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The Solana price plunged 12% in the last month after falling a fraction in the past 24 hours to trade at $131.25 as of 11:39 p.m EST.
Trading volumes for the crypto also plummeted 10% in the last 24 hours. During this period, the SOL price dropped from an intraday high of $135.09 to a daily low of $128.14. It has since recovered slightly to trade at its current level.
The Solana Price Might Be Gearing Up For A Strong Move
4-hour chart for SOL/USD (Source: GeckoTerminal)
The Solana price has been in a consolidation between $122 and $140 over the last couple of days. This might be an accumulation phase before a strong move up. If buyers decide to push SOL higher, the altcoin will likely attempt to flip the $140 resistance level into support. Thereafter, the crypto could have the foundation needed to rise to as high as $175.
However, traders deciding to dump the crypto in the coming 48 hours might invalidate the bullish thesis.In this alternative scenario, the Solana price could end up falling below the $122 support and possibly drop to the subsequent technical crutch at $106 if the sell pressure persists.
Technicals Suggest Buyers Could Soon Take Control Of The Solana Price
From a technical perspective, indicators on SOL’s 4-hour chart suggest the crypto might climb in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are starting to show positive signs.
In the last couple of hours, the MACD line has started to rise above the MACD Signal line. The growing gap between the two technical indicators could be an indication of SOL’s bullish momentum growing stronger. If this margin continues to increase, the crypto might begin to rally.
RSI readings have been on the rise in the last 12 hours. Traders generally see increasing RSI values as a sign of buyers building up strength against their bearish rivals. Although the RSI is still bearishly below the 50 benchmark, the positive slope of the indicator suggests this might not be the case for long. A break above 50 might indicate that buyers have gained the advantage
As the Solana price tries to kickstart a rally, the presale for new meme coin Crypto All-Stars (STARS) is fast approaching the $1 million mark.
Uniting All Meme Coins In A Unique Staking Offering
Crypto All-Stars (STARS) aims to offer a single platform for investors to earn rewards for staking the top meme coins in the digital asset space.
Token holders will be able to grow their portfolios passively by locking up meme coin elites such as Dogecoin, Shiba Inu, PEPECOIN, Floki, Brett, Mog Coin, Milady Meme Coin, Toshi, Coq Inu, Bonk, and Turbo.
More meme coins are set to enter the project’s ecosystem as available staking options in the coming months. Meanwhile, all rewards will be paid out in STARS, which can also be staked for an impressive 1,442% annual percentage yield (APY).
Crypto analysts and experts have made bold predictions regarding the project. Renowned YouTuber Jacob Crypto Bury is one such individual. In a video to his 42K subscribers, he said that STARS might be a 10X opportunity..
Investors Rush To Buy STARS At Presale Prices
Crypto All-Stars has already raised over $900K through its ongoing presale, signaling strong investor confidence in the project’s future. This frenzy around the meme coin is likely to keep going given the 1,442% APY on offer to buyers who stake STARS at this early stage.
Currently selling for $0.0014248, STARS can be bought using either ETH, USDT, BNB or a bank card.
In order to get the best rate, investors should act fast because there will be a price hike in slightly more than a day. The meme coin’s price is also scheduled to increase during the subsequent stages of its ICO.
Purchase STARS on the official website here.
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