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The Solana price soared 4% in the last 24 hours to trade at $105.85 as of 4:30 a.m.EST on trading volume that surged 12% to $2.37 billion.
Solana’s latest price surge started on February 7, after about a week of slow but steady drops caused by a strong bearish influence.
One likely reason for the SOL price surge is the rise of meme coin activity on Solana’s blockchain after the launch of meme coin stars including Bonk (BONK), Honk (HONK), Dogwifhat (WIF), Myro (MYRO), Doginphire (FIRE) and, most recently, Smog (SMOG), which has soared 221% today.
These sensations have helped push the chain’s transaction volume to a one-year high.
Solana Price Prognosis
Solana has seen a major recovery in the past week, which allowed its price to return to a major resistance at $105. This level has held it from progressing ever since late December 2023, and it is fairly close to the coin’s yearly high of $125.
While SOL is likely to skyrocket way past this barrier, and possibly go back to its all-time high when the next major industry-wide bull run arrives, its behavior in the short term is more uncertain. According to certain technical indicators, such as the coin’s Relative Strength Index (RSI), SOL’s price is likely to see a rejection from the mentioned resistance at $105 once again.
The RSI score touched the level of 70 recently, only to then spiral down rapidly to 55.80, suggesting that it reached the threshold of the overbought territory, only for traders to immediately take profit and cause the RSI to drop back into the neutral position.
The coin’s Bollinger bands are currently still fairly wide, although they are showing the signs of narrowing, which happened right after the price approached the upper band. This suggests that the resistance at $105 is still extremely strong and that it rejected the price, instead of allowing it to move past this level.
For the moment, SOL still maintains a strong support at $100, so even if its price drops to this level as a consequence of the rejection, it might still hold and prevent it from sinking to the next strongest resistance at $95.However, chances are also fairly strong that the bulls will not allow for this to happen, and will instead start pushing the price back up, and against the resistance at $105.
The RSI level’s drop stopped in the neutral territory instead of progressing further down toward the oversold territory, which suggests that the bulls managed to reach the balance between the buy and sell pressure.
For the moment, the resistance at $105 seems too strong, and it is unlikely that SOL will manage to breach it without a strong catalyst. However, with even the broader market currently being neutral, chances are that SOL will simply remain just below the $105 level with only minor fluctuations for the rest of the day, and potentially over the upcoming weekend.
Promising Alternatives to Solana
Sponge V2 (SPONGE) is currently one of the hottest meme coins and one of the best and most promising alternatives to Solana and, indeed, its meme coin stars.
As the name suggests, this is the new version of a project called Sponge, which launched in 2023 with a 100x pump. Since then, Sponge V1 was discontinued, and Sponge V2 is emerging to take its place.
The team plans to make this meme coin bigger and better than the original, which could possibly also mean a greater price increase and more profits for the token holders. Apart from being able to buy SPONGE V2 with ETH and USDT, you can also stake your Sponge V1 tokens to receive Sponge V2 rewards.
Today is your last chance to stake your $SPONGE V1 tokens before the transition to #SPONGE V2!
⏰ Deadline: 5th February 11 PM UTC
If you do not stake your $SPONGE tokens you will not recieve any #SPONGEV2.#MemeCoin #Presale #Web3 #Crypto #Binance #Altcoins pic.twitter.com/IUSHYrv014
— $SPONGE (@spongeoneth) February 5, 2024
The team has bridged from V1 to V2, and many Sponge V1 holders have already staked and bridged their tokens. In fact, according to the project’s platform, the total staked and bridged as of the time of writing sits at $7.76 million.
Staking Sponge, regardless of which version you hold at the moment, will let you earn SPONGEV2 rewards. However, that is only the current benefit of buying the token. In the near future, the project will also launch its Play-to-Earn game, allowing its community to win even more token rewards.
https://www.youtube.com/watch?v=IAQPhjZUcgE
Visit the SPONGE V2 presale here.
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