Solana (SOL) Price Prediction: With Rapid Ecosystem Growth, Will SOL Surpass $25 While Investors Are Eyeing Another Presale Gem?

ByNemo Kimani

Updated: 13 October 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Solana (SOL) price declined to $17.6, following rejection at $32. As a result, investors may need to monitor the price closely to determine the best time to invest in the coin.

As of 5:12 a.m. EST, SOL is trading at $21.33, showing a 0.5% decrease in the past 24 hours. Despite this drop, investors continue to show strong interest, with the token’s daily trading volume increasing by 4% to reach $299 million.

Will Solana’s (SOL) Bullish Momentum Continue?

Solana (SOL) Price Prediction — SOLUSD Price Chart by Tradingview.com

Solana’s (SOL) price has recovered from the $17.6 support level, with bulls driving it towards the $25.61 supply zone. However, they encountered rejection that allowed bears to push the price lower.

The bulls have shown resilience, establishing a solid support level at $17.60 and maintaining their position to recover their losses. However, the formidable resistance level is leading to the formation of a double-top pattern, showing the potential for a bearish reversal.

Furthermore, the price is above the 50-day and 200-day simple moving averages, reinforcing bullish sentiment. These moving averages can also serve as immediate price support, potentially driving prices higher.

Conversely, the relative strength index (RSI) is trending downward at 49, signifying a neutral price position. The price could bounce back into the overbought region. Alternatively, the RSI could continue its decline towards the 30-level mark.

Solana’s (SOL) overall trend remains bullish. Nonetheless, the double-top pattern allows bears to drive the price down to the $17.61 support zone, where bulls may regroup and recover their losses. A candlestick open below this level may lead to a further decline to the $14.24 support zone.

If the 50-day and 200-day moving averages maintain momentum, buyers could capitalize on this opportunity to drive the price, aiming for $25 and $32, respectively. Thus, traders should monitor these moving averages for further market movement.

By remaining vigilant and monitoring these moving averages, traders can better understand the market’s current direction and make more informed decisions. Meanwhile, become an MK warrior and earn rewards.

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Is Meme Kombat Pre-Sale Getting Close to $1 Million?

The Meme Kombat (MK) pre-sale has raised $481,401, approaching its $1 million fundraising target. This shows a high investor interest in the presale token, considering they launched it a few weeks back.

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Another 10% is designated for community rewards, and the remaining 10% is reserved for decentralized exchange liquidity. Interested users can buy Meme Kombat tokens ($MK) for $1.667 per token.

Invest, Bet, and Make Passive Income with $MK

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Your thoughts on the $MK tokenomics updates?

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