Solana Price Update
The Solana price fell 3% in the past 24 hours to trade for $180.26 as of 03:53 a.m. EST on trading volume that dipped 20%.
Because Solana is the main rival to the Ethereum blockchain, the slump in the SOL price comes as ETH sucks in liquidity amid increased optimism that Ethereum ETFs (exchange-traded funds) will soon be approved for trading.
The same pattern is reflected in the prices of meme coins on the respective blockchains, with the Pepe (PEPE) and Floki Inu (FLOKI) prices posting double-digit gains as SOL-based meme coins including Dogwifhat (WIF) and Bonk (BONK) struggle to keep up with single-digit gains, CoinGecko data shows.
Solana Price Prediction
The Solana price is trading with a bullish bias, recording higher highs as it consolidates within an ascending parallel channel. With broader market optimism, the Layer-1 token broke out above the confines of the technical formation.
Traders often interpret an ascending parallel channel as a sign of continued upward momentum in the price of the asset. The lower trendline acts as a level of support, while the upper trendline acts as a level of resistance.
- Prices tend to fluctuate between these two trendlines, with traders looking to buy near the lower trendline and sell near the upper trendline.
- With the Relative Strength Index (RSI) recording higher lows, bullish momentum continues to abound and the Solana price could extend the gains. In a northbound directional bias, a stable candlestick close above the 23.6% Fibonacci retracement level would confirm the continuation of the uptrend.
- This could see the Solana price to reclaim the $208.60 peak. Late bulls looking to take new long positions for SOL after missing the previous rally should probably wait for a stable close above $187.44.
Notably, the Moving Average Convergence Divergence (MACD) remains above the orange band of its signal line, suggesting the bulls are leading the SOL market. The volume profile also shows a green spike budding, pointing to growing bullish sentiment in the SOL market.
Converse Case
On the other hand, early profit booking could see the Solana price pull back. A slip below the 38.2% Fibonacci retracement level of $174.35 would attract more sell orders. The ensuing selling pressure is likely to shove the Solana price below the 50% Fibonacci placeholder, below which the bullish thesis would be invalidated.
Even as the Solana price coils up its next move, investors are already looking at SEAL, a new SOL meme coin presale that’s already raised more than $2.3 million. According to Crypto Gains, with 131k subscribers, the token has ”huge potential.”
Promising Alternative To Solana
SEAL is the ticker for the Sealana project, a patriotic obese American redneck seal trading his way out of his mom’s basement.
With the Solana price up 25% in the past week, according to CoinGecko data, Sealana is thriving along with its basal chain, SOL. It represents a high-risk, high-reward wager on the perpetuation of recent meme coin mania and the sustainability of investor demand.
Sealana is a novel addition to the culture-driven niche of meme coins. Its hallmark is a quirky and relatable digital mascot. The character is inspired by quintessential basement-dweller archetypes, portrayed as having forgone physical fitness to pursue his trading endeavors and generate gains from the volatile crypto market.
The project’s integration with the Solana blockchain is a key advantage, leveraging Solana’s robust performance, low fees and rapidly expanding ecosystem.
As an SPL (Solana Program Library) token, SEAL benefits from Solana’s scalability and thriving developer community.
Crypto analyst and YouTuber ClayBro says Sealana has the potential to rally 10X after launch.
Investors interested in joining the Sealana community can buy SEAL for $0.022. It’s best not to wait too long before buying because this type of ”send SOL” ICO has no timer, stages, or hard cap, and that means it can close at any time.
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