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The Metaplex price surged 21% during the Thursday trading session and trades at $0.31041 as of 5:30 a.m. EST time.
With trading volume rising almost 50%, investor interest in MPLX is rising, with all signs pointing to the recent hype around Solana-based projects.
Metaplex is a Solana-powered protocol where artists can create and mint non-fungible tokens (NFTs), auctions, and visualizing NFTs. The creators can also launch self-hosted NFT storefronts as easily as building a website, ultra-fast with insanely low minting fees.
As such, Metaplex is one of the stars in the Solana ecosystem, running alongside Myro and Bonk Inu (BONK). The project was able to garner 520,000 monthly unique signers in 2023, with an average 118% increase every month. It boasted 1.5 million unique or new signers in 2023, which is the highest of any Solana protocol.
Besides reports of a successful 2023, another driving force behind the Metaplex price is the inscriptions, revolutionizing Solana NFTs.
The MPLX network launched a new Inscription program for on-chain storage of NFT data on Solana. This was with the upcoming Engraver program set to enable genuinely immutable NFTs. It marks a significant advancement in asset security and integrity.
Leading NFT marketplaces such as Tensor and Solsniper have already declared support for Metaplex inscriptions. This points to a trend toward widespread adoption in the Solana NFT ecosystem.
Metaplex Price Outlook With The MPLX Network Trailbailing On Solana
The Metaplex price is facing stiff resistance from a descending trendline, which has capped the upside potential for MPLX token. The Relative Strength Index (RSI) is southbound, suggesting falling momentum, and was about to cross below its signal line (yellow Band), which would signify a sell signal.
Also accentuating the bearish outlook for the Metaplex price is the Moving Average Convergence Divergence (MACD). It continues to move below the signal line (orange band) after a bearish crossover on December 28.
The Awesome Oscillator (AO) is in negative territory, with its histogram bars flashing red to show the bears dominate the MPLX market.
Increased selling pressure could see the Metaplex price lose the immediate support provided by the 25-day Exponential Moving Average (EMA) at $0.31345, with a possible extension to the $0.26846 support level, which confluences with the 50-day EMA at 0.27595.
In the dire case, the Metaplex price could extend a leg down to tag the 100-day EMA at $0.21033, or in the worst-case scenario, roll over to the 200-day EMA at $0.15325. Such a move would denote a 50% fall below current levels.
TradingView: MPLX/USDT 1-day chart
Converse Case
On the other hand, buying pressure from the 25-day EMA, which represents a buyer congestion level, increases, the Metaplex price could push north. The ensuing momentum could propel the Solana-based cryptocurrency to shatter the resistance due to the $0.40000 psychological level.
Further north, the gains could see the Metaplex price extend to the $0.50000 psychological level, or in the highly bullish case, reclaim the range high at $0.62484.
A flip of this local top into a support floor could set the pace for the Metaplex price to target the $0.70000 psychological level. This would denote a 125% surge above current levels.
Meanwhile, analysts say MK may be the best GameFi token to buy now, with some ranking it among their top choices for meme coins to invest in.
Promising Alternatives To Metaplex
MK is the powering token behind the Meme Kombat ecosystem, advertised on the website as an “innovative gaming platform designed for gaming enthusiasts.” Project participants get to fight in the arena, represented by meme characters of their choice.
The project has soared past $7.12 million in funds raised out of the target of $8 million.
What a beautiful sight to behold!
— Meme Kombat (@Meme_Kombat) January 19, 2024
We reached $7.1 million in the presale💪 pic.twitter.com/bvCfVmhK1h
In the current stage, investors looking to buy MK can do so for $0.279, with the option to stake it for Annual Percentage Yields (APY) as high as 133%. The staking dashboard is already live, so MK holders do not need to wait out the presale.
Visit Meme Kombat website to buy MK here.
Also Read:
- How To Buy Meme Kombat On Presale – Alessandro De Crypto Video Review
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- Meme Kombat Presale Surges Towards $7 Million – Could This Be The Next Meme Coin To Explode?
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