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The Solana price jumped 11% in the last 24 hours to trade at $132.96 as of 4:30 a.m. EST on trading volume that climbed 2% to $3.84 billion.
The SOL price suffered a correction over the last several days as the Bitcoin price crashed below $60k for the first time since February.
While the bulls aim to push the recovery to the $150 mark, the growing volatility in the broader market and a further correction in BTC might hamper SOL’s recovery phase.
Solana has several community events lined up over the following few days that may generate some hype to help its price stay strong for a while longer.
☀️Solana #Breakpoint2024 is coming 🔜🇸🇬
Tickets are now available for Breakpoint 2024, running 20-21 Sept. in Singapore! Join the community igniting change and moving at the speed of light.
🎟️ https://t.co/51G659GtUO https://t.co/2YrVKVYCb3
— Solana (@solana) April 2, 2024
The broader crypto market has started recovering alongside it as well. Among the top 10 cryptos by market cap, XRP is up 6.5%, Cardano 6.3%, and Dogecoin 4.5%. At the same time, Bitcoin itself saw a 1.65% rise to trade at $57.87k.
Solana Price Prediction
Solana’s price has seen a strong recovery at the start of May, and while it is the top performer among the top 10 cryptos by market cap right now, this could easily change with another shift in sentiment.
Traders are well aware of that, so they look to technical indicators to try and predict what will happen next. For example, the project’s Relative Strength Index (RSI) suggests that there is still room to grow as the RSI score climbed from the neutral zone to the current value of 60.87.
While it is clearly on the rise due to the activities of traders buying the dip, chances are that many will take profit once the RSI reaches higher levels again, possibly as it continues its climb toward 70.
Meanwhile, a look at Solana’s Bollinger bands shows that the bands are rapidly narrowing, which is a bearish signal. This reflects the market’s current volatility, which can allow for rapid shifts in sentiment and major price changes in a very short time.
This suggests that trading SOL right now, just like any other crypto, comes with an elevated degree of risk, and traders should be ready to react at the moment’s notice or simply try to remain patient and wait out this period.
In terms of SOL’s price movement, the project has been struggling to breach a resistance at $135 in the last 12 hours, but the buying pressure is currently still growing, so its price might yet surge past this level if the bulls do not withdraw in the next few hours.
However, it is unlikely that SOL will head up to $150, as some have suggested, as there are already signs of the buying pressure weakening.
Promising Alternative to Solana
Although Solana is rising, the highly volatile market could turn the situation around anytime. But investors looking for good opportunities can stay in the SOL ecosystem to find them, with the network just seeing the emergence of a new meme coin presale called Sealana (SEAL).
Sealana is a chubby seal who got whaled at his PC, and is absorbed in the degen market to the point where he abandoned the gorgeous figure of his youth for a trader’s diet of chips and tinned tuna.
In a way, it represents everyone who forgets to focus on their health in favor of chasing the next big opportunity.
The SEAL presale already rocketed to $128k raised, following in the footsteps of other SOL meme coin presales that exploded in the last few months, most notably Slothana (SLOTH), which raised more than $15 million.
https://twitter.com/Sealana_Token/status/1785652822169559475
In the true spirit of meme coins, Sealana does not offer promises of utility or profit. It it is simply there as a unique new meme project, making itself available to those who are tired of cats and dogs and their war for domination of the sector.
This ”send SOL” type presale has no timer, stages, or hard cap, so you never know when it might end. So, buy now if you are attracted to the project.
Visit the official SEAL website here. Right now, one SOL buys 6,900 SEAL.
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