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The Solana price rose 7% in the last 24 hours to trade at $154.36 as of 03:42 a.m. EST on trading volume that dropped 40% to $6 billion.
The surge in price coincides with the release of a mainnet beta update, version 1.17.31, by Solana developers. This update is designed to address the persistent network congestion on the Solana blockchain, which has been exacerbated by the recent frenzy surrounding meme coins and a sudden influx of users.
The v1.17.31 release is now recommended for general use by MainnetBeta validators. This release contains enhancements which will help alleviate the ongoing congestion on the Solana Network.
— Solana Status (@SolanaStatus) April 15, 2024
The update, which was rolled out on April 12, has undergone three days of rigorous testing and is now being recommended for general use by mainnet beta
Solana Price Poised For A Sustained Bullish Momentum Over The Falling Wedge
The Solana price soared tremendously in March, which saw SOL surpass the $200 market, last seen in 2021, when SOL recorded its all-time high (ATH) of $259.96. However, the $211 and the $204 targets are the hurdles that SOL needs to surpass to reclaim this high.
April has seen SOL drop, trading within a falling wedge pattern to the $131 support. The bulls have used this level to overturn the price, now trading within the lower boundary of the falling wedge as they aim to push it further.
Solana trades below the 50-day and 200-day Simple Moving Averages (SMAs), coinciding with the previous downtrend from the $204 resistance level. Additionally, the 50-day SMA crosses below the 200-day SMA, forming a death cross at $178.91, which may have caused the retrace.
Additionally, the Relative Strength Index (RSI) trades upwards from the oversold regions, currently at the 50-midline level, which indicates intense buying pressure. A sustained buying frenzy from optimistic investors could push the RSI over to the 70-overbought region, which could rally the price.
Solana Price Prediction
The Solana price prediction shows that SOL is coming out of a downtrend, with the bulls staging a price reversal that could push the price above the falling wedge as they target $200.
The surging RSI shows the action by the buyers, which further provides bullish sentiments for optimistic investors.
However, the SOL price is still trading below the death cross, which could suggest a prolonged downtrend before SOL soars. In such a case, if the bears exert more pressure here, SOL could undergo another retrace to the support of around $140.
Meanwhile, other Solana investors are buying Smog as it hints at another centralized exchange (CEX) listing in the near future.
Smog Soars With The Anticipation Of New CEX Listing
Solana meme coins continue to gain more attention, with exchanges adding them to their trading platforms.
Smog is one of the Solana meme coins that continues its remarkable success journey after landing its MEXC listing on Apr. 4, which gave investors easier access to the token. According to the team, that listing likely paves the way for another top-tier exchange listing soon.
We're thrilled to announce that the @SMOGToken Kickstarter has concluded and $SMOG will be listed on #MEXC!
🔹Deposit: Opened
🔹SMOG/USDT Trading in the Innovation Zone: 2024-04-04 09:00 (UTC)Details: https://t.co/3ecyvrTv2n pic.twitter.com/kvgoFiYOib
— MEXC (@MEXC_Official) April 4, 2024
Over the last 24 hours, Smog has soared 18% to trade at $0.112.
Smog gained much attention after season one of its massive airdrop campaign wrapped up on Apr. 3 with $1 million worth of giveaways to investors.
Season two of the airdrop is now underway, focusing mainly on on-chain and trading activity.
The token boasts over 118k holders, pushing $SMOG to an $88 million market cap and with over 10.2 million quests completed on Zealy.
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
Stake $SMOG, 42% Annual Rewards
You also have the opportunity to earn passively by staking $SMOG for an annual percentage yield (AY) of 42%.
Buy or stake your ERC-20 $SMOG #Tokens through our platform. 💰🐉
Staked tokens are securely locked for 90 days, with rewards available for withdrawal at your convenience. 🔒💸
Every token purchased via our service is automatically staked for you. 🔄
— SMOG (@SMOGToken) February 22, 2024
According to Jacob Bury, a popular crypto YouTuber, Smog has the potential to soar 100X on launch.
With talk of another major exchange listing coming soon, now might be an opportune moment to grab tokens before they become even more widely available.
The best place to buy Smog tokens is on its official website here, where there is a 10% discount while the offer lasts.
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