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The Solana price pumped more than 4% over the past 24 hours to trade at $140.73 as of 12:00 a.m. EST.
After reaching a 24-hour low of $130.67, the SOL price was able to recover. Its recent gain has now pushed the crypto to its peak for the past trading day.
The Solana Price Looking To Reclaim Key Support
4-hour chart for SOL/USD (Source: GeckoTerminal)
The Solana price is attempting to reclaim the $136 support level after it dropped below this key price point in the last 24 hours. Should it close a 4-hour candle above this threshold within the next 8 hours, it might have the technical foundation needed to keep rising in the following 24 hours.
Traders could subsequently look to enter into a long position for the altcoin. This potential buy volume might then lead to SOL rising to the major resistance level at $150. If bulls continue to exert pressure, the Solana price could soar to as high as $165 in the short term.
On the other hand, SOL getting rejected by the $136 mark in the next 8 hours might invalidate this bullish thesis. In this alternative scenario, the crypto could be at risk of correcting to the crucial support level at $118.
The Solana Price Showing A Lot Of Technical Strength
Technical indicators on SOL’s 4-hour chart suggest the crypto might keep climbing in the upcoming 24 hours. The Relative Strength Index (RSI) indicator has been rising throughout the past 24 hours. Although the indicator value is still bearishly below 50, the positive slope of the line suggests that buyers could soon gain the upper hand against sellers.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator is on the verge of triggering a major bullish flag. With the MACD line closing in on the MACD Signal line, the Solana price might soon enter into a bullish phase. A confirmation of this could be if the MACD line crosses above the MACD Signal line in the next few hours.
An intersection between these two lines followed by the RSI breaking above 50 might prompt traders to go long on SOL. As such, the altcoin could soon look to challenge the $150 threshold.
With SOL attempting to reclaim a key support level, traders are likely to pour funds into presale tokens within the Solana ecosystem, such as Sealana (SEAL).
Inspiring A New Breed Of Meme Coins
Sealana is unlike many other SOL meme coins that came before it, and does not pay tribute to Dogecoin (DOGE) or Shiba Inu (SHIB) with a canine mascot. Instead, the crypto sports an all-American SEAL character that appeals to the degens in the market.
Perhaps what sets Sealana apart from other crypto projects the most is its commitment to being a true meme coin. The team, which is rumored to be the same team behind the viral SLERF, has purposely not introduced any elaborate roadmap or detailed white paper.
Instead, Sealana relies mainly on hype and its community, which has so far paid off. In just two months, SEAL’s ICO has raked in more than $5 million, signaling strong investor interest.
Analysts are also bullish on the meme coin. A Cryptonews analyst recently ranked Sealana’s ICO as one of the top 3 presales happening right now. He also discussed the project’s potential to generate substantial returns for investors, suggesting it might 1000x after launch.
Offering Investors A Last Chance To Buy
Sealana’s ICO will end within the next week. With time running out, investors are rushing to acquire SEAL at ICO prices before it’s too late.
What better way to show your love of Lambos, Massive Gains & Freedom than getting a #USA tattoo to show for it! 🇺🇸 #Sealana knows what’s best for American made #Memecoins and has a plan to make them great again! 🦭
Send $SOL 💸 and let him be an example for all #Degens!💪 #MAGA pic.twitter.com/B4aBZ2wEbI
— Sealana (@Sealana_Token) June 14, 2024
Anyone that wants to purchase SEAL prior to its listing can do so through the simple buy widget embedded on the project’s official website. The token is currently selling for $0.022, and can be bought using either ETH, USDT, BNB, SOL or bank card.
Purchase SEAL here before its presale ends.
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