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The Solana price soared 13% in the last 24 hours to trade at $163 as of 03:46 a.m. EST on trading volume that rose 86% to $4.3 billion.
This comes as Solana staking was enabled for European customers on the Robinhood application for as much as a 5% annual percentage yield (APY).
🚨 Announcing a few new updates to Robinhood Crypto 🚨
First, Solana ($SOL) #staking is now live for eligible European customers 🎉 This allows customers to earn staking rewards on their $SOL holdings with the flexibility to unstake at any time.https://t.co/yioQfCHT2n
/1 pic.twitter.com/J6cH0PMDC6— Robinhood Crypto EU (@RobinhoodCrypto) May 15, 2024
The surge also coincides with a new outbreak of meme coin mania on the Solana blockchain, with new and existing meme coins recording massive volumes.
Solana Price Set To Rally, As The Bulls Target $200
The Solana price has been on a downtrend since April, dropping to the $127.89 support, data from GeckoTerminal shows.
SOL price bulls were able to use this support to push the price to $156.28. This level has acted as the immediate resistance zone, with SOL retesting it several times, forming a cup and handle pattern.
With SOL breaching the resistance to move to the current price, the bulls are set to push the price even further above as they target 200 and more.
SOL trades gracefully above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the bullish stance, as they provide enough support to push the price further.
Moreover, the Relative Strength Index (RSI) is rebounding from below the 50-midline level to rise to 74, an indication of intense buying pressure as the RSI crosses the 70-overbought level.
The Average Directional Index (ADX) also trades above level 25 as it climbs up, currently at 26, which shows that SOL is currently on a strong bullish trend set to move up.
Solana Price Prediction – $200 In Sight
The Solana price analysis shows a bullish bias, as the bulls aim to capitalize on the formation of the cup and handle pattern to push the price higher above the resistance at $156.28, as they target prices above $200.
Major indicators, including the RSI and the ADX, provide bullish sentiments for optimistic investors, who could push the price higher. The golden cross at $147.46 also signals buying signals for the bulls, which could in turn initiate buying action.
However, with the RSI soaring past the overbought region, there may be an incoming price correction, with $147.51 and $144.09 providing the necessary support for the bulls.
As the SOL price soars, some investors are diversifying their portfolios with new Solana meme coin project Sealana, which has already raced past $1.2 million in funds raised.
This is a key reason why Crypto Boy, a crypto analyst on YouTube boasting almost 40K subscribers, says that $SEAL has the potential to soar 100X after launch.
Sealana Presale Hurtles Past $1.2 Million – Best Solana Meme Token To Buy?
Sealana (SEAL) is based on a light-hearted narrative centered on a seal trader. The character is based on a chubby seal that is immersed in the Solana Sea, spends endless hours in front of his computer and slowly grows bigger as he adopts a sedentary trader’s lifestyle.
New Meme Crypto ‘Sealana’ Attracts Whales As Solana Price Recovers.
#SolanaMemecoin pic.twitter.com/zqP73U7Mk3— TechStory (@TechStoryin) May 5, 2024
Similar to the highly successful Slothana presale, which has soared over 188% since its launch, Sealana is a ”Send SOL” presale without timers, stages, hard caps, or even a white paper. This means that the ICO could end at any time, making now the best time to buy.
To participate in the presale, you can visit the official website to buy SEAL tokens here. One $SEAL costs $0.022.
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