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Solana Price Dips 3% As Solayer Raises $12 Million

Solana Price Dips 3% As Solayer Raises $12 Million

InsidebitcoinInsidebitcoin2024/08/29 14:34
By:Insidebitcoin
 

The Solana price dropped 3% in the last 24 hours to trade at $144.78 as of 04:22 a.m. EST on trading volume that plunged 19% to $2.5 billion.

This comes as Solayer raised $12 million in a funding round led by Polychain Capital to advance its integrated re-staking network on the Solana blockchain.

The initiative aims to address Solana’s scalability and transaction inclusion challenges by leveraging a novel approach to staking and network bandwidth optimization.

Solana Price On A Bearish Trend – Possible Rebound?

Since mid-August, the Solana price has been in a consolidation phase, as SOL traded within the $148.61 resistance and the $137.42 support level, according to data from GeckoTerminal . The bulls were able to break out above the sideways pattern to the $162 resistance before retracing back to the $143 support.

SOL then formed a rounding top pattern, as ]bears exerted more pressure on the price.

The price of Solana now trades below both the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, affirming the bearish trend.

Moreover, the Relative Strength Index (RSI) is plunging towards the 30-oversold region, a signal that the Solana price is under intense selling pressure.

If the selling pressure continues, the price of Solana could drop back to the next support level at around $130.

Solana Price Dips 3% As Solayer Raises $12 Million image 0 Solana Price Dips 3% As Solayer Raises $12 Million image 1 Solana Price Chart Analysis Source: GeckoTerminal.com

With the RSI now showing that Solana is currently undervalued, it may be a buying signal for bulls to add to their positions. If this leads to a rebound at this level, bulls might propel SOL to $160.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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