Solana, a prominent smart contract platform, has a strong ecosystem but is facing challenges due to the recent market downturn. The decline in sales, starting on March 20, has impacted both Solana-based meme coins and the price of SOL Coin. Current predictions are essential to understanding the outlook.

Solana (SOL)

As of the latest data, Bitcoin is being traded at $63,375, while SOL Coin is at $135. The negative trend that began last week has intensified, as indicated by the RSI dropping below the neutral zone. This suggests a potential for overselling, especially if Bitcoin tests below $60,000.

Additionally, the Sharpe Ratio is at its lowest level in four months, standing at -4.27. This indicates a lack of investor interest, potentially leading to significant price declines in the near future.

Future Price of SOL Coin

Currently, SOL Coin is ranging between $134-135 and is stuck in an ascending triangle formation for about 15 days. A bearish signal in the form of a death cross is forming on the chart, signaling a potential downturn. This occurs when the 50-day EMA falls below the 200-day EMA.

While this signal may not predict the exact extent of the decline, it indicates that a significant drop is imminent, possibly testing support levels of $126, $100, and $85. However, a swift recovery could keep the price above $85.

This analysis can provide valuable insights for investors looking to navigate the current market conditions.