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The Solana price pumped more than 8% in the last 24 hours to trade at $190.72 as of 10 a.m. EST
The Solana Price Forms A Bullish Channel
4-hour chart for SOL/USDT (Source: TradingView)
The Solana price has printed a series of higher highs and higher lows on the 4-hour chart over the last 24 hours, resulting in the formation of an ascending channel. Should this bullish momentum continue, the crypto may soon attempt a challenge at the $195.08 resistance level. A break above this threshold could then give SOL the foundation needed to potentially rise to as high as $208.08 in the short term.
This bullish thesis may be invalidated if the Solana price is rejected by the $195.08 resistance in the coming 24 hours. In this alternative scenario, the altcoin may drop to the key support level at $162.42 in the following 24-48 hours. Continued sell pressure at this point may then pull SOL down to $149.28. In an extremely bearish situation, the Solana price may plummet to $141.17.
Technicals Suggest The Solana Price Will Keep Rising
Technical indicators on SOL’s 4-hour chart suggest the crypto could keep rising in the upcoming 24 hours. This is after the altcoin entered a positive trend in the last day of trading, as signaled by the Moving Average Convergence Divergence (MACD) line that crossed above the MACD Signal line during this period.
Buyers have also gained the upper hand, with momentum still in their favor. This is evident by the Relative Strength Index (RSI), which is positioned above its Simple Moving Average (SMA) line on the 4-hour chart. Traders will want to keep an eye on this indicator, however, as the RSI line is starting to close in on the SMA line. This could be the early signs of a potential bearish trend reversal.
As the Solana price attempts to break above key resistance, 5thScape is attempting to redefine what’s possible by combining AR/VR mixed-reality with crypto tokenization.
Merging Crypto Tokenization With AR/VR
The 5thScape team believes crypto tokenization will soon make its way to the AR/VR sector, and the project aims to cement its 5SCAPE token at the center of this vision.
With this token, 5SCAPE holders will be able to stake their crypto for rewards, while also unlocking a suite of features that add to the 5thScape platform’s utility.
VR is the future. Learn how the University of National Horizons Centre is Leveraging VR & MR.#VR pic.twitter.com/PKBVqVYUwf
— 5th Scape (@5th_scape) March 20, 2024
One of these features is the project’s staking pool, which will be funded by player subscriptions and participation in virtual experiences.
As more users make their way to the platform, the pool’s liquidity will grow as well, which will then lead to more rewards and a higher APY for holders who have staked their tokens.
5SCAPE will also serve as a universal currency for the expanding gaming industry, allowing token holders to pay for in-game assets and purchase access to premium gaming content. Software developers who create games in the 5thScape ecosystem will also be rewarded with tokens.
5thScape’s Presale Hurtling Towards $3 Million
Investors are betting big on 5thScape, with more than $2.4 million raised through the project’s presale.
Trading at just $0.00215, 5SCAPE will be listed on exchanges for $0.01, a whopping 365% gain for investors who buy the altcoin at this early stage.
To get in on this opportunity, investors can purchase 5SCAPE on the project’s official website using either USDT, ETH, MATIC, BNB, or bank card.
5SCAPE can be purchased here.
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