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The Solana price has jumped 4.5% in the last 24 hours to trade at $181 as of 12:30 a.m. EST on a 93% pump in trading volume to $4.1 billion.
Solana has had a strong run recently, jumping 39% in the last two weeks. This sparked a Fear of Missing Out (FOMO) among investors, which ended up driving Solana’s price even higher, says Santiment.
Analysts are hopeful about Solana’s future and believe the current price surge might push SOL above $200 again.
🚨 BREAKING: $SOL reclaims $185. pic.twitter.com/axEexPVxZu
— SolanaFloor (@SolanaFloor) July 22, 2024
Solana Price Forms Strong Bullish Support
Solana’s price has seen a steep drop, underscoring its strong bearish momentum. Initially, it fell to a critical support level of around $157 but then broke below that, dropping further to $138. This hit the lower boundary of the consolidation zone and formed a triple bottom pattern, which traders often view as a bullish reversal signal.
The support zone currently acts as a foundation for the bulls’ catapult to the $185 level. If the bulls break above this level, it also indicates that the price might rally above it and push to a new all-time high.
SOLUSDT Analysis (Source: Tradingview)
The price is currently trading above the 50-day and 200-day Simple Moving Averages (SMAs). If market sentiment continues,it might help the bulls drive the price above the $185 level, potentially sparking a strong rally.
The Relative Strength Index (RSI) rebounded from 34, below the 50 neutral levels, to 67, near the overbought zone, indicating intense buying pressure. If bullish momentum builds, the RSI could rise and enter the overbought territory above 70.
Moreover, the Moving Average Convergence Divergence (MACD) indicates a bearish trend. The blue average line recently crossed below the orange signal line above the neutral level, indicating bearish momentum. Additionally, the histogram bars reflect negative price movement, reinforcing the bearish outlook.
Solana Price Prediction: Technical Indicators Looking Good
The technical indicators for Solana are looking good, suggesting a potential bull rally ahead. If Solana’s price moves above the 50 SMA, it could kick off this rally, with bulls targeting a return to the previous high of $205.
On the flip side, there’s also a double bottom pattern that could let bears push the price down, which would undermine the bullish outlook. If that happens, bulls might have to fall back to the $155 support level.
Solana seems ready for a comeback. If it breaks through key resistance levels, the market dynamics could shift in its favour.
This P2E Meme Coin Zooms Past $5.8 Million
Investors in the new Doge derivative PlayDoge (PLAY) are matching the bullish enthusiasm of those pushing the Solana price higher.
The play-to-earn meme coin is off to a fantastic start in its presale after raising more than $5.8 million. This project taps into two of the hottest trends in crypto: meme coins and gaming.
Don’t ghost your #Doge or it’ll die 👻
Feed your Doge, earn rewards, and level up. No mazes, just fun!#Presale has launched! 🙌#PlayDoge #P2E #Memecoin pic.twitter.com/Fp2sFwycpj
— PlayDoge (@PlayDogeGame) May 31, 2024
PlayDoge blends the iconic Doge meme with the beloved 90s Tamagotchi game, creating a fun virtual gaming experience where players earn the game’s native token, $PLAY.
Using the play-to-earn (P2E) mechanics, players can earn rewards depending on how well they care for their pets.
In addition to P2E rewards, token holders can earn passively by staking $PLAY for an annual return of 83%.
Jacob Bury, a well-known crypto analyst and YouTuber, believes that PLAY has the potential to soar 10X after its launch.
You can buy $PLAY tokens for $0.00521 each. With a price hike coming in a little more than a day, now’s the time to buy if you want to snag the best deal.
Visit the website here to buy PLAY using BNB, USDT, or a bank card.
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