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The Solana price surged 13% in the last week and 5% in the last 24 hours to trade at $174.52 as of 00:17 a.m. EST on trading volume that rose 24% to $4.15 billion.
Solana Price Aims For A Continued Price Rally
The Solana price action forms an ascending channel, generally indicating a bullish trend. According to data from GeckoTerminal, the price has been making higher highs and higher lows, respecting the upper and lower boundaries of the channel, as the bulls continue to capitalize on the $136 support zone.
SOL is trading near the upper boundary, suggesting it could be nearing a potential resistance area within the channel.
The recent uptrend has pushed the price of Solana to trade above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the current bullish movement.
Moreover, the Relative Strength Index (RSI) is currently at 71.26, which indicates that the asset is in overbought territory (typically above 70). This suggests the market may be overextended, and a pullback or consolidation could happen soon. However, in strong uptrends, the RSI can remain overbought for an extended period before a correction occurs.
The MACD line (blue) is slightly above the signal line, indicating bullish momentum. The histogram is positive, reflecting the strength of the recent upward price movement. However, the histogram bars have started shrinking slightly, which could indicate a potential weakening in bullish momentum or a slowdown in the uptrend.
Solana Price Prediction
According to the SOL/USD chart analysis on the 4-hour chart shows a continued price uptrend, that the bulls aim to sustain a continued bullish stance. If the rally continues, the Solana price could soar as the bulls target the next possible resistance at $190.
However, with the RSI now soaring past the 70-overbought region, SOL is currently overvalued, which may prompt the bears to push the price down. In such a scenario, the Solana price could plunge, with the 200-day SMA acting as the next possible support level at $151.
Meanwhile, investors are rushing to buy a new meme coin casino project called Memebet Casino (MEMEBET Token) as its presale hurtles past the $500k mark in just a month since it launched.
Cryptonews, a popular YouTube channel with over 10k subscribers, says that the $MEMEBET token could see a 100x pump after launch.
Memebet Casino Heads For $600K – Next Crypto To Explode?
Memebet Token has successfully attracted over $513,000 in its presale and shows no signs of slowing down.
This new Telegram-based casino project is the first to allow traders to wager with meme coins.
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— MemeBet (@Memebetcasino) May 23, 2024
The platform incorporates an innovative play-to-earn initiative that rewards Memebet Casino users who wager with MEMEBET Token. This means that even if bets don’t go investors’ way, they can still walk away with something.
The more you bet with the MEMEBET Token, the bigger your rewards.
Early investors can also benefit from an airdrop campaign by purchasing tokens during the presale and using them once the casino is live.
And there are rumors across its social media platforms that its Telegram casino is set to roll out the red carpet this week, giving presale participants the first chance to experience what it’s like to be a $MEMEBET token holder.
To join the presale, you can buy $MEMEBET Token on the official website here for $0.0261 using USDT, ETH, or a bank card. With a price hike coming in about 3 days, buy soon to lock in the best deal.
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