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According to an analyst, Altcoin Sherpa, Solana is experiencing a rapid rise, primarily due to its capacity for revolutionizing decentralized applications.
$SOL: It's too hard to tell which areas are important to the left, so you can use 200d EMAs as confluence to your levels. This is probably an area of interest right now and I think that #Solana will do well in the bull market. Not a bad idea to just buy some and accumulate. pic.twitter.com/Osm1hCLjkE
— Altcoin Sherpa (@AltcoinSherpa) August 7, 2023
Before now, Solana’s price performance faced highs and lows. Although it surged past the $23 mark, it slightly declined over the past week.
Despite this, there’s a belief that SOL might be undervalued and could regain ground in upcoming trading sessions.
Solana’s price status today aligns with this belief, displaying growth of over 4% in the last seven days and 6% in the past 24 hours.
Certain investors firmly believe that the introduction of a developer tool Solang, enabling app creation on the Solana platform using Solidity, has the potential to draw in a more extensive user base, thereby providing support to prices.
Conversely, more doubtful investors see that SOL’s trajectory will continue downward.
Solana Makes Profitable Moves Today
Amid the speculations and thoughts, Solana’s price is $24.59 at precisely 6:11 am EST, displaying a rise of 6.27% in the past day. Notably, there has been a surge in trading activity with the token within this period, bringing its total volume to more than $527 million.
This figure reflects a 51% growth, evident in its over $9.9 billion market cap.
Solana shows a Bullish Momentum on Daily Chart
The chart shows that Solana’s market appears bullish, with another green candle forming today. But the market also seems to have a mixed projection, as some technical indicators suggest continuous bullish movements while others signal a bearish turn.
SOL’s price above the 50-day and 200-day moving averages (MA) implies that the bulls are still controlling the market. These buyers’ control is also visible from the fainting histogram red bars after a series of vivid ones.
The RSI of 57.23 also reflects the bulls’ dominance over the market. However, this may not last long, with a critical resistance level of $25.43.
Notably, SOL had dropped multiple times from this position in the past. With its price around this zone, investors and traders can expect a reversal that could bring it back to the moving averages in the coming days. The MACD below the signal line also supports this analysis.
Solana Alternative
Wall Street Memes token (WSM) has emerged as a formidable contender, shaking up the cryptocurrency market with its impactful presence,
This follows a successful presale campaign, amassing an impressive $22.56 million in funds as of August 9.
This transformative journey traces back to a bold challenge issued to Wall Street in 2021. Fast forward to 2023, and the WSM token presale is now in full swing.
Sustained by a staggering social media following of over a million members, the prospects of the token launching on prominent cryptocurrency exchanges seem promising.
The driving force behind this venture is the inherent desire to foster and uplift the community. This selfless mission is seen in its allocation of 30% of the total token supply for rewards, encompassing enticing possibilities such as airdrops and other incentives.
Eminent experts in the field believe that WSM’s impending listing on a cryptocurrency exchange could potentially yield substantial profits. As such, the ongoing presale presents a promising opportunity for discerning investors to partake.
Anchored by a robust foundational framework, the trajectory of WSM indicates promising prospects for substantial gains.
New stream of passive income just dropped pic.twitter.com/FhwCzhsEDj
— Wall Street Memes (@wallstmemes) August 8, 2023
A recent leap across the $20 million mark, catalyzed partly by a substantial investment from an influential crypto “whale,” propels the project closer to its ambitious $30 million cap.
Given the considerable attention and momentum, it is foreseeable that this cap will be reached very soon.
The hidden identity of this investor has also added to the interest in the project, sparking speculation that a notable crypto influencer might be involved.
For participants, active engagement in the Wall Street Memes Discord group and social media tasks presents an avenue to acquire a share of the $50,000 worth of $WSM tokens.
However, time is of the essence, with the presale’s conclusion drawing nearer. Intending participants are encouraged to participate in the project’s journey before it launches on exchanges.
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