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The Solana price is up 6% in the last 24 hours to trade for $103.38 as of 6:15 a.m. EST time on trading volume that surged 26%.
SOL is making a comeback, steered by the hype around altcoins running on its blockchain, including Wen (WEN) and JUP, the ticker for the Jupiter decentralized exchange (DEX). Regarding Wen, the network is just coming out of a WEN airdrop, with the hype around it inspiring capital overflows into the Solana blockchain.
Solana-based Jupiter Exchange is launching a memecoin – $WEN.
70% of $WEN supply will be airdropped to over a million wallets that have used Jupiter in the last 6 months or hold top NFT collections.
The token starts trading at 10am EST today.
Have you qualified for an airdrop? pic.twitter.com/ZHxP1YfUqg
— Lark Davis (@TheCryptoLark) January 26, 2024
Elsewhere, Jupiter’s JUP token has secured listing on four centralized exchanges (CEX), including Bitfinex, Bybit, XT.com and Bilaxy. The token will be available for trading on Bitfinex beginning January 31.
Meanwhile, pseudonymous analyst Bluntz thinks that the Solana price may have completed an ABC corrective wave. With this, the analyst anticipates a new five-wave rally that could see SOL price record a 50% run above current levels.
sol reclaimed breakdown range, move up to 150+ now basically confirmed. bears about to learn the true meaning of pain.
$SOL pic.twitter.com/wJUsoIY18R
— Bluntz (@Bluntz_Capital) January 27, 2024
Bluntz’s forecast comes as the analyst observes multiple divergences on the four-hour timeframe. He adds, and “If the market is kind enough to give pullbacks, white box is the prime spot to add imo.”
very clear impulsive rise from the lows on $SOL, there are some divs starting to brew though.
if the market is kind enough to give pullbacks, white box is the prime spot to add imo. pic.twitter.com/pMmSZHh8E4
— Bluntz (@Bluntz_Capital) January 29, 2024
The analysts’ predictions bear weight considering they nailed Bitcoin’s 2018 bear market bottom.
Meanwhile, the daily timeframe paints a different picture, showing the Solana price remains below the ascending parallel channel. This is after it collected buy-side liquidity, and is nurturing a recovery rally after finding inflection around the $89.02 support.
Solana Price Outlook With SOL Foraying Into A Bullish Technical Formation
With the Relative Strength Index (RSI) northbound, momentum is rising. The position of the RSI at 62 shows there is still more room to the north before SOL is considered overbought. Furthermore, the Moving Average Convergence Divergence (MACD) indicator has crossed above its signal line (orange band). This is a bullish crossover.
In the same way, the MACD histogram bars have moved into positive territory. The same goes for the histogram bars of the Awesome Oscillator (AO). This shows the bulls are leading the SOL market.
Enhanced buyer momentum above current levels could see the Solana price foray into the ascending parallel channel. Higher, the Layer 1 (L1) token could venture into the supply zone between $107.92 and $121.19. A break and close above the midline of this channel at $114.76 would confirm the continuation of the intermediate trend.
In a highly bullish case, Solana price could extend the climb past the $126.36 range high, a move that would render the supply zone into a bullish breaker.
TradingView: SOL/USDT 1-day chart
Converse Case
On the other hand, if profit booking commences as traders cash in on the 25% gains made so far, the Solana price could pull south. This could see SOL market value lose the support offered by the 50-day Simple Moving Average (SMA) at $94.15, or lower, revisiting the $89.02 support level.
In a dire case, the load-shedding exercise could send Solana price all the way to the 100-day SMA at $73.19. In the worst-case scenario, Solana price could fall lower to retest of the $68.03 support level, standing 35% below current levels.
Investors looking to diversify their portfolio should consider eTuktuk, a new green crypto focusing on electric vehicles that analysts say might 10X on launch.
Promising Alternative To Solana
Standing among analysts’ top choices for the best ICOs to buy in 2024, eTuktuk is presented as a revolutionary cryptocurrency project. It is out to help Tuk Tuk drivers adopt a more energy-efficient mode of transportation.
1/ eTukTuk Times is back! 📰🌍
Our weekly round-up of two things we love: #EVs and a #sustainable future 🚀
Explore breakthrough technologies, global initiatives, and the latest developments shaping the future of sustainable transportation and combating climate change.
— eTukTuk (@eTukTukio) January 17, 2024
eTokTuk’s native token, $TUK, helps to establish Electric Vehicle Charging Stations (EVSEs) in developing economies. It also offers staking rewards to investors, while at the same time reducing drivers’ costs.
Introducing Buy and Stake mechanism, get $TUK tokens and instantly stake them, initiating a dynamic APY.
Early stakers enjoy higher returns as APY adjusts with participation, encouraging early adoption and a fair, enticing incentive structure for all. 💫 pic.twitter.com/pMrXEZzB3f
— eTukTuk (@eTukTukio) October 10, 2023
With decreasing staking annual percentage yields (APY), currently standing at 322%, now is the best time to join the eTukTuk project and stake your holdings. The presale discounts are also structured to benefit the early investors, which means early entrants have an advantage over those who wait for the launch. Become a TUK owner now by buying into the eTukTuk project.
Visit the eTuktuk website and buy $TUK here.
Also Read:
- How To Buy eTukTuk (TUK) On Presale
- Green AI Revolution in Web3 – Here’s How You Can Seize the 100X Opportunity With eTukTuk
- eTukTuk (TUK) Storming Into 2024 With Massive Funding, Learn Why Here
- eTukTuk Strives to Bring Sustainable Transport to Developing Nations With Its Innovative Three-Wheeler EV and Charging Infrastructure
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