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The Solana price pumped more than 13% in the last 24 hours to trade at $190.48 as of 2:15 a.m. EST.
Solana Price Gets Rejected By A Major Resistance Level
4-hour chart for SOL/USDT (Source: TradingView)
The Solana price got rejected by the $195.08 resistance level in the last 12 hours. This has put the crypto at risk of potentially falling to the immediate support level at $162.42 in the next 24 hours.
A break below this mark may be a significant bearish development since the price point is also confluent with a medium-term positive trendline that has emerged on SOL’s charts.
As such, the Solana price could fall to as low as $149.28 in the following couple of days. Extreme sell pressure may even pull the altcoin’s value down to $141.17 in the short term.
This bearish thesis could be invalidated if the Solana price manages to close a 4-hour candle above $195.08 in the coming 24 hours. In this alternative scenario, the crypto may attempt to flip the $208.08 resistance level into support.
Should it overcome this threshold, a path will then open up for SOL to rise to $259.67 if bulls seize the opportunity.
Technicals Support A Solana Price Increase, But A Bearish Trend Reversal May Be Looming
Technical indicators on SOL’s 4-hour chart show that traders are at a crossroads. Despite this, the sentiment seems to be leaning towards bullish.
A significant bullish technical flag was triggered by the Moving Average Convergence Divergence (MACD) indicator in the past 24 hours. During this period, the MACD line crossed above the MACD Signal line, indicating that the Solana price has entered into a positive cycle.
The Relative Strength Index (RSI) is also flagging bullish, as the RSI is positioned above its Simple Moving Average (SMA) line on the 4-hour chart. Traders generally see this technical occurrence as a sign that buyers have the upper hand against sellers.
However, investors and traders will want to keep an eye on the indicator as the RSI is currently sloped negatively. This signals that buyers’ strength has decreased, and could be an early indication of an upcoming bearish trend reversal.
While SOL tries to keep its bullish streak going, Solana meme coin sensation Smog (SMOG) saw its price skyrocket 35% in the last 24 hours.
The Next Solana Meme Coin To Surge
Dragon-themed SMOG is one of the most recent cryptos to join the Solana meme coin line up, and looks to repeat the early growth of heavyweights including BONK, WIF and MYRO.
To increase its chances of success, the Smog team has arranged a massive airdrop campaign aimed at not only building its community, but also to encourage engagement with the project.
Season 1 of the airdrop campaign is set to end on Apr. 3 with giveaways said to be in the region of a whopping $1 million about to be unleashed. Season 2 comes right after.
There is still time for investors to build their XP to be eligible for the season 1 airdrop. Investors that want to stand the chance of receiving tokens can still take part in the project’s Zealy campaign.
By completing quests, investors build their XP, which will be used to determine the portion of the airdrop each investor will receive.
A Wave Of Buying Pressure Could Soon Hit SMOG
There are several factors that could align in favor of SMOG, subsequently leading to a surge in the meme coin’s price. The first is that the project has been launched in the highly-active Solana meme coin ecosystem, which has seen millions of dollars poured into young meme coins recently.
In addition to this, SMOG’s dragon-themed branding could appeal to the vibrant Asian crypto community, since 2024 is the year of the dragon.
The factor with the biggest potential to push SMOG’s price in the coming weeks is the launch of the second season of the airdrop campaign.
Unlike the first season that let investors build their XP through the completion of quests, season 2 will place more emphasis on trading activity around SMOG. This could ignite a wave of buying pressure, which may lead to the meme coin’s price pumping in the short to medium term.
SMOG can be bought using either USDT, ETH or bank card.
Purchases made on the platform are eligible for the 42% APY on offer through SMOG’s staking program, and a 10% discount to the market price.
SMOG can be purchased here.
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