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The Solana price has soared more than 26% in the past month and 3% in 24 hours to trade at $171.79 as of 12:50 a.m. EST.
But Crypto analyst Bluntz says the SOL price might now be ”done.” He recently analyzed the altcoin’s charts, and came to the conclusion that “SOL is exhausted, and it’s probably time for ETH to catch up.”
i like to ruffle some feathers sometimes so here's a $SOL macro update i made for paid group subscribers that i decided to make public.
Enjoy. pic.twitter.com/OXWK7eceLu
— Bluntz (@Bluntz_Capital) May 25, 2024
The analyst believes that SOL’s macro chart displays some concerning signs, which suggest that the altcoin has “probably topped.”
The Solana Price Is Challenging Resistance
4-hour chart for SOL/USD (Source: GeckoTerminal)
The Solana price is attempting to break above the resistance level at $170. Should it close a 4-hour candle above this barrier within the next 12 hours, it might have a strong technical foundation to rise off from in the short term.
Traders could identify a 4-hour candle close above $170 as a long entry, which might lead to SOL climbing to the next threshold at $180. In an extremely bullish scenario, the Solana price might overcome this major obstacle as well.
However, SOL failing to close a 4-hour candle above $170 could invalidate the bullish thesis. This is because the altcoin has already attempted to establish a position above this key price point on numerous occasions on the 4-hour chart over the past 48 hours.
Therefore, another rejection from the $170 resistance in the next 12 hours could result in traders opening up short positions. This potential increase in sell pressure might then drag the Solana price to as low as $158.80. Continued sell pressure if SOL reaches this technical crutch could result in it falling to as low as $149.28.
Technical Indicators Suggest The Solana Price Could Still Go Either Way
Technical indicators on SOL’s 4-hour chart are sending mixed signals as the crypto attempts to flip the $170 resistance into support. More specifically, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are contradicting each other.
Since an RSI value above 50 indicates bullish strength, SOL’s RSI on the 4-hour chart having a value of 56 suggests that buyers are currently stronger than sellers. What’s more, the RSI is positively-sloped, which could signal that bulls are growing stronger as well.
Meanwhile, the MACD line is starting to close in on the MACD Signal line. Although the former is bullishly positioned above the latter, the narrowing gap between the two technical indicators is cause for concern because it suggests that SOL’s positive momentum might be losing steam.
Should the MACD line cross below the MACD Signal line in the coming 24 hours, it could indicate that SOL has entered a negative cycle. As a result, the Solana price might drop in the following 24 hours.
As bulls and bears battle it out on SOL’s charts, investors are turning their attention to new Solana meme coin Sealana (SEAL).
Looking To Overtake Canine-Themed Meme Coins
Although the Solana price faces the risk of getting rejected by the $170 barrier, SOL-based meme coins continue to thrive. In the last few weeks, an investor frenzy has erupted around these light-hearted cryptos.
This soaring interest in Solana meme coins has led to the rise of Dogwifhat (WIF), Bonk (BONK), Wen (WEN), and many others. Now, Sealana is looking to capitalize on this hype to climb the crypto ranks.
Unlike those that came before it, Sealana is not another dog-themed crypto. Instead, the new meme coin sports a seal mascot with an appearance similar to the viral South Park character, Gamer Guy.
Sealana is also looking to appeal to die-hard meme coin enthusiasts, and does not come with an elaborate roadmap or any utility.
Crypto YouTuber Tyler Hill analyzed the crypto’s potential to generate substantial returns for investors and speculated that Sealana could be the best “degen play” in the market. He also revealed that he bought the meme coin himself.
Investors Bet Big On SEAL
More than $3 million has already been sent to Sealana’s ongoing presale. This is after the meme coin attracted the attention of whales shortly after its ICO launched. Within just minutes after going live, SEAL’s presale raised over $100k.
The lack of utility and absence of a roadmap seems to not have deterred crypto investors, who continue to stock up on the new Solana token.
#Sealana ain’t slowing down anytime soon! 🔥With his companions he’s out here finishing what @realDonaldTrump started! 🦭💪
Send $SOL to clean out the swamp 🏞️ and make #Memecoins great again. 🚀💰
Once the swamp's clear, it's Lambos 🚗, Massive Gains 📈and Freedom all the way!!!… pic.twitter.com/vFMEaRZWKW— Sealana (@Sealana_Token) May 27, 2024
Anyone that wants to purchase the crypto at this ground floor stage can do so via the simple buy widget embedded on the project’s website. Being a Solana token, SEAL can be bought using SOL. There is also the ability to acquire the token using ETH, USDT or bank card.
Purchase SEAL on its official website here.
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