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The Solana price dropped by 5% in the last 24 hours to trade at $141 as of 3.10 a.m. EST on trading volume that skyrocketed 44% to $1.46 billion.
Solana’s price plunge came in the early hours of Monday morning after the coin remained stabile throughout the weekend, sitting just under the resistance level at $146. However, it is likely that Solana did not suffer this drop on its own, as Bitcoin’s chart looks very similar.
The oldest cryptocurrency saw a price dip around the same time, sinking to a support at $60.75k before starting a recovery.
In other words, Bitcoin’s price drop likely influenced the altcoin market again, causing Solana, among other cryptos, to suffer a price drop of its own.
SOL is already showing signs of its own recovery as traders moved in to buy the dip, which is clear from the sharp increase in trading volume.
Solana is also down by 7% weekly, as its price dropped from a resistance at $155, after struggling to breach it at the start of the last week.
Solana Price Prediction
Solana’s price drop happening early on a Monday morning does not come as an unexpected turn of events, since crypto prices typically see action after experiencing stability over the weekends.
With that said, traders do seek to know what to expect next, as increased volatility allows for new opportunities to make profits, assuming that they know what to expect and what move to make. Solana’s chart can reveal what is next for the coin thanks to certain technical indicators.
For example, SOL’s Bollinger bands have widened considerably when the price dipped, only to then see a sudden narrowing as traders stopped selling. Now that they are buying the dip, the bands are once again putting more distance between them, which is a bullish signal that suggests that the price will continue to climb.
However, the coin’s Relative Strength Index (RSI) has climbed from the oversold zone toward the overbought one. This sharp increase might hint to some traders that it is time to start selling, or at least to stop buying and keep a close eye on the market to see what will happen next.
As SOL rapidly recovers, however, the buying pressure might push it higher up, allowing it to breach the former resistance at $146, which held the coin over the weekend.
But, if traders decide to stop buying once SOL recovers from its 5% dip from earlier today, then the same resistance will likely halt its progression.
It is also clear that SOL is still following Bitcoin’s lead, so it might be worthwhile to keep an eye on Bitcoin’s performance, even for those who hold Solana but not BTC.
Promising Alternative to Solana
Despite the fact that Solana is recovering from its drop earlier today, there are projects with far greater potential for bringing exponential gains to investors, one of which might be Smog (SMOG).
This dragon-themed meme coin has attracted a lot of attention this year for several reasons. The first one is that this is the Year of the Dragon in the Chinese zodiac, so those who view it as a symbol of luck have already invested a lot into the project, and will likely continue to do so throughout the year.
Secondly, Smog has prepared what it promises to be ”the greatest Solana airdrop in history,” splitting it into several seasons of community events and quests.
The project is currently in the middle of Season 2, when traders are instructed to collect XP by trading Smog, or simply by buying and staking the token.
$SMOG 🐉 | The greatest #Solana #Airdrop of all time! 🔥
Buy, hold, and complete quests on #Zealy to qualify in the airdrop and climb the leaderboard! 🥇
🌐 20K+ Participants on Zealy
👥 96.71K+ Holders
💰 $145.04M+ MC
✅ 1.9M Quests Completed🪂 Airdrop link in bio!🔗 pic.twitter.com/ztTNkdkv6V
— Smog_Token (@Smog__Token) March 13, 2024
With a 42% staking yield, it is easy to understand why many prefer this option, especially given the additional chance to win free money via airdrops.
To further encourage the purchase of SMOG, the project offers a 10% discount to those who buy it from its website. You can buy SMOG in exchange for ETH or USDT or simply purchase it with a credit or debit card.
Visit SMOG official website now.
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Smog (SMOG) - Meme Coin With Rewards
- Airdrop Season One Live Now
- Earn XP To Qualify For A Share Of $1 Million
- Featured On Cointelegraph
- Staking Rewards - 42% APY
- 10% OTC Discount - smogtoken.com
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