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The Solana price pumped over 5% in the last 24 hours to trade at $203.22 as of 10:05 a.m. EST as investors rush to buy the altcoin following its break above $200.
This increase in price follows an investor frenzy around SOL meme coins this past weekend, especially the newly-launched meme coin sensation Book of Meme (BOME).
Solana recorded more network activity than Ethereum as a result, with some investors even unable to execute transactions due to an overload of trades.
The Solana Price Attempts To Break Resistance
4-hour chart for SOL/USDT (Source: TradingView)
The Solana price is attempting to break above the resistance level at $207.05. Should it close a 4-hour candle above this barrier, it may have the foundation needed to rise to the subsequent barrier at $259.67 in the following 48 hours.
This bullish thesis may be invalidated if SOL gets rejected by the $207.05 resistance level in the next 24 hours. In this alternative scenario, the Solana price may retest the immediate support level at $180.08. Continued sell pressure at this point may then drag the crypto’s value down to $162.42. An extremely bearish scenario may see the altcoin’s value plummet to as low as $149.28 in the short term.
Technicals Warn Of A Solana Price Correction
Technical indicators on SOL’s 4-hour chart suggest the Solana price may undergo a correction soon. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bearish.
The MACD line is collapsing towards the MACD Signal line. Traders tend to see this as a sign that a crypto’s positive momentum is cooling off, which could ultimately lead to a drop in price. If the MACD line crosses below the MACD Signal line, it may serve as an indication that the Solana price has entered a bearish cycle.
Meanwhile, the RSI indicator is on the verge of triggering a major bearish technical flag, with the RSI looking to cross below its Simple Moving Average (SMA). An intersection between these two technical indicators in the coming 24 hours may be seen as a sign that sellers have gained the upper hand against buyers on SOL’s 4-hour chart. As such, it may be easier for bears to pull the crypto’s value down in the next 24 hours than it will be for buyers to boost it during the same period.
While the Solana price attempts to overcome resistance, many experts are recommending Sponge V2 as one of the best cryptos to buy now.
Looking To Repeat Its 100X Success
SPONGE exploded onto the crypto scene during the 2023 bear market, and printed 100X returns for early investors while achieving a peak market cap of $100 million.
The meme coin has since continued rising, and is up more than 11,440% since its launch last year. Now, the team is giving investors who missed out on this substantial growth a second opportunity through the launch of Sponge V2.
To ensure the project’s success, the SPONGE team has introduced a series of upgrades to the project’s ecosystem, including a play-to-earn racer game. There are also several major exchange listings lined up.
To top it off, SPONGE has also been migrated to the highly-scalable Polygon blockchain network, making it much cheaper for SPONGE token holders to transact with the meme coin.
With all of this in mind, experts are urging investors to consider buying into this new meme coin before it gets listed on major centralized exchanges. One such expert is Oscar Ramos, who told his 72.6k subscribers that he is bullish on SPONGE and believes it has major upside potential.
Investors Are Flocking To SPONGE
Traders and investors have been rushing to Sponge V2 before it gets listed on top-tier exchanges. This is evident by the success of the meme coin’s presale, which has seen over $29 million worth of SPONGE staked and bridged.
Did you fade $SPONGE again, anon?#SpongeV2 #memeCoin #100x pic.twitter.com/TCLfaZbsCm
— $SPONGE (@spongeoneth) March 18, 2024
To buy Sponge V2, use USDT, ETH, or MATIC on the project’s official website.
SPONGE can be purchased here.
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