The Solana price has barely moved in the past 24 hours, sticking to $102 as the market as a whole also records a 0% change in the past 24 hours.
SOL’s inactivity today comes after it rose back above $100 after it dropped below this all-important level during the weekend, with the altcoin down by 9% in a week.
On the other hand, SOL has held onto an 11% rise in the past month, not to mention a highly impressive 340% appreciation in the past year.
And with its price quickly recovering after the weekend’s dip, it’s clear it has enough medium- and long-term momentum to push into future gains.
Solana Price Prediction as SOL Bounces Back Above $100 – New Highs Incoming?
Based on an inspection of its chart and indicators, it still seems like SOL remains in the middle of a minor correction, and may come down further before it returns to bullish growth.
Its 30-day average (yellow) has been sliding slightly over the past week or so, and given that its current price has fallen below this average, it should come down further in the next few days.
Source: TradingView
Also pointing to incoming losses is SOL’s relative strength index (purple), which has fallen below 50 in recent days and is on its way to 40.
Even if SOL does drop below $100 again, its support level (green) has been pretty strong in recent weeks, and should prevent steep declines (such as below $95).
Part of the reason why SOL has struggled in the past couple of weeks is that institutions and funds have left it alone recently.
In fact, the most recent CoinShares Digital Asset Funds Flows report shows that fund flows for SOL were actually negative in the past week, declining by $3 million.
Do funds know something the rest of the market doesn’t, or have they simply been taking profits?
Well, they may be reacting to Solana’s unexpected outage earlier this month, although given how SOL has outperformed in the past couple of months, profit-taking is probably more plausible as a motive.
In our latest #21SharesResearch, we delve into the recent Solana outage. Despite a 5-hour halt due to an ‘infinite recompile loop’, Solana’s quick recovery and subsequent 11% week-over-week AuM surge to $1.86B shows the resilience of the network and the unwavering confidence… pic.twitter.com/vlcHsRhZhp
— 21Shares (@21Shares) February 19, 2024
Either way, SOL is likely to make a recovery soon, helped by Solana’s ongoing growth as a platform (despite the aforementioned isolated outage), with its network accounting for $2 billion in total value locked in.
The Solana price could reach $150 by the end of spring, before reaching $200 in the latter parts of the year.
New High-Potential Alts for Market-Beating Rallies
SOL undoubtedly remains one of the most promising major alts in the market, but it certainly doesn’t exhaust the opportunities that traders can find in the market right now.
Some promising opportunities reside with smaller cap tokens that have just begun to list, with one of the most interesting being the Solana- and Ethereum-based meme token Smog (SMOG).
Listing a few weeks ago on the Jupiter and Birdeye DEX aggregators, SMOG has
Since listing, it has risen by over 3,500%, holding onto the bulk of its early gains, unlike the vast majority of new meme coins.
Source: Birdeye/TradingView
What’s interesting about SMOG – and the main reason why it has remained stable – is that it uses a bullish airdrop system that motivates long-term holding.
It has allocated 35% of its overall supply (1.4 billion SMOG) to a series of regular airdrops, which reward participants according to how many SMOG tokens they hold.
SMOG has other bullish features, including a staking system that provides a yield of 42% APY.
It also runs ‘quests’ that invite holders to complete various tasks, earning themselves extra SMOG by joining the coin’s social media channels or inviting new members, for example.
Have a few minutes to spare?
Not sure how to fill the time?
Only one thing on your mind?
Fly into #SMOG Quests on #Zealy! https://t.co/3EQxvQwsw3#Crypto #Memecoins #Altcoins #Web3 #Binance #Sol
— SMOG (@SMOGToken) February 25, 2024
As with most other meme tokens, SMOG will live or die by the size of its community, so it’s encouraging to find that its X account now has 28,000 followers.
This is an early sign of just how big it could grow in the coming months, with investors able to buy the token at the official Smog website or by trading it on Jupiter or Birdeye.
More trading platforms and exchanges are likely to follow soon, propelling SMOG to higher levels.
The post Solana Price Prediction as SOL Bounces Back Above $100 – New Highs Incoming? appeared first on Cryptonews.