Solana Price Prediction: SOL Surges 18% In A Week, But This New Solana Meme Coin Has Pumped 48% In 24 Hours – New Bonk?

The Solana price pumped 18% over the past 7 days to trade at $118 as of 9:00 am EST as investors scramble to purchase the altcoin.

The Solana Price Challenging Resistance

4-hour chart for SOL/USDT (Source: TradingView)

The Solana price rebounded from the $110 support level in the past 24 hours and has since printed a series of higher highs and higher lows, resulting in the formation of a positive price channel. Should this bullish momentum continue, SOL may soon attempt a challenge at the $118 barrier. A 4-hour candle close above this significant price point could then give the crypto the foundation needed to rise to the subsequent resistance level at $125 in the coming couple of days.

This bullish thesis may be invalidated if the Solana price is rejected by the $118 resistance in the next 24 hours. In this alternative scenario, SOL may either consolidate between $110 and $118, or retest the $110 support. Enough sell pressure once the Solana price potentially reaches $110 could put it at risk of falling below the key mark. This could then expose it to the risk of plummeting to the subsequent support level at $100 in the following few days.

Bulls Could Continue To Boost The Solana Price

Technical indicators on SOL’s 4-hour chart suggest the Solana price may continue to rise in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bullish.

The MACD line recently crossed above the MACD Signal line, which triggered a major bullish technical flag. In addition to this, the prior is breaking away above the latter. This could be a sign that SOL’s short-term positive trend is growing stronger.

Buyers also seem to have the upper hand against sellers, as the RSI line is positioned above its Simple Moving Average (SMA) line. Similar to the MACD and MACD Signal lines, the RSI is also breaking away above the SMA line. Traders may see this as an indication that bulls are growing stronger against bears.

While the Solana price attempts to overcome resistance, new meme coin Smog on the Solana blockchain has surged more than 48% over the past 24 hours.

The Latest Addition To The Solana Meme Coin Family

Smog is the latest meme coin to enter the Solana meme coin space, and aims to repeat the successes of predecessors including Bonk, Honk, Myro and Dogwifhat. To increase the altcoin’s chances of becoming the next best meme coin, the team have teased an airdrop they say will be the greatest in history.

Although the specific details of this airdrop have not been disclosed, the project’s tokenomics do suggest it may be one of the biggest airdrops the crypto space has ever witnessed. A whopping 35% of the token’s supply has been set aside for the project’s airdrop campaign.

Smog Could Skyrocket In The Year Of The Dragon

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

The Chinese new year has kicked off, with 2024 being the year of the dragon. This aligns perfectly with Smog’s dragon-themed branding, which is likely to appeal to Chinese communities across the world.

To buy Smog, visit the official website here. 

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