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The SLERF price jumped by 30% in the last 24 hours to trade at $0.7853 as of 4 a.m. EST on trading volume that skyrocketed by 46% to $518.2 million.
SLERF burst onto the scene last week after its project developer accidentally burned tokens worth $10 million. Many have praised them for owning up to the mistake and taking steps to resolve the issue in a way most beneficial for the community.
Users have also rallied to support the launch of SLERF NFTs.
Big shout out to @negentropy_fund and @billywen_ for this 300k donation to support the launch of $SLERF NFTs. https://t.co/HmmxFf9LTw
— Slerf (@Slerfsol) March 25, 2024
Others continue to provide artwork to SLERF’s sticker wall for the project to mint after refunds are paid back, the developer said in a tweet.
The Solana meme coin has pushed back up to the resistance at $0.85. While SLERF reached as high as $1.37 on March 19, its price has since dropped, only to see a huge recovery.
SLERF Price Prognosis
Despite the fact that SLERF has lost a lot of its value over the past week, partially due to the community’s uncertainty regarding the project after its mistake, and partially due to a short-term bearish wave, the token started seeing another price surge. However, traders are now looking to technical indicators to see whether this new rally can last, or if it is just a short pump before the price returns to the bottom.
Technical indicators such as the token’s Bollinger bands show bullish signals. The token’s bands have recently seen an extreme widening, which could be a signal that the price might continue to rise.
However, at the same time, the token’s Relative Strength Index (RSI) value reached the overbought zone, currently at 68.38. However, previously, it has reached a height of 81.74. Being so high up is a signal that the price is likely to drop, as traders tend to sell and take profit once the RSI score climbs to heights like these.
Indeed, the RSI value did sink since then, as mentioned, and the token’s price has also seen a slight correction, only to recover once more and try to push against the resistance at $0.85.
However, this is unlikely to last, and without a new bullish push, SLERF is likely to see a strong correction in the near future. At best, the token might remain between $0.80 and $0.85 for the time being, but given the fact that the market is expected to see a strong correction over the next several weeks, or maybe even months, SLERF price will likely follow.
The project has another strong support at $0.70, but if this level breaks, the one at $0.55 may yet stop the price from sinking too low.
Promising Alternatives to SLERF
While SLERF seems to be one of the most attractive meme coins around right now, it is not the only one that has captured the attention of the market. Another project known as Smog (SMOG) is seen as a potential new Bonk (BONK) after surging 241% in a month.
Smog is a dragon-based meme coin running on Solana that is preparing “The Greatest Solana Airdrop of All Time.” To participate, all that crypto users need to do is complete various tasks that are managed by Zealy to collect airdrop points.
#Dragons – let’s see if you remember this one! 🐉
What recent Holders milestone did we achieve in the last few days? 🎉
— SMOG (@SMOGToken) February 20, 2024
Airdrop Season One ends in only eight days and is estimated to be giving away about $1 million. So now is the time to join and win as much XP as possible, as the more XP one has, the more can be gained from the airdrop.
The best place to buy SMOG tokens is on the official website here, where there is a 10% discount while it lasts. You can buy SMOG in exchange for ETH and USDT, or use a bank card.
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