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The Solana price has pumped 20% in the last 24 hours to trade at $141 as of 3:30 a.m. EST on a 2% surge in trading volume to $11 billion.
The fifth biggest crypto by market capitalization led gains among major tokens as Monday’s market crash gave way to a strong rally.
Solana Price Analysis: Bulls Show Resilience To Bounce Back On The Neckline
The Solana price indicates a fall after the price hit a resistance zone at $188, allowing the bears to take control after forming a double-top pattern. however the bulls are showing resilience bouncing back on the neckline
The price had fallen to a key support level of around $127. If the bullish momentum picks up again it could help the bulls push the back to the previous resistance zone.
SOLUSDT Analysis (Source: Tradingview)
Solana Price Bulls Have A Chance
Despite the rebound the Solana price still trades below the 50-day and 200-day Simple Moving Averages (SMAs). If market sentiment continues, it might help the bulls drive the price further upwards, potentially sparking a solid bullish rally.
The Relative Strength Index (RSI) also indicates a drop from the overbought zone past the 50 midline to the 30 oversold level. however the bulls resilience has caused the RSI to rebound, an opportunity for the bulls to drive the price back up again. in that scenario, the RSI could bounce back to the 50 midline level.
Moreover, the Moving Average Convergence Divergence (MACD) indicates a bearish trend. The blue average line recently crossed below the orange signal line above the neutral level, indicating bearish momentum. Additionally, the histogram bars reflect negative price movement, reinforcing the bearish outlook.
Solana Price Prediction: Bulls Find Anchor Support, Can They Sustain Momentum?
Technical indicators for the Solana price are showing a positive turnaround, as bulls have pushed the price higher again. The strong support level at $127 is helping the bulls regroup and continue the uptrend. If the price moves above the moving averages, it could trigger a rally, potentially driving the price up to the $188 resistance level.
On the other hand, if the bears regain control, they might push the Solana price below the pattern’s neckline. The moving averages currently act as resistance along the neckline, suggesting that there’s a chance the bulls could regain momentum.
Is This Potential Alternative The Next 100X Crypto To Buy Today?
As Solana bounces back after Monday’s crypto crash, the play-to-earn meme coin PlayDoge (PLAY) is also proving remarkably resistant to bearish sentiment as its presale hurtles towards $6 million in funds raised.
PlayDoge is a DOGE-themed crypto that is upgrading the largest meme coin by market cap, Dogecoin.
DOGE inspired a new wave of cryptos that rely mainly on their communities to make a market impact. However, these days investors are turning their attention to tokens that offer more utility.
PlayDoge, with its meme coin appeal and play-to-earn gameplay, is looking to spearhead a new class of meme coins whose success is not primarily based on a community following.
PlayDoge (PLAY) surpasses $5.5M in presale, drawing investor interest with its nostalgic gaming twist and crypto rewards despite a struggling market. https://t.co/QlqvoitfEo pic.twitter.com/Zj0jhrHlMc
— Blockchain Reporter (@blockchainrptr) July 10, 2024
To achieve this, the project is introducing an upgraded version of the viral Tamagotchi game. Back in the 90s, the Tamagotchi pets were a hit, with millions of units sold worldwide.
By combining blockchain and crypto technology, PlayDoge will launch a modern version of the gaming classic fit for the 21st century. One of the major upgrades that PlayDoge will introduce is the ability for players to earn crypto for looking after their pets.
By simply ensuring their digital companions get enough love, food and sleep, players stand to earn PLAY.
PlayDoge will also offer mobile support, meaning that players can interact with their pets on the move. This potentially opens up the opportunity for players to earn additional rewards.
Strong Investor Confidence In The PlayDoge Presale
More than $5.9 million has already been sent to PlayDoge’s ongoing presale, signaling strong investor confidence in the project’s future.
A part of the appeal may also be that it offers an annual staking yield of 82%.
PlayDoge’s meme coin roots and in-game rewards have caught the eye of popular YouTuber Clay Bro, who says that PLAY “could be absolutely huge” once it launches on exchanges.
To join the presale, you can buy PLAY for $0.00526 on the official website using BNB, USDT, ETH or a bank card. But hurry before the the price is hiked in less than 24 hours.
Buy PLAY tokens here before its price increases soon.
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