The price of SOL, the 5th-ranked altcoin by market cap, has dropped to $145. An analyst sees this as a critical juncture for SOL’s price. The daily trading volume for Solana has increased by 113% in the last 24 hours amid a market crash, giving control to the bears.
At the time of writing, the coin’s market cap had decreased by 8% to $68.6 billion. The trading data for DOGE indicates a decline of 6%, reaching lows of $0.134. Despite this, DOGE’s 24-hour trading volume has increased by 78% to $1.26 billion, while its market cap has shrunk by over 5% to $19.9 billion.
An analyst named CrediBULL Crypto emphasizes that both SOL and DOGE are at critical levels, with SOL potentially facing a meltdown to the range lows at $115 if it does not hold. The last time Solana traded at these levels was in February and it later retested above $200 in March, according to CrediBULL Crypto. The analyst predicts that SOL might dip to the buffer zone formed earlier this year before a relief rally.
Despite short-term bearishness, the analyst foresees a bullish trend for BTC, with potential rebounds for SOL and DOGE. The analyst warns of potential further downward momentum if long liquidations increase, potentially pushing BTC down to 62.5k. Federal Reserve Chairman Jerome Powell is expected to speak after the two-day FOMC meeting on Wednesday.
