Solana’s price correction below $180 is fueling a bearish sentiment toward the coin. This is because analysis shows that Solana’s inability to reclaim the $190 level could signify a further drawdown.
And, with the price now turning the $180 support into a resistance, analysts are warning of a potential pullback. However, while Solana prices head downward, the Remittix token takes advantage of the situation.
Here is why the SOL price might take further hits in the coming week, and how Remittix could help investors reclaim market profit.
Why The Solana Price Could Be A Bearish Signal
The Solana price has continued struggling below $200 since setting a new high in January. The coin has continued falling from one support to another, turning previous supports into resistance.
However, in the wake of the recent fall from the early July breakout, analysts now think this could be more concerning as we head to the last part of the year. An early breakout in July had seen SOL hit a new multi-week high of $205. But in a break of momentum, the price has returned to a weekly low, hitting $172 yesterday.
The Solana ETF has continued to gain attention, with some filings already approved, such as the REX-osprey ETF filing. However, in the face of the ETF speculations, the market sentiment remains low, triggering analysts to cite a possible overbought effect. At this rate, ETF approval from other firms like Grayscale, Bitwise, and VanEck ETF might not be able to save the coin if it falls below $170.
SOL Price Technical Outlook For August
The Relative Strength Index reading shows a significant drop in buying pressure with a flashing bearish divergence. Solana’s price continues on a failed attempt to break out of the $180 zone after multiple tries. With the setup showing the Solana price sitting on the 50-SMA on the weekly chart, a break below could mean a drop towards $150.
However, in a bullish scenario where the Solana price can reclaim support at $180, we could see a return above $200. However, from a technical standpoint, the SOL price breaking above $180 in August looks unlikely.
Why Remittix Could Be the Way Forward
As Solana’s momentum drops, the Remittix token is taking center stage as a high-profit alternative for investors. This is with the Remittix combination of top focus utility and low cap discount, opening up opportunities for high reward.
Remittix’s presale price of $0.0895 creates a discount for investors to buy more as the token moves closer to a launch price surge.
Remittix is CertiK audited, making it a safe and secure investment choice, with a report showing its security-driven smart contracts. Remittix also offers a line-up of rewards, which is currently boosting buying pressure. A few of these rewards include:
- Staking reward up to 15% APY, offering passive gain even during market drawdown
- Up to 50% bonus on invested tokens as an early buyer’s reward
- Chance for a $25,000 win in the Remittix $250,000 giveaway
Discover the future of PayFi with Remittix by checking out their project here:
Website: https://remittix.io/
Socials: https://linktr.ee/remittix
$250,000 Giveaway: https://gleam.io/competitions/nz84L-250000-remittix-giveaway
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