Amidst the continued momentum favoring sellers, Solana’s value faces potential downward extensions, with a goal on the essential 61.8% Fibonacci stage of $83.64. Such a descent would signify a 15% decline from present ranges. A breach beneath this stage might result in an extra decline to the 50% Fibonacci stage at $70.18. In a extra bearish situation, the worth might take a look at the 38.2% or 28.6% Fibonacci ranges at $56.73 and $40.08, respectively.
The Relative Strength Index (RSI) outlook signifies declining momentum, whereas the Average Directional Index (ADX) underscores the strengthening downtrend, reinforcing the bearish sentiment.
However, the optimistic territory of the Awesome Oscillator (AO) and the presence of inexperienced histogram bars recommend that bullish forces persist within the SOL market. If bulls stage a comeback, there’s potential for a shift in directional bias, with Solana’s value aiming to reclaim ranges above the 78.6% Fibonacci stage. In an exceptionally bullish situation, the altcoin might surpass the market vary and goal the $127.20 vary excessive.
Solana Meme Coins Rally
After the large value rally in BONK, different Solana-based memecoins have taken cost as soon as once more making ready for one more main bull run.
Myro (MYRO), a distinguished meme coin inside the Solana (SOL) ecosystem, has witnessed a powerful surge, greater than tripling in worth in 2024. As the third-largest Solana meme coin, following Bonk (BONK) and Dogwifhat (WIF), Myro (MYRO) exhibited outstanding parabolic development earlier on January 5, 2024. Earlier this week, the memecoin touched a excessive of $0.088. However, at press time, it has retraced partially and is at present buying and selling at $0.06008. On the weekly chart, it’s nonetheless buying and selling 150%.
Interested traders can purchase the token on Solana decentralized exchanges (DEXes) equivalent to Raydium and Orca, in addition to centralized exchanges together with KuCoin, HTX, and MEXC Global.
Noteworthy cryptocurrency influencers on the X platform, previously often called Twitter, actively endorse MYRO, and customers can purchase it by means of a devoted Telegram bot. In the upcoming yr, the Myro (MYRO) workforce has plans to introduce a user-friendly staking program, enhancing the utility of this rising canine coin.
