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The Solana price has pumped 6% in the last 24 hours to trade for $110.04 as of 11:50 p.m. EST time on trading volume that surged 23%.
It comes amid a broader market revival as altcoins follow the lead of BTC after its 3% pump.
From a technical standpoint, the Solana price appears ready for a breakout, after breaching a key roadblock that has capped the Layer 1 (L1) token’s upside potential multiple times already.
No words …. pic.twitter.com/tq4aqjZtVq
— Crypto Tony (@CryptoTony__) February 9, 2024
Markets are also rallying on the back of the start of the Chinese Lunar Year of the Dragon. Based on Asian tradition, it is a special year, representing strength.
“We’re happy to do the Year of the Dragon, because it’s a very powerful year and very auspicious,” said local board member of the Organization of Chinese Americans, Anna Wong. “Everyone feels lucky when they’re in the Year of the Dragon.”
It's Chinese New Year, not Lunar New Year;
It's Year Of The Loong, not Year Of The Dragon.… …
Wish all people in Chinese Taiwan a good Spring Festival! https://t.co/SA8eC5Uzez pic.twitter.com/2FMspiSQrr— ShanghaiPanda (@thinking_panda) February 9, 2024
Amid such optimism, the Solana price and the broader market at large could rally this weekend.
Solana Price Prognosis As SOL Breaches Multi-week Resistance
The Solana price has forayed past a crucial barrier, the $104.92 blockade, where it had been rejected multiple times before. The latest breach hints at a possible continuation of the intermediate trend.
To support the upside potential, the Solana price enjoys strong support downward due to the 25, 50, and 100-day day Simple Moving Averages (SMA) at $98.27, $93.39, and $80.63 levels respectively. The inclination of these moving averages to the north shows this is the path with the least resistance.
The position of the Relative Strength Index (RSI) at 65 suggests strong price strength. It also shows there is more room to the north before SOL can be considered overbought. A correction may not be likely soon, unless early profit booking sets in.
In addition, the Moving Average Convergence Divergence (MACD) is in positive territory. This bolsters the upside potential for the Solana price. With the MACD moving above the signal line (orange band) there is high potential for an incoming bullish cycle.
Enhanced buyer momentum could see the Solana price extend the gains to the $120.00 level. An extended climb could send SOL reclaim the range high of 126.36, levels last tested on Christmas day.
TradingView: SOL/USDT 1-day chart
Converse Case
On the flip side, if profit booking takes precedence, the Solana price could drop below the critical support at $104.92. Lower, the Layer 1 token could test the 25-day SMA at $98.27. A break and close below this level would invalidate the bullish thesis. This could send SOL lower to the 50-day SMA at $93.39.
In a dire case, Solana price would extend the fall to the 100-day SMA at $80.63, or worse, the $75.47 support floor. Such a move would constitute a 30% fall below current levels.
Meanwhile, amid the hype around the Chinese Lunar Year of the Dragon, the Solana-based Smog token is likely to benefit. This is because the dragon theme of Smog will make it appealing to Asian crypto communities.
Is Smog A Good Consideration?
Smog blasted into the cryptocurrency market through the Jupiter decentralized exchange (DEX) with a massive pump. It’s planning to unleash the mother of all airdrop campaigns and builds atop the success of recent breakout launches on Solana such as Myro, Bonk, and Dogwifhat.
PRESS RELEASE 🚨
🐉 The next MASSIVE #SOL #Memecoin is HERE
🔥 Introducing Smog. ONE MEMECOIN TO RULE THEM ALL! With the GREATEST #SOL Airdrop of all time! ⬇️
🔗 Total Supply: 1,400,000,000
🚀 Launch Price – $0.001419
💸 Current Price – $0.020945
⬆️ Last 24H – +926.64% 📈
🐉… pic.twitter.com/1s1rwHeq7c— BITCOINLFG® (@bitcoinlfgo) February 8, 2024
With the goal to ignite sensational success with a supercharged airdrop campaign, Smog will grant token holders access to an expert crypto community. This group will help build the community support requisite for unlocking unstoppable virality within the meme coin space.
This comes with the promise and excitement of an interactive, sustained, multi-airdrop campaign that gamify the experience for the user.
Smog is likely to get a boost from Asian crypto investors in the coming weeks.
With the Chinese New Year Celebrations underway, and 2024 being the year of the dragon, Smog holders are perfectly placed to benefit as festive celebrations draw in investors from the vibrant Asian crypto markets who want to capitalize on the lucky appeal of the season and Smog’s dragon theme.
Armed with money from traditional ”red packet” gifts, they’re in high spirits and more likely than ever to invest their spare cash.
You can visit and buy Smog here.
Also Read:
- Latest Solana Meme Coin Smog Token Unveils ETH Bridge After Massive $37M Market Cap Debut – Investor Sentiment Boosted By Airdrop Campaign
- Solana Price Prediction: Solana Price Surges 7% While New SOL Meme Coin Smog Explodes Onto The Scene With 1,288% Pump
- New 100X Potential Meme Coin Launches On Solana – Is $SMOG the Best Crypto to Buy Now?
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