Can It Find Support Near Demand Zone?

Solice crypto stays under modest bearish pressure for the fourth consecutive day and is headed to start the week on a bearish note. The crypto price is headed downward after the breakdown below the 50-day EMA.  

Moreover, the buyers tried to hold the SLC crypto near the 50-day EMA and attempted a recovery. However, they could not generate enough momentum to counter the selling pressure received from the upper side. The breakdown below the 50-day EMA triggered sell-stop orders from buyers due to which the price dropped sharply. 

Also, on observing precisely, a declining parallel channel may be noted on the charts. The price is respecting the upper and lower boundaries of the channel pattern and rolling inside it on the downside. 

At the time of writing, the Solice cryptocurrency was at $0.003 with an intraday loss of 2.23%. Also, it has a market capitalization of nearly $130.827 K after the intraday loss. The volume to market cap ratio is 28.09% suggesting high volatility in the crypto.

Solice Price Trend Analysis

The Analysis of the SLC/USD crypto chart over the daily time frame shows that SLC crypto turned positive in December 2023 and formed an upward price trajectory till the last week of December 2023. The crypto jumped nearly 500% from the lows in the stated period of almost one month. 

However, the bulls could not hold the price above the 200-day EMA for more, and a sharp fall was noted on the charts in the 1st week of January 2024. The bulls fought to gain trend control near the 20-day EMA, but the selling pressure from the upper levels dragged the price below the 20-day and 50-day EMAs. 

Currently, the SLC crypto forms a declining parallel channel pattern and is sliding towards the lower demand zones. Now, the price might maintain a swift bearish outlook and keep on sliding lower until it is maintained inside the channel.

Moreover, the breakout on the upper side may create a positive opportunity for the bulls to try to reclaim bullish territory. 

At the time of writing, the RSI was at 38.75 points and the SMA line was at 39.80 points. Both the lines were hovering below the mean line suggesting a bearish outlook in the short term. 

Solice Price Prediction February 2024

The bearish outlook of the analysts sees a downside potential of nearly 24%, which could take the SLC price to a low of 0.0022. The positive view of the analysts hopes for a breakout of the parallel channel after which the crypto could reach $0.0042. 

Solice Price Prediction 2024

The price forecast for the year 2024 highlights that the SLC token price could reach a high of $0.0079, suggesting a potential gain of over 92.1%. Moreover, the bearish outlook of the analysts hopes the price could reach $0.00545 by the year-end.

Solice Price Prediction 2025

By the year 2025, the SLC price may attain $0.0118 as the highest price. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $0.0.766.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.