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The Solana price has plunged 6% in the past 24 hours to trade for $134.34 as of 04:50 a.m. EST on trading volume that fell 10%.
It comes amid a broader market dump, led by the king of crypto, BTC, which is down 2%. The bleed is seen across the sector with most altcoins posting up to 5% in losses on the day.
But there is still anticipation for an altcoin season, marked by capital rotation from the BTC market. In the medium to short-term aftermath of the BTC halving, altcoins typically rally following the bullish sentiment that the landmark event inspires in the market.
For the Bitcoin price, however, a rally is expected as long as 518 days after the halving.
In the 2015-2017 cycle, Bitcoin peaked 518 days after the Halving
In the 2019-2021 cycle, Bitcoin peaked 546 days after the Halving
If history repeats and the next Bull Market peak occurs 518-546 days after the Halving…
That would mean Bitcoin could peak in this cycle… pic.twitter.com/3prPFXAwky
— Rekt Capital (@rektcapital) April 28, 2024
Meanwhile, “altseason” is trending on X, with some saying that an altcoin season will commence soon.
#Altseason tends to be a short burst followed by a long period of consolidation. So when we see those big pumps and reverses, take advantage
— Crypto Tony (@CryptoTony__) April 28, 2024
For the Solana price, technical analysis say sthe odds favor the upside after the Layer-1 (L1) token completed a rounding bottom pattern. This bullish reversal pattern occurs after a prolonged downtrend in an asset’s price followed by a recovery to form a “U” shape.
It suggests a change in long-term price movement or a shift in sentiment from bearish to bullish. Here, the price decline loses its momentum and is succeeded by a steady recovery precipitating a breakout to the upside.
Solana Price Outlook
The fact that the SOL bulls have defended the $130.45 support for over a month is a good sign, suggesting a possible recovery in the works. This is reinforced by the fact that the Relative Strength Index (RSI) is also well above the mean level of 50. This shows that the bullish sentiment remains intact in the SOL market.
If SOL bulls come in to play to activate the rounding bottom pattern, jumping off from the $130.45 support, the Solana price could bounce north into the supply zone stretching from $197.70 to $250.21. A break and close above the midline of this range on the weekly timeframe at $224.14 would confirm the continuation of the primary trend.
In a highly bullish case, the Solana price could flip the supply zone into a support or bullish breaker, confirmed by reclamation of the all-time high at $259.90, before establishing a higher high.
The likely play on the RSI is a bounce off this momentum indicator above the 50 mean level, kickstarting a new uptrend for SOL.
TradingView: SOL/USDT 1-week chart
On the other hand, if the bears have their way, the Solana price could lose the support at $130.45. This would be critical for the L1 token, exposing SOL price to a possible drop to the $80.00 level. A candlestick close below this level would invalidate the bullish thesis.
Meanwhile, many traders are also turning to Smog, a Solana meme coin that is making headlines after the first season of its airdrop unleashed $1 million in giveaways.
Promising Alternative To Solana
Amid a shaky outlook in the Solana price, consider Smog, which says it will have the ”greatest airdrop in history.”
Smog’s Season 1 airdrop rewarded $SMOG token holders who joined the project’s quest board on Zealy. Those who completed daily quests and community tasks for XP also received rewards.
The first season ended on April 3, and was marked by a remarkable 9 million quests being completed between nearly 50,000 participants.
Smog Airdrop Season 2
Season 2 started on April 4 and is ongoing. Things are different this time, however, with the on-chain activity of SMOG holders being assessed since the beginning of Smog’s launch. It also continues to reward holders who complete community quests in the second season quest board on Zealy.
SMOG holders can also stake their $SMOG on the Ethereum network for 42% returns. And you can buy and stake $SMOG on the official website for a 10% discount on your purchase.
The $SMOG token debuted on the Jupiter decentralized exchange (DEX) in February and is now live on the MEXC centralized exchange (CEX).
📢 $SMOG trading is now LIVE on @MEXC_Official
Soon to become one of the greatest Solana Airdrop of All-Time 🐉
Trade now here: https://t.co/5rNrEhVsNh pic.twitter.com/oVKhgBy692
— ken 🧪 (@kenwgmi) April 5, 2024
The team has said another top-tier exchange listing is likely soon, which suggests that the hype around that event might might make now a good time to buy.
If you are interested to buy SMOG, visit the official website here.
Also Read:
- $SMOG Meme Coin 10x Growth Potential – How to Buy, Stake for High Rewards, and Price Prediction
- New Solana-Based Meme Token To Buy and Hold – Could SMOG Be The Next BONK?
- SMOG To Storm Onto Centralized Exchanges With New Airdrop
- 5 Best Meme Coins That Might Be The Next Shiba Inu – $MYRO, $SMOG, $SOLAMA, $CCC, $DOGE20
- Matthew Perry Reviews Smog Token – A Potential Solana Meme Coin Frontrunner
- Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
Smog (SMOG) - Meme Coin With Rewards
- Airdrop Season One Live Now
- Earn XP To Qualify For A Share Of $1 Million
- Featured On Cointelegraph
- Staking Rewards - 42% APY
- 10% OTC Discount - smogtoken.com
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