•Solana (SOL) has seen a significant price drop of -10% in the past week.
•Neon EVM integration has provided some support, but SOL is now at risk of dropping to lower support levels.
•The resurgence of meme coins have seen Evil Pepe Coin raise $500,000, and become the number one gainer in the crypto space.
Solana Price Analysis
Solana (SOL) has suffered a -90% decrease since its previous all-time high (ATH) back in November 2021. While recent integration with Neon EVM triggered a +147% pump, SOL prices have been rejected at $32 and are now heading south with bearish divergence on both RSI and MACD indicators. The 20DMA provides an initial foothold for SOL at $23.75, yet downside movements dominate this chart and SOL could fall to lower supports at the 200DMA ($21), $16.75, or even $15 if no recovery is found soon.
Risk: Reward Structure
The current risk: reward structure for short-term investments in Solana stands at 0.86 – reflecting the high probability that price action will continue to push lower in the coming days/weeks.
Meme Coins Take Center Stage
Meme coins are currently trending as some of the most lucrative investments in crypto markets – with EvilPepe Coin raising an impressive $500k market cap after launching just last month. This surge places EvilPepe ahead of Pepecoin as number one gainers in the space today, driving capital away from Solana towards more profitable opportunities over shorter timeframes.
How To Buy Early?
Given that meme coins are driving capital away from Solana, investors may be looking for ways to buy early before these markets cool off again and dip into bear territory once more. For those interested in buying early, it is important to keep up-to-date on news releases regarding meme coin launches while maintaining close attention to technical analysis for any signs of potential entry points or trend reversals on charts such as those for Solana (SOL).
Conclusion
With current indicators displaying bearish divergence across major layer-1 blockchains such as Solana (SOL), investors should proceed with caution when considering investments over shorter timeframes due to potential downside risks associated with price movement below key support levels like those mentioned above. Despite this lacklustre outlook however, there is still hope that successful integration measures like those seen with Neon EVM could provide further upward momentum once more while providing investors opportunities to buy early ahead of future market pumps when driven by news releases or technical analysis signals alike..