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The Solana price dropped 3% in the last 24 hours to trade at $144.78 as of 04:22 a.m. EST on trading volume that plunged 19% to $2.5 billion.
This comes despite Solayer raising $12 million in a funding round led by Polychain Capital to advance its integrated restaking network on the Solana blockchain.
The initiative aims to address Solana’s scalability and transaction inclusion challenges by leveraging a novel approach to staking and network bandwidth optimization.
Solana Price On A Bearish Trend – Possible Rebound?
Since mid-August, the Solana price has been in a consolidation phase, as SOL traded within the $148.61 resistance and the $137.42 support level, according to data from GeckoTerminal. The bulls were able to break out above the sideways pattern to the $162 resistance before retracing back to the $143 support.
SOL then formed a rounding top pattern, as the bears aim to exert more pressure on the price.
The price of Solana now trades below both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the bearish trend.
Moreover, the Relative Strength Index (RSI) is plunging towards the 30-oversold region, a signal that the Solana price is under intense selling pressure.
If the selling pressure continues, the price of Solana could drop back to the next support level of around $130.
However, with the RSI now showing that Solana is currently undervalued, it may be a buying signal for the bulls to add to their positions. If they prompt a rebound at this level, the bulls may propel SOL to $160.
Meanwhile, Shiba Shooutout (SHIBASHOOT) is proving to be a worthy alternative, having raised over $1.05 million in its presale.
Popular YouTube channel 99Bitcoins, with over 706K subscribers, believes that SHIBASHOOT might be the next big thing.
Shiba Shootout Presale Blasts Past $1.05 Million, Closing In On The $1.7 Million Mark
Shiba Shootout is a unique meme coin project that transports its community to a Wild West-inspired digital frontier.
The project goes beyond the conventional limits of meme coins, taking the holder on a captivating adventure filled with creativity, strategic gameplay, and the allure of a cowboy’s high-stakes showdown.
Master #Crypto strategy with #Shiba cowboys in thrilling duels for big rewards! 🌟 Join the adventure!
Sign up now to get your free $SHIBASHOOT tokens!
Jump in the fun! 🚀 https://t.co/jCeu7XMBqR pic.twitter.com/YjlGaaluBT
— shibashootout (@shibashootout) June 28, 2024
The game is built around the town of Shiba Gulch, a bustling digital settlement that is a favorite with Shiba lovers who come together to challenge each other.
It also features a play-to-earn (P2E) game already approved by Google Play and the Apple App Store, allowing players to earn its $SHIBASHOOT token.
Apart from P2E crypto gaming in Shiba Gulch, $SHIBASHOOT holders can also easily earn passively through the platform’s staking mechanism, which offers 895% annual rewards.
Step 1: How to become a millionaire 💸💡
Step 2: Buy $SHIBASHOOT 🚀📈#Shibashoot #Shibashootout #Memecoins #Crypto pic.twitter.com/C1SSZU2WKJ— shibashootout (@shibashootout) August 1, 2024
If you are interested in participating in the presale, you can buy the token for $0.02. But hurry, as the price will increase in less than four days.
You can buy SHIBASHOOT tokens on the official website here using ETH, BNB, USDT, or a bank card.
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