Solana Price Rides Ripple Ruling Wave With 26% Surge. Is $30 Coming Today?

Updated: 14 July 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Solana (SOL) surged 28% in the past 24 hours, buoyed by Ripple’s landmark legal win against the Securities and Exchange Commission. Can it break through $30?

Solana’s upward trajectory began around June 14, the day before the world’s biggest money manager, BlackRock, filed an application to launch a spot bitcoin ETF. It’s risen 32% in seven days and 81% in the past month.

As of 10:00 EST, SOL trades at $27.86, edging closer to the $30 level. Its current market cap stands at over $11 billion, an increase of almost 26% in 24 hours. The trading volume is also up by over 370%, standing at $2 billion.

Solana’s Bullish Momentum Will Likely Continue

Looking at the daily chart above, it is clear that the bulls are dominating the market. Solana is trading above the 50-day and 200-day Simple Moving Averages, strongly suggesting a bullish trend in the short and long term.

Also, the asset shows a bullish momentum in the Moving Average Convergence Divergence (MACD), trading above the signal line. The faded green histogram bars before the bold green bars suggest the assets lost their bullish momentum briefly but have regained it again.

Another bullish indicator is Solana’s Relative Strength Index (RSI), which is at 83.01, already in the overbought region. This position calls for caution as it suggests the asset is already overpriced and might soon record a downward trend reversal.

Solana Support and Resistance Levels

SOL’s resistance level is $30.02, while the support levels are $25.40 and $21.31. If the buying pressure continues as the indicators suggest, Solana will likely hit the resistance level today since it is already close to it.

But since the asset is already in the overbought region, a trend reversal may push Solana to the first support level of $25.40. The fear from the reversal could trigger a selling spree pushing SOL further down to the first support level of $21.31.

Solana: Important Factors That Could Drive Its Price

The latest event in the crypto industry is the summary judgment in the SEC’s case against Ripple, which gave the company a partial win.

Judge Analisa Torres ruled that Ripple’s native coin XRP is not a security. After the hearing, XRP’s price skyrocketed within a few hours.

The ruling may boost SOL’s bullish momentum as it bolsters its defence against the US SEC, which also called it a security.

If this becomes the outcome, SOL’s price could continue its upward trajectory in the short and long term. Meanwhile, while that stands, investors looking for short-term potential gains could consider some coins on presale, such as Chimpzee.

Chimpzee Stands as a Great Solana Alternative

Chimpzee is a revolutionary ecosystem that empowers users to save their environment and animals while earning rewards.

The project is gaining more influence with its outstanding features. Also, users are interested in fighting climate change and generating passive income while helping animals.

Features of Chimpzee

Chimpzee consists of outstanding features, which include the Chimpzee shop, the NFT Marketplace, and the Zero Tolerance Game, developed to make their vision a reality.

Each of these features is integrated with the others.

The Chimpzee shop

The Chimpzee shop acts as the ecosystem’s main point of exchange for goods and services. It allows users to purchase numerous special products and commodities CHMPZ tokens.

The NFT marketplace

The NFT marketplace offers part of the trading fee revenues to network members actively trading. A higher portion of the earnings pool will go to NFT Passport holders.

Zero Tolerance Game

Players can win CHMPZ coins through the Zero Tolerance Game by meeting several predetermined milestones.

Chimpzee Presale

The Chimpzee presale is live and in stage 7. It has raised $841,770 as of the time of writing, a selling price of $0.0007, reaching its presale benchmark of $1,144,500.

Notably, Chimpzee offers early investors a 125% free bonus CHPMZ coin.

How to Purchase CHMPZ Tokens

Visit the official website at https://chimpzee.io and select “Buy Now” from the menu for the presale.
Ensure you have a cryptocurrency wallet that Wallet Connect supports, such as MetaMask, Trust Wallet, or any other.
Click “Connect Wallet” after configuring your wallet, then pick your preferred choice.
Pay with a Credit Card, buy with ETH, and Buy with USDT are the three payment options offered by Chimpzee. Make sure to read their terms before choosing your chosen technique.
Choose how many tokens you wish to buy, then complete the transaction.
Once the presale ends, you can retrieve your CHMPZ tokens from the website. To obtain your tokens, click the “Claim” button.