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The Solana price jumped 17% in the last 24 hours to trade at $130 as of 4:45 a.m. EST on trading volume that skyrocketed 220% to $7.57 billion.
Solana’s new price surge came amid a market-wide bull run which is once again led by Bitcoin. The world’s oldest cryptocurrency blasted through $64k yesterday before paring gains.
Bitcoin’s market dominance ensured that altcoins will follow, which led the SOL price to skyrocket as well. However, while Bitcoin stopped only around $5,000 short of its ATH, SOL still has a long way to go as it’s now only reached 50% of its ATH.
This is why many analysts believe the coin has a lot more room left to grow. Led by the expectations of further growth, traders started buying, which pushed the coin’s daily trading volume up by over 220%.
Solana Price Prognosis
The SOL price climbed to $130 as part of the new rally, but it appears that this level stands as a strong resistance that has prevented it from moving further up. Of course, given that SOL is surging as part of a broader crypto rally led by BTC, the reasons for its price increase come from fundamental factors, rather than technical ones.
Even so, many traders believe that technical analysis can provide them with hints of things to come. Right now, some of the technical signals suggest that SOL is likely to see a mild correction. One of the most commonly used signals for predicting price performance is the coin’s Relative Strength Index (RSI), which ventured deep into the overbought territory in the past 24 hours.
RSI reached the value of 76.71 earlier today, and while it has dropped to 65.52 since, this is still significantly above the neutral zone. However, this only suggests that traders are continuing to buy, and while some have seemingly taken an opportunity to take profit, many seem confident that SOL will continue to grow.
In other words, while a high RSI level is typically a sign that the price might drop moving forward, this is not necessarily the case when a major rally like this pumps the prices up.
On the other hand, Bollinger bands still remain extremely wide, which is another bullish sign. Even though the SOL price started struggling at the resistance at $130, chances are good that the price will either remain close to this level or that it might breach it if the buying pressure continues to grow.
Alternatively, if the bulls do decide to withdraw, the SOL price has several strong support levels, including the ones at $125, $120, and $110 which have a strong chance of preventing the price from dropping too deep.
Promising Alternative to Solana
One of the most promising alternatives to SOL right now is a young token called Frog Wif Hat (FWIF). This is a meme coin that was inspired by the same frog meme as PEPE.
However, the crypto community seems convinced that this project might outperform PEPE, and alongside it, also SHIB, BONK, and even WIF.
Frog Wif Hat describes itself as a project that is, “Opping onto a scene where it’s normal to put ‘ats on animals.”
Frog Wif Hat wears le béret, a staple of French culture. Always carrying a baguette, often grumpy or drunk, frequently chain-smoking whilst displaying a deep disdain for Americans, ‘e’s crypto’s moodiest toad.
The project has come up with a fairly detailed roadmap, and its team announced that they plan to bridge it to Solana via Portalbridge once the roadmap reaches Phase 2. In doing so, they will open FWIF to the second-largest meme coin community in the entire crypto sector.
Right now, the token can be purchased on Uniswap, where you can buy it in exchange for ETH, USDT, USDC, and pretty much any other cryptocurrency supported by Ethereum’s largest DEX.
All that’s needed to purchase it is a MetaMask wallet, and given the community’s excitement by it, many are likely to do so — especially now that the crypto industry is seeing a massive market-wide rally.
Visit FWIF here.
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