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The Solana price is trading at $42 as of 2:00 a.m. EST on Thursday, up 10% on the day.
SOL features among the top 10 crypto gainers today taking position 7 as shown in the image below. The gains are led by Celestia (TIA) which has rallied over 25% in the last 24 hours to trade at $2.79.
Aave (AAVE) and the Oasis Network (ROSE) come in second and third with 185 and 13% increases respectively. Solana is the only crypto among the top 10 largest digital currencies by market capitalization featured on this list.
Top Crypto Gainers Today
SOL has also experienced a growth in its daily trading volume which has increased by a whopping 155% over the last 24 hours to $73.78 billion, making it the fifth most traded cryptocurrency, according to data from CoinMarketCap.
This points to increased investor interest in the “Ethereum killer’s” native token. This interest began on Sept. 28 when the Solana price began rising, resulting in more than 79% gains over the last 30 days.
SOL remains bullish in the longer timeframe, rallying 84% over the past six months and 320% since the start of the year.
Meanwhile, Pentoshi, an experienced crypto analyst, updated his expectations for the Layer 1 token. In a Nov. 1 post of X, the analyst said bulls should stop celebrating the recent rally in SOL’s price and be weary of the resistance around the $38.9 area.
$SOL take out these equal highs at the top of the range and in next couple weeks likely a chance to refuel at the mid-range at $32.xx https://t.co/H9t36txnjQ pic.twitter.com/R8Xsr9vy4k
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) November 1, 2023
He warned that “although the timeline has become a bit complicated, it will probably make a local peak around the purple box and pull back” with a “likely chance to refuel at the mid-range at $32.”
Suffice it to say, Solana broke above the resistance around $39 on Wednesday and now trades above $40.
Solana Price Looks Unstoppable As SOL Eyes A Return to $55
After turning away from highs of around $32 in mid-July, the SOL price embarked on a downtrend that was stopped at the $17.5 support after losing more than 45% of its value.
Buyer congestion from the $17 demand zone began pushing Solana towards $25 followed by a slight correction to $21. This was followed by a sharp recovery that saw SOL soar as much as 123% to reach highs above $46 on Nov. 1.
The moving averages were keeping the bullish narrative alive by maintaining an upward trajectory. In addition to that, a buy signal came into the picture when the 50-day Exponential Moving Average (EMA) crossed above the 200-day EMA on Oct. 21, constituting a golden cross.
Similarly, the Directional Movement Index (DMI) sent a positive signal on Sept. 29. As long as the positive directional line (+DI) at 51 remains above the negative directional line (-DI) at 2, the smart contracts token will continue rising, and the average directional line (ADX) at 61 suggested that the uptrend was very strong.
Bulls will now strive to push Solana higher with the first line of resistance emerging from yesterday’s high around $46.79. Rising above this level would see the SOL price rise toward the 127.2% Fibonacci retracement level at $53 or toward $55. Such a move would represent more than a 28% increase from the current price.
SOL/USD Daily Chart
On the other hand, the Relative Strength Index (RSI) painted extremely overbought conditions for the Layer 1 token. This suggested that a correction was on the radar which could be initiated by the sellers taking profits on the latest rally.
The first line of support would emerge from the 78.6% Fibonacci level at $41. Additional defenses lie at $38 and $27, embraced by the 50% and 23.6% retracement levels, respectively.
Solana could drop further to revisit the area between $26 and $21, where all the major moving averages are found. A move lower would see the price drop below the $21 support floor. Such a move would not only undo all the gains made in the latest rally but would also invalidate the bullish narrative.
SOL Alternatives
Meme Kombat (MK) is a new crypto project, which takes inspiration from the multi-billion dollar Mortal Kombat franchise, but with a meme coin spin plus a sprinkling of crypto degeneracy humour.
The exciting new web3 meme project just hit a huge milestone in its closely watched presale, raising more than $1 million via its native $MK token.
WE DID IT FIGHTERS!
We reached $1 MILLION in our presale raise🔥⚔️ pic.twitter.com/SvCu1zoj36
— Meme Kombat (@Meme_Kombat) November 1, 2023
Traders are rushing in ahead of a price rise slated to take place in five hours ahead of the launch of Meme Kombat’s $MK token staking program, which will offer huge annual percentage yields (APYs) of up to 112% to its earliest participants.
The team behind Meme Kombat is looking to raise a minimum of $5 million via the sale of 50% of the $MK supply, with tokens currently available for $0.1667. The price will in hours jump 10% to $0.1833.
We’re upping the price for each $MK token in presale, but we have also added milestones to each stage in the raise🔥
Check our updated whitepaper for more and thank you to @BuryCrypto for the great video and mention!
Full video: https://t.co/H2Gs5Rek6D pic.twitter.com/ABAQ7Q5KQu
— Meme Kombat (@Meme_Kombat) November 1, 2023
Visit Meme Kombat here and buy your MK tokens before the price increases in less than 9 hours from now.
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