Crypto Analyzer

Top Solana-based Tokens Primed for a Price Correction of 10% This Month

The cryptocurrency market has been experiencing a notable correction, leading top altcoins to retrace towards key support levels. Amidst the prevailing bearish sentiment, cryptocurrencies, including those within the Solana ecosystem, have been facing selling pressure, resulting in price declines for popular tokens within this category.

Solana (SOL):

Solana’s native token, SOL, has witnessed a correction of 13% in the past 24 hours and approximately 32% over the last 30 days, causing its year-to-date performance to drop to +31.85%. This bearish trend has put pressure on SOL’s price, with technical indicators such as MACD and EMA signaling further potential downside. If a bullish reversal occurs, SOL may aim to retest $200, whereas a bearish trend could push the price towards $100.

Bonk (BONK):

In the memecoin category, Bonk has seen a significant downturn, with a price decline of over 38% amidst the broader market correction. Technical indicators like MACD and EMA suggest a continued bearish outlook for BONK, with possible price movements to test resistance at $0.000027 or support at $0.00000950 based on market dynamics.

dogwifhat (WIF):

Another popular memecoin token on the Solana network, WIF, has also experienced a correction of over 37% in the past week, aligning with the trend observed in the broader memecoin category. WIF’s price is approaching a critical support level at $2.096, with indicators pointing to a potential negative price trajectory. A bullish reversal could see WIF testing $4, while a bearish scenario may drive the price towards $1.23.

Arweave (AR):

Arweave, one of the top losers in the Solana ecosystem, has recorded a price correction of around 30%, wiping out its previous gains over the past months. With technical indicators indicating a bearish trend for AR, the coin’s price could test resistance at $45 if it holds above $24.675. Conversely, continued bearish momentum might lead to a drop towards $19 by the end of the month.

While price corrections are common in the volatile cryptocurrency market, investors and traders should closely monitor these tokens’ price movements and market developments to make informed decisions amidst the ongoing market turbulence.