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The Solana price dropped 3% in the last 24 hours to trade at $144.78 as of 04:22 a.m. EST on trading volume that plunged 19% to $2.5 billion.
This comes as Solayer raised $12 million in a funding round led by Polychain Capital to advance its integrated re-staking network on the Solana blockchain.
The initiative aims to address Solana’s scalability and transaction inclusion challenges by leveraging a novel approach to staking and network bandwidth optimization.
Solana Price On A Bearish Trend – Possible Rebound?
Since mid-August, the Solana price has been in a consolidation phase, as SOL traded within the $148.61 resistance and the $137.42 support level, according to data from GeckoTerminal. The bulls were able to break out above the sideways pattern to the $162 resistance before retracing back to the $143 support.
SOL then formed a rounding top pattern, as ]bears exerted more pressure on the price.
The price of Solana now trades below both the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, affirming the bearish trend.
Moreover, the Relative Strength Index (RSI) is plunging towards the 30-oversold region, a signal that the Solana price is under intense selling pressure.
If the selling pressure continues, the price of Solana could drop back to the next support level at around $130.
With the RSI now showing that Solana is currently undervalued, it may be a buying signal for bulls to add to their positions. If this leads to a rebound at this level, bulls might propel SOL to $160.
Meanwhile, Shiba Shooutout (SHIBASHOOT) is proving to be a worthy alternative, having raised over $1.05 million through its presale.
Popular YouTube channel 99Bitcoins, with over 706K subscribers, believes that SHIBASHOOT might be the next big thing.
Shiba Shootout Presale Blasts Past $1.05 Million, Closing In On The $1.7 Million Mark
Shiba Shootout is a unique meme coin project that transports its community to a Wild West-inspired digital frontier.
The project goes beyond the conventional limits of meme coins, taking the holder on a captivating adventure filled with creativity, strategic gameplay, and the allure of a cowboy’s high-stakes showdown.
Master #Crypto strategy with #Shiba cowboys in thrilling duels for big rewards! 🌟 Join the adventure!
Sign up now to get your free $SHIBASHOOT tokens!
Jump in the fun! 🚀 https://t.co/jCeu7XMBqR pic.twitter.com/YjlGaaluBT
— shibashootout (@shibashootout) June 28, 2024
The game is built around the town of Shiba Gulch, a bustling digital settlement that is a favorite with Shiba lovers who come together to challenge each other.
It also features a play-to-earn (P2E) game already approved by Google Play and the Apple App Store, allowing players to earn its SHIBASHOOT tokens.
Apart from P2E crypto gaming in Shiba Gulch, SHIBASHOOT holders can also easily earn passively through the platform’s staking mechanism, which offers 895% annual rewards.
Step 1: How to become a millionaire 💸💡
Step 2: Buy $SHIBASHOOT 🚀📈#Shibashoot #Shibashootout #Memecoins #Crypto pic.twitter.com/C1SSZU2WKJ— shibashootout (@shibashootout) August 1, 2024
If you are interested in participating in the presale, you can buy the token for $0.02. However, you might want to hurry, as the token’s price will increase in less than four days.
You can buy SHIBASHOOT tokens on the official website here using ETH, BNB, USDT, or a bank card.
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