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The Solana price surged 6% in the last 24 hours to trade at $153.97 as of 03:22 a.m. EST on trading volume that soared nearly 1% to $2.2 billion.
This comes as FTX announced that it has realized enough funds to repay its victims of the exchange’s 2022 fallout. FTX had earlier proposed to make this repayment after selling off its assets, which include a large portion of SOL.
FTX TO FULLY REIMBURSE CREDITORS
FTX has announced in a court filing that it will not only repay the $11.2 billion owed to its creditors but also potentially provide supplemental interest payments.
With assets ranging from $14.5 billion to $16.3 billion, the exchange can cover… pic.twitter.com/LH6tvuhCGk
— Crypto Town Hall (@Crypto_TownHall) May 8, 2024
With the sell-off concerns now gone, SOL looks poised for a rebound, which could wipe out $125 million in short positions if Solana’s price rebounds by 5% to $157.
Solana Price Set For A Rally Over The Inverse Head And Shoulders Pattern
According to GeckoTerminal, the Solana price rose dramatically in March, registering a 70% increase to a yearly high of $209.71 on March 18. Since then, SOL has not been able to reclaim this high, as it went through a consolidation phase that lasted until mid-April.
The bears showed dominance, breaching the $177 support as SOL dropped further to the $125 support. SOL’s price recent movements in the last two weeks have formed an inverse head and shoulders pattern, as the bulls aim to push the price over the neckline at $159.
SOL trades gracefully above the 50-day and 200-day Simple Moving Averages, affirming the bullish potential of the price.
Moreover, the readings on the Relative Strength Index (RSI) indicate a buying frenzy, with the RSI rebounding from the oversold levels as it heads towards the 70-overbought region, currently at 62, showing intense buying pressure.
The Moving Average Convergence Divergence (MACD) supports the bullish sentiments, with the MACD (blue) line crossing above the signal line (orange), which forms a bullish crossover. A bullish crossover often encourages the bulls to buy more.
Additionally, the green bars are beginning to form over the zero line, signaling the start of a breakout to the upside towards positive momentum. The Average Directional Index (ADX) trades above the 25 level, currently at 26, an indication of a strong bullish trend.
Solana Price Prediction
The Solana long-term price analysis indicates that SOL bulls are poised to push the price higher, as they aim to capitalize on the inverse head and shoulders pattern to push the price higher as they aim for $200.
However, if the bears take control of the price at this level, SOL could go down through a retrace to the next support at $145.32, which coincides with the 50-day SMA.
As the SOL price bulls aim to push the price higher, investors are also buying Solana meme coin $SMOG, which is hinting at another top-tier exchange listing soon.
SMOG: The Best 100X Coin To Buy Now?
Smog (SMOG), has been steadily gaining traction since its launch, driven by its innovative approach to incentivizing token holders and fostering community participation through its airdrop program, which it vows will be ‘the greatest in history.’
This strategy is designed to enhance user engagement and reward active contributors within the Smog ecosystem.
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
The airdrop’s season 1 rewarded $SMOG token holders who joined the project’s questboard on Zealy and completed daily quests and community tasks for XP. The first season ended with a snapshot taken on April 3 and giveaways amounting to about $1 million.
That same day, the team announced the token’s listing on the MEXC centralized exchange (CEX), adding that it might open the door for another top-tier exchange listing.
We're thrilled to announce that the @SMOGToken Kickstarter has concluded and $SMOG will be listed on #MEXC!
🔹Deposit: Opened
🔹SMOG/USDT Trading in the Innovation Zone: 2024-04-04 09:00 (UTC)Details: https://t.co/3ecyvrTv2n pic.twitter.com/kvgoFiYOib
— MEXC (@MEXC_Official) April 4, 2024
Season 2 of the airdrop began thereafter and is currently ongoing, with the focus shifting to on-chain activity.
Investors can also earn passively by staking $SMOG tokens for an annual percentage yield (APY) of 42%.
Buy or stake your ERC-20 $SMOG #Tokens through our platform. 💰🐉
Staked tokens are securely locked for 90 days, with rewards available for withdrawal at your convenience. 🔒💸
Every token purchased via our service is automatically staked for you. 🔄
— SMOG (@SMOGToken) February 22, 2024
According to 99Bitcoins, a prominent crypto YouTube channel with over 700,000 subscribers, $SMOG has the potential to surge 100X after launch.
With the token’s development team hinting that another top-tier exchange listing is in the works, now might be an opportune moment to grab tokens before they become even more widely available.
The best place to buy Smog tokens is on its official website here, where there is a 10% discount while the offer lasts.
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