Solana price has gained 5% in the past 24 hours and is trading at $203.22 as of 10:05 AM EST. Investors are rushing to buy the altcoin as it breaks above the $200 barrier.
The price increase comes amid a weekend of investor frenzy for SOL memecoins, especially the newly launched Book of Meme (BOME).
Due to transaction overload, Solana’s network activity was more active than Ethereum’s, and some investors were even unable to execute transactions.
Solana price is attempting to break out of the $207.05 resistance level. If it closes above this hurdle on the 4-hour candle chart, there could be a basis for an up move to $259.67 on a 48-hour time frame.
This bullish view may be negated if SOL is rejected by the $207.05 resistance level within the next 24 hours. In such a case, the Solana price may retest the immediate support level of $180.08. Continued selling pressure at this point may cause the value of the cryptocurrency to drop to $162.42. In the short term, if an extremely bearish scenario occurs, the value of this altcoin may drop to $149.28.
Technical indicators on SOL’s 4-hour chart suggest that Solana price could soon adjust. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bearish signals.
The MACD line is moving closer to the MACD signal line. Traders tend to see this as a sign of a cooling of the cryptocurrency’s positive momentum, which could eventually lead to a drop in price. If the MACD line crosses below the MACD signal line, it could indicate that Solana price has entered a bearish cycle.
Meanwhile, the RSI indicator is about to trigger a major bearish technical signal, with the RSI crossing below its simple moving average (SMA). Over the next 24 hours, the crossover of these two technical indicators could be seen as a sign that sellers have the upper hand on SOL’s 4-hour chart. As a result, it may be easier for bears to pull down the cryptocurrency’s value over the next 24 hours, while it may be more difficult for buyers to boost its value over the same period.
While Solana price attempts to break through resistance, many experts recommend considering Sponge V2 as one of the best cryptocurrencies to buy.
SPONGE quickly rose in the bear market of 2023 and brought a 100-fold return to early investors, with a market value of up to $100 million.
The memecoin has since continued to rise, gaining 11,440% since its launch last year. Now, the team is offering investors who missed out on this huge growth opportunity a second chance by launching Sponge V2.
To ensure the success of the project, the SPONGE team has made a series of upgrades to the project ecosystem, including a play-to-earn racing game. In addition, there are several major exchange listing plans.
Additionally, SPONGE has migrated to the highly scalable Polygon blockchain network, making transactions with the memecoin cheaper for SPONGE token holders.
In light of all this, experts are urging investors to consider buying the memecoin before it hits major centralized exchanges. One such expert is Oscar Ramos, who told his 726,000 subscribers that he is bullish on SPONGE and sees huge upside potential.
Traders and investors have been rushing to buy Sponge V2 to get a head start before it is listed on top exchanges, as evidenced by the success of the memecoin’s presale, which has raised over $29 million.
To purchase Sponge V2, use USDT, ETH, or MATIC on the project’s official website.
SPONGE can be purchased here.
Related articles:
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