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The Solana price has surged 5% in the past 24 hours to trade for $154.24 as of 02:25 a.m. EST on trading volume that surged 130%.
With this surge, SOL has become bucked the market’s slump on the back of the Solana collaboration with Velo. The partnership is intended to set a precedent for worldwide financial innovation, starting with the reshaping of Laos’ digital gold market.
With the Velo and Solana collaboration, we're not just reshaping Laos' digital gold market; we're setting a precedent for worldwide financial innovation 🚀
Learn how this partnership could redefine global access to digital assets through this article 👇🏻…
— Velo Official (@veloprotocol) May 7, 2024
The surge in trading volume for SOL is also ascribed to the Solana Hackathon after Ore took the victory and the $50,000 Grand Prize in Circle’s USD Coin (USDC).
Just in:
Despite disrupting Solana's network in April, Ore wins #Solana hackathon and the $50,000 Grand Prize in USDC. 🏆
This proof-of-work Solana-native crypto aims to improve and offer a reliable digital currency solution. #Cryptocurency #CryptoNews pic.twitter.com/FQZccH050S
— 24h.bz (@24hbz) May 7, 2024
The victory marks the conclusion of the ColosseumOrg, which was advertised as the biggest online Solana Hackathon by participants. The competition was focused on finding Solana’s “next wave of high-impact projects.”
🚨 BREAKING: @ColosseumOrg, the biggest online @Solana Hackathon by participants, has concluded:
▶️ 8,300+ participants.
▶️ 1,071 submissions.
▶️ Builders from over 95 countries.(Winners have also been announced). pic.twitter.com/FglH7ZPYKj
— SolanaFloor | Powered by Step Finance (@SolanaFloor) May 6, 2024
Solana Price Prediction
The Solana price is trading with a bullish bias, coiling up for a 96% breakout after the completion of a Rounding Bottom Pattern. Based on the Relative Strength Index (RSI) outlook, which has posted higher lows since June 2023, bullish sentiment is building in the SOL market.
Increased buying pressure above current levels could see the Solana price extend the climb into the supply zone between $197.70 and $250.21. A break and close above the mean threshold of the bearish order block at $224.14 would confirm the continuation of the primary trend.
The execution of the Rounding Bottom Pattern would set the pace for the Solana price to rally 96% to the target objective of $382.68, a climb of nearly 94% above current levels.
TradingView: SOL/USDT 1-week chart
On the other hand, if traders start cashing in on the gains made so far, the Solana price could drop. The ensuing seller momentum could see SOL price lose support at $130.45. An extension below the $116.00 intra-day low of the April 8 trading session would produce a lower low, invalidating the bullish thesis.
Even with the Solana price coiling up for a possible 96% breakout, some traders are still considering SEAL, as this new SOL meme coin presale marches toward $1 million.
Promising Alternative To Solana
SEAL is the powering token for the Sealana project, a patriotic, obese American redneck seal trading his way out of his mom’s basement to pursue his dream of crypto riches.
Sealana represents a novel addition to the meme coin space, a culture-driven niche. It centers on a quirky and relatable digital mascot. The project’s integration with Solana blockchain is a key advantage, leveraging Solana’s robust performance, low fees and rapidly expanding ecosystem.
SEAL benefits from Solana’s scalability and thriving developer community. It goes a step further to improve its prospects compared to meme coins on more congested Layer 1 networks like Ethereum.
The success of the project is manifested in how explosive its presale has been with more than $271K raised in less than a week since its launch. Crypto analyst and YouTuber Clay Bro says Sealana has the potential for a 10X rally after launch.
With this ”send SOL” type presale, there is no timer, stages, or even a hard cap, which means it could close at any time. So, if you are attracted, buy now to avoid disappointment.
Visit and buy Sealana here. One SOL buys 6, 900 SEAL.
Also Read:
- How to Buy Sealana – SEAL Presale Review
- Sealana Price Prediction – SEAL Price Potential in 2024
- 5 Must-Watch Meme Coins for 10X Potential – Best Cryptocurrencies to Buy Now
- Best Meme Coins to Invest in: Top Picks for Exponential Gains!
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