Solana price rose by 17% in the past 24 hours to $130 as of 4:45 AM EST. Trading volume surged by 220% to $7.57 billion.
Solana’s price surge comes amid a bull run across the market, which is once again led by Bitcoin. Yesterday, the world’s oldest cryptocurrency broke through the $64,000 mark before retreating.
Bitcoin’s market dominance ensures that other cryptocurrencies follow, which has also led to a surge in the price of SOL. However, while Bitcoin’s price is only about $5,000 away from its all-time high, SOL still has a long way to go as it has only reached its all-time high of 50%.
That’s why many analysts believe that the coin still has a lot of room to grow. Driven by the expectation of further growth, traders began buying, pushing the coin’s daily trading volume to more than 2,20%.
Solana Price Prediction
As part of this new rally, SOL prices rose to $130, but it seems that this level has become a strong resistance, preventing further price increases. Of course, given that SOL is part of a broader cryptocurrency rally led by Bitcoin, the reasons for its price increase come from fundamental factors rather than technical factors.
Even so, many traders believe that technical analysis can provide them with clues about future movements. Now, some technical signals suggest that SOL is likely to experience a slight correction. One of the most commonly used signals used to predict price performance is the coin's relative strength index (RSI), which has entered the overbought zone over the past 24 hours.
The RSI reached a value of 76.71 earlier today, and although it has now fallen to 65.52, this is still clearly above neutral territory. However, this simply shows that traders continue to buy, and although some appear to be taking profits at the opportunity, many appear to believe that SOL will continue to grow.
In other words, while high RSI levels are often a sign that prices may fall in the future, this is not necessarily the case when large rallies like this one are driving prices higher.
On the other hand, the Bollinger Bands remain very wide, which is another bullish sign. Although the SOL price is starting to struggle at the $130 resistance, if the buying pressure continues to grow, the price will either remain close to this level or could break above it.
Alternatively, if the bulls decide to exit, the SOL price will have several strong support levels including $125, $120, and $110 that have a good chance of preventing the price from falling too much.
Promising Alternatives to Solana
Currently, one of the most promising alternatives to SOL is a young token called Frog Wif Hat (FWIF). This is a meme coin inspired by the same frog meme as PEPE.
However, the cryptocurrency community seems to believe that this project could potentially surpass PEPE, as well as SHIB, BONK, and even WIF.
Frog Wif Hat describes itself as a project that "joins the scene of putting hats on animals". Frog Wif Hat wears the iconic beret of French culture. Always carrying a baguette, often in a state of displeasure or drunkenness, while frequently smoking, and showing a deep disdain for Americans, he is the most emotional toad in the crypto community.
The project has laid out a fairly detailed roadmap and announced that they plan to bridge it to Solana via Portalbridge once the roadmap reaches Phase 2. In doing so, they will open up FWIF to the second largest memecoin community in the entire cryptocurrency industry.
Currently, the token is available for purchase on Uniswap, and you can buy it with ETH, USDT, USDC, and nearly any other cryptocurrency supported by Ethereum’s largest decentralized exchange.
All you need to make the purchase is a MetaMask wallet, and given the community’s excitement about it, many will likely do so, especially now that the entire cryptocurrency industry is experiencing a massive bull run.
Visit FWIF
here
.
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