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The Bonfida price surged over 36% in the last 24 hours to trade at $0.4267 as of 7:45 a.m. EST as investors rush to buy the altcoin.
The meteoric rise in the FIDA price comes after the Solana Name Service announced that it has launched in Chinese.
https://t.co/gku14ukqE2 IS NOW LIVE IN CHINESE 🇨🇳
One of our main goals is to make our website accessible to everyone, everywhere
Our first venture is a Chinese translation of all things domains. We're taking our expansion in the APAC region seriously – look out for us!
For… pic.twitter.com/kABQTzfr2Y
— Solana Name Service | Bonfida (@bonfida) June 5, 2024
As such, anyone can now create .sol domains in Chinese. One such domain, ‘双子星.sol,’ was able to sell for over $25k, according to the announcement.
Bonfida is known as the top infrastructure developer on Solana, according to CoinMarketCap, an accolade it says ”has been earned from their contributions to the ecosystem by providing services and products that allow for the wider ecosystem to flourish.”
The Bonfida Price Broke Through Several Resistance Levels
4-hour chart for FIDA/USD (Source: GeckoTerminal)
The Bonfida price has broken above multiple resistance levels in the last 24 hours. During this time, FIDA was able to flip the technical barriers at $0.3245, $0.3817 and $0.4185 into support.
Should the crypto close a 4-hour candle above $0.4185 within the next 8 hours, it might have the foundation needed to continue climbing. FIDA could then attempt to break above today’s peak at $0.4751.
On the other hand, the Bonfida price dropping below the $0.4185 mark in the coming 8 hours might invalidate this bullish thesis. In this alternative scenario, the altcoin could be at risk of falling to the subsequent level at $0.3817 in the following couple of days.
Continued sell pressure should the Bonfida price fall to $0.3817 might then result in the crypto plummeting to as low as $0.3245 in the short term.
The Bonfida Price Might Start To Fall Soon
Technical indicators on FIDA’s 4-hour chart suggest the altcoin could keep rising in the upcoming 24 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bullish signs. However, they do also warn that FIDA is overbought.
A wide gap has formed between the MACD and MACD Signal line, with the former bullishly positioned above the latter. Traders usually see this as a sign that a crypto is in a positive cycle and that the bullish momentum is growing stronger as well.
Meanwhile, the RSI has been positively sloped over the past 24 hours. This could be a sign that FIDA is showing a lot of bullish strength.
There is one major warning sign that has emerged on FIDA’s 4-hour chart. Traders will want to keep an eye on the RSI, which is approaching 90. Oftentimes, an RSI value above 70 or 80 is considered a sell signal.
This is because it suggests that a crypto’s downside potential is greater than its upside potential. What’s more, the RSI line has started to level off, which could indicate that FIDA’s bullish strength is starting to simmer.
With FIDA potentially losing some of its bullish strength, investors might consider turning to the new Solana meme coin Sealana (SEAL).
Looking To Make A Splash In A Sector Dominated By Dog-Themed Tokens
New cryptos have flooded the meme coin market in the last few months, with investors trying to comb through the large number of new tokens to find the next gem.
Most of these cryptos are canine-themed tokens that are trying to ride the success of those that came before, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
In an effort to completely break the mold, Sealana is a meme coin with a seal mascot that was recently launched on the Solana blockchain. Staying true to the meme coin culture and ”Send SOL” presales, Sealana has no elaborate roadmap or a detailed whitepaper.
Instead, the crypto is looking to capitalize on the hype surrounding meme coins and, more specifically, the investor frenzy around tokens launched on the Solana blockchain.
Crypto YouTuber Jacob Bury said in a recent video that Sealana is a great “degen play” with a high level of risk but with the potential to yield a high return for investors as well..
Investors Bet Big On SEAL
Investors have already poured more than $3 million into the seal-themed token’s ICO.
#Sealana has been very busy recently. 🦭💪 Preparing a big #Airdrop announcement and doing some light admin work. 📢🪂 Cleaning up (not really) whilst sipping some #BudLight! 🍻🍺 He’s updated the address too, so if you haven’t done so yet, send some $SOL!… pic.twitter.com/vdtt0WPhcr
— Sealana (@Sealana_Token) June 4, 2024
The success of SEAL’s presale could be an early sign of how popular the token will be once it launches. Anyone that wants to purchase the meme coin at this early stage can utilize the simple buy widget embedded on the project’s official website.
SEAL is currently selling for $0.022 and can be bought using either ETH, USDT, SOL or a bank card.
Purchase SEAL on its official website here.
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