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The Solana price plunged 4% in the last 24 hours to trade at $176.68 as of 03:22 a.m. EST on trading volume that rose 31% to $4.7 billion.
This comes as traders on the SOL network complain of a high transaction failure rate as it struggles to manage high volumes, exacerbated in part by the huge success of Solana meme coins.
According to one report by an X user Wazz, the Solana network’s current transaction failure rate is 75%, posing a big concern for traders using the Solana network and Solana DeFi exchanges.
Solana currently has a 75% tx fail rate
Highest value so far pic.twitter.com/3yTZIvu81s
— Wazz (@WazzCrypto) April 4, 2024
Solana Price Set To Reclaim The $211.49 Yearly High
This year, the Solana price bulls have shown much resilience as they won the struggle for dominance that extended to February. However, March was a good month for the bulls, soaring the price through a markup phase to a new high last seen in 2021 at $211.49.
SOL has been fluctuating, with highs and lows forming an ascending triangle. The consolidation channel formed within the triangle showcases the bulls’ aim to push the price higher.
The Solana price is also trading above the 200-day Simple Moving Average (SMA), a confirmation of the bullish rally and the potential for SOL to soar even higher.
In case the bulls stage a bullish stance, the price will eventually overcome the 50-day SMA barrier, setting the price for further upward movement.
Moreover, the Relative Strength Index (RSI) on the 4-hour chart is trading downwards at 38, showing that the bears are acting on the price, indicating intense selling pressure.
Solana Price Prediction
The Solana price analysis on the 4-hour chart shows that SOL is currently on a downtrend, having breached the lower boundary of the ascending triangle. However, with the price forming an ascending triangle pattern, SOL could soar to $230.
Conversely, if the bears continue exerting more pressure and the price goes below the support level at $166, SOL would negate the bullish outlook, which could drive the price further down to the next support zone at $156.
Meanwhile, as the SOL bulls await clear signs for a bullish reversal, many investors are piling into Smog, a Solana-based meme coin that listed on MEXC this week and that may have other top-tier listings in the pipe.
Smog Price Spiked 19% After First Listing
Smog (SMOG) has amassed over 110,000 holders after the conclusion of the first round of its $1 million airdrop on Apr. 3. One of the attractions is a promise from the team that it will deliver the biggest airdrop in history.
.@SMOGToken: Buy and hold $SMOG tokens to gain access to the greatest airdrop Solana has ever seen, is coming to #MEXCKickstarter 🚀
🗳Vote with $MX to share massive airdrops
📈 $SMOG/USDT Trading: 2024-04-04 09:00 (UTC)Details: https://t.co/2hnzMA3fB4 pic.twitter.com/UYKQrN9L4T
— MEXC (@MEXC_Official) April 3, 2024
The development team allocated 35% of its total 1.4 billion token supply for this purpose. Season 2 of the airdrop that’s underway will mainly focus on on-chain interactions.
Buy $SMOG Now – An Opportunity For 100X Gains
The platform also has a staking option that offers an impressive 42% annual percentage yield (APY).
According to 99Bitcoins, a prominent crypto channel with more than 700K subscribers, additional CEX listings can help SMOG to potentially surge a further 100X.
As Smog listed on MEXC this week, the team hinted that further CEX listings will likely follow, opening the door to a wider investment audience and likely future pumps.
Visit the official website here to buy Smog, and get a 10% discount while the offer lasts. You need a compatible wallet to swap ETH or USDT for SMOG tokens. You can also use your bank card.
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