Solana price today remains under pressure as bulls attempt to buy the dip following a 30% crash from its December highs. While BNB has also dropped, its performance has been less severe than SOL and other top altcoins. So, will SOL bounce back and overtake BNB again to reclaim the 5th spot in terms of market cap?
Solana Price Is At Risk Of A Deeper Dive
Technicals suggest that the SOL price is at a significant risk of a deeper dive in the coming days. It has just dropped below the trendline that connects the lowest swings since December 20.
The coin has also moved below $193.65, the highest level on July 29, and the 50-day moving average at $204.60. Moving below these crucial support levels is a sign that the coin is not finding enough buyers just yet.
Solana price now must remain above the support at $175.8, its lowest level on December 20. Indeed, in a recent note, Ali Martinez, a popular crypto analyst on X, warned that a drop below $180 will raise the possibility of it falling to $150 and then $130, a 30% crash.
Therefore, SOL price may be at a significant risk of more downside as the trend of lower highs and higher lows continue. Also, from a macro level, it faces the risk of a meme coin bubble burst as those in its ecosystem have shed billions of value in the past few days.
On the positive side, a Solana price drop to $175 may be a bullish thing as it will be a sign that it has formed a double-bottom pattern whose neckline is at $223. A double-bottom usually leads to a strong bullish breakout.
BNB Price Cup And Handle Points To A Rebound
On the positive side for BNB, the weekly chart shows that it has been forming a cup and handle pattern. The upper side of this pattern is at $695, where it is trading presently. It has already completed forming the cup section and is now in the handle part.
Therefore, as this Binance coin price forecast showed, there is a likelihood that the BNB price will stage a strong rally and move to $1,180. This price target is achieved by first measuring the depth of the cup, which stands at 70%. We then measured the same distance from the upper side of the cup.
Will SOL Overtake BNB Again?
Technically speaking, SOL price needs to remain above the crucial support at $175 to increase the possibility of overtaking BNB again. As things stand, the two have formed two uniquely different chart patterns, reducing the possibility that SOL will flip BNB soon.
Fundamentally, however, Solana’s ecosystem is thriving, with the amount of stablecoins, DEX volume, and DeFi TVL being in a strong uptrend. Also, the possibility that the SEC will approve a SOL ETF will be a catalyst.
The post Solana Price Today: Will SOL Overtake BNB Again? appeared first on CoinGape.
