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The Solana price dropped over 3% in the last 24 hours to trade at $175.58 as of 8:30 a.m. EST as investors dump a portion of their SOL holdings on the market.
This latest drop in price may be nothing more than a minor pullback, as veteran trader Peter Brandt predicts that SOL will outperform Ethereum (ETH) by more than 2x.
Brandt highlighted a “huge” resistance level that SOL is currently challenging on the SOL/ETH chart in an Apr. 5 X post. Should the market absorb the large amount of tokens at this barrier, the trader believes SOL will skyrocket.
The $SOLETH chart is at huge resistance. Resistance = supply. If this supply line is absorbed, then there is a prospect of $SOL doubling in value vs. $ETH.
BTW, if you have not figured it out yet, I love dumping FUD on ETH — I am actually not as bearish as my FUD indicates pic.twitter.com/jCiOey7SyU— Peter Brandt (@PeterLBrandt) April 5, 2024
The Solana Price Might Break Out To The Upside Soon
4-hour chart for SOL/USDT (Source: TradingView)
The Solana price dropped below the $175.59 support level in the last 8 hours. A Descending wedge has also emerged on the crypto’s 4-hour chart, which suggests that this price drop is temporary. Traders tend to identify this specific chart pattern as a precursor to a strong bullish move. If this triangle pattern is validated, SOL might surge to above $175.59 before potentially doing the same with the next barrier at $184.10. A 4-hour candle close above this threshold could then clear a path for the Solana price to climb to as high as $192.38 in the short term.
However, SOL failing to close a 4-hour candle above $175.59 in the coming 12 hours might invalidate this bullish thesis. In this alternative scenario, traders could look to push the Solana price down to the nearest support level at $167.53 in the following couple of days.
Solana Price Could Still Go Either Way
Technical indicators on SOL’s 4-hour chart are sending mixed signals. On one hand, the Relative Strength Index (RSI) indicates that buyers are slowly starting to accumulate strength as the RSI line starts to rise towards its Simple Moving Average (SMA) line. The former is positioned below the latter, however, which suggests that sellers currently have the upper hand.
Meanwhile, the Moving Average Convergence Divergence (MACD) line recently triggered a major bearish technical flag. Over the last 12 hours, the MACD line broke below the MACD Signal line. Traders and investors usually identify this as a sign that a crypto has entered a negative cycle. Given that this cross took place on the 4-hour chart, it could signal that this is a short-term cycle, which coincides with the bullish falling wedge pattern that has emerged on SOL’s chart.
As SOL tries to find its footing, meme coins within the burgeoning Solana ecosystem continue to make significant strides.
One such crypto is new entrant Slothana, which has sold out already after raising over $10 million in less than two weeks of its presale going live. The team has now extended the sale for an indefinite period to give investors a last chance to buy.
Looking To Go From 420 To $420 Million
Slothana is the latest meme coin sensation to enter the Solana ecosystem. The crypto’s red-eyed sloth character is on a mission to reach a market cap of $420 million.
Although achieving this market capitalization could prove to be a massive task, investors are confident that Slothana can soar to unprecedented heights in the coming weeks.
Buyer frenzy around the crypto continues to grow as well, with many in the crypto community starting to speculate that Slothana’s team are also the creators of the viral dragon-themed Smog (SMOG).
SMOG printed over 30x returns for early buyers, leaving investors excited at Slothana’s potential to enter a similar trajectory in the coming weeks as the team looks to make a success of its latest creation.
This enthusiasm around Slothana was evident in the first two days of the crypto’s presale going live. With barely any marketing, the ‘send SOL’ ICO raised over $1.5 million.
Possible Parabolic Gains On The Horizon
Slothana’s team recently teased the official launch of the project’s native SLOTH token, and are giving investors one last chance to buy before the crypto goes live. Given the success of previous SOL meme coins and the speculation that SMOG’s team is behind SLOTH, investors might want to hurry.
🚀 Get ready to blast off with Slothana! 🌿 We're gearing up for launch and this is your last chance to grab your $SLOTH 🌕 Don't miss out on the action as we prepare to announce our official launch date. Watch this space. #slothana #memecoin
— Slothana (@SlothanaCoin) April 8, 2024
For every 1 SOL token, buyers will receive 10,000 SLOTH, and the altcoin can be acquired in one of two ways. The first option is to send SOL directly to the project’s address from a Web3 wallet connected to the Solana blockchain.
But there is also a buy widget available on the project’s website. All investors will need to do is connect their wallets, specify the amount of SLOTH they want to purchase, and then click “Buy Now!”
Investors can buy SLOTH before its official launch here.
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