a critical support level of $39.5 had been lost due to the crypto crash and unfortunately Solana (SOL) has seen bearish price action.
Solana (SOL) now needs to try and consolidate at current price levels and retest $39.5 as a resistance, if we get rejected we could see further continuation to the downside. The next key level of support for Solana crypto would be $32.4.
From a technical analysis perspective Solana (SOL) crypto is now oversold on the 4-hour time frame and is printing a green candle at this moment.
High risk traders who like to take advantage of extreme fear market sentiments could benefit from going long at current price levels.
Sol/Usdt – Daily Time Frame.
As we can see Solana (SOL) crypto is now oversold on the relative strength index. So far, every time Solana has been oversold on the RSI in the last 8 weeks the price has bounced and recovered. Will history repeat itself?
Solana (SOL) Video Analysis
Solana (SOL) currently has a $12.7 billion dollar market capital according to Coinmarketcap. Whilst returns in the short-term might be quite suppressed due to the crypto bear market.
Alternative Options to Solana? (SOL)
Solana has been an excellent performer over the last few weeks but it looks like it may just be running out of steam as we head deeper into the crypto bear market. Being in a crypto bear market means we are still spiraling further into a down trend. I think it is very unlikely that we will see any all time highs soon for Solana.
There are other strong prospects in the crypto market right now that could perform better than Solana. Following my own market research and due diligence there is a new exciting meme coin called Tamadoge which could be set to explode beyond a 10x by the time it goes to public sale.
Tamadoge (TAMA) is a unique, fun and enticing new utility based play-to-earn meme coin which is deflationary, tax free and has a tiny maximum supply of just 2 billion coins. Tamadoge stands out amongst other meme coins as it is also NFTs and virtual reality for players to immerse into.
So far the Tamadoge (TAMA) presale is doing exceptionally well and in just over three weeks $5,620,496 has been raised. The hard cap for this particular presale is set at $19m and the public sale should launch in Q4 2022.
Holders are able to acquire Tamadoge (TAMA) at buy.tamadoge.io using either Ethereum, USDT or Fiat currencies. In my opinion crypto presales can be a great way to capitalize extra crypto during a bear markets. Whilst other cryptocurrencies trade sideways, or down, successful presales have the chance to see a parabolic rally of 10-100x. A recent example is the newly launched Battle Infinity token which saw over a 700% increase from it’s presale price.
Due to the solid fundamentals of Tamadoge and the amount of hype associated with this project I speculate this could be one of the next top 10 meme coins.
Related
Tamadoge (TAMA) – Next Big Meme Coin
- Beta Sale Ends Sept 2022 – tamadoge.io
- Deflationary, Low Supply – 2 Billion
- Move to Earn, Metaverse Integration on Roadmap
- NFT Doge Pets – Potential for Mass Adoption
- Play to Earn Utility – Rewards Token
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