Solana faces a bearish trend with a 7% price drop, while a new AI meme coin, WienerAI, is gaining attention and funds.
Points
- Solana’s price has hit resistance and is forming a bearish pattern.
- The price may drop to key support levels if bearish momentum continues.
- WienerAI has raised over $9 million and is nearing its launch.
- WienerAI offers AI trading features and a staking protocol with high returns.
The price of Solana （SOL） has recently encountered a resistance zone, leading to a significant bearish trend. Traders have noted the formation of a double-top pattern, which is often seen as a precursor to a bearish reversal. Currently, SOL has fallen to a key support level around $168. If the bearish momentum continues, it could further drop to $127, aligning with the pattern’s neckline.
Despite the downtrend, SOL is still trading above its 50-day and 200-day Simple Moving Averages （SMAs）. However, market sentiment may drive the price below the $168 level, potentially triggering a more substantial bearish rally. The Relative Strength Index （RSI） has dropped from the overbought zone to the 50 midline level, and if bearish pressure builds, it could push the RSI further down to the 30 oversold level. Additionally, the Moving Average Convergence Divergence （MACD） indicates a bearish trend, reinforcing this outlook.
Conversely, the bulls might regain control if the 50 SMA remains resilient. The RSI trading along the 50 midline level suggests a potential for the bulls to regain momentum.
In a related development, WienerAI, an AI meme coin, has surpassed $9 million in funds raised and is offering a last chance to buy before its imminent launch. WienerAI combines playful dog elements with advanced AI trading features, making it a unique entrant in the meme coin market. The project also offers a staking protocol with an annual return of 123%.