Solana Price Prediction: SOL Will Skyrocket 7% and This Solana Meme Coin Will Skyrocket 18% as New Listing Approaches

adminApril 16, 2024

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Solana price is up 7% in the last 24 hours. Traded for $154.36 As of 3:42 a.m. EST, trading volume had fallen 40% to $6 billion.

The price surge coincided with Solana developers releasing mainnet beta update version 1.17.31. This update is designed to address ongoing network congestion on the Solana blockchain, which has been exacerbated by the recent craze surrounding meme coins and a sudden influx of users.

The v1.17.31 release is now recommended for general use of the MainnetBeta validator. This release includes improvements to help alleviate persistent congestion on the Solana network.
— Solana Status (@SolanaStatus) April 15, 2024

The update, released on April 12, underwent three days of rigorous testing and is now recommended for general use in mainnet beta.

Solana price is poised for continued bullish momentum despite falling wedge

Solana price chart analysis Source: Tradingview.com — SOLUSD Chart Analysis Source: Tradingview.com

Solana prices surged tremendously in March, surpassing the $200 market last seen in 2021 when SOL hit an all-time high (ATH) of $259.96. However, the $211 and $204 targets are the hurdles SOL will have to clear to regain these highs.

In April, SOL moved lower and traded in a wedge pattern, reaching the $131 support level. The bulls used this level to reverse the price and are now trying to push it further by trading within the lower bound of the falling wedge.

Solana is trading below its 50-day and 200-day simple moving average (SMA), which is consistent with the downtrend at the previous resistance level of $204. Additionally, the 50-day SMA crossed below the 200-day SMA, forming a dead cross at $178.91, which may have triggered a retracement.

Additionally, the Relative Strength Index (RSI) is currently trading above the oversold zone around the 50 midline, indicating strong buying pressure. A continued buying frenzy from bullish investors could push the RSI into the 70 overbought zone, leading to a price rebound.

Solana price prediction

Solana price prediction shows that SOL is breaking out of a downtrend. The bulls are preparing for a price reversal that could push the price above the descending wedge, targeting $200.

A surging RSI shows buyer behavior and provides further bullish sentiments to optimistic investors.

However, SOL price is still trading below the dead cross, which could lead to a prolonged downtrend before SOL surges higher. In this case, if the bears apply more pressure from here, SOL could move back towards support around $140.

Meanwhile, other Solana investors are buying Smog, which hints at another centralized exchange (CEX) listing in the near future.

Smog surges in anticipation of new CEX listing

Solana Meme Coin continues to receive more attention as exchanges add it to their trading platforms.

smog One of the Solana MEM coins that has continued its remarkable journey of success since its listing on MEXC on April 4th. This makes tokens more accessible to investors. According to the team, the listing is likely to pave the way for another top exchange listing soon.

We are pleased to announce the following: @SMOGToken Kickstarter has ended $smog will be listed on #Mexico!
🔹Deposit: Open
🔹Innovation Zone SMOG/USDT Trading: 2024-04-04 09:00 (UTC)
Details: https://t.co/3ecyvrTv2n pic.twitter.com/kvgoFiYOib
– MEXC (@MEXC_Official) April 4, 2024

In the last 24 hours, Smog has surged 18% to trade at $0.112.

smog price chart

Smog received a lot of attention after concluding Season 1 of its massive airdrop campaign on April 3rd by giving away $1 million worth of prizes to investors.

Airdrop Season 2 is currently underway and is primarily focused on on-chain and trading activity.

The token boasts over 118,000 holders, boosting $SMOG’s market cap to $88 million and over 10.2 million quests completed on Zealy.

one #memecoin To rule them all! 🚀
Get ready for the best moment #airdrop Distributed in History #Solana. 💰
join #smog From Jilly! 🔥
Profile link 🔗 pic.twitter.com/vsn4p5cSF4
— Smog (@SMOGToken) February 8, 2024

$SMOG Stake, 42% Annual Rewards

There are also opportunities to earn passively by: $SMOG Staking Annualized Return (AY) is 42%.

Buy or Stake ERC-20 $smog #token Through our platform. 💰🐉
Staked tokens are securely locked for 90 days and rewards available for withdrawal at your convenience. 🔒💸
All tokens purchased through our service are automatically staked. 🔄
🔗https://t.co/8dPFpww1Ub
— Smog (@SMOGToken) February 22, 2024

According to Jacob Bury, a popular cryptocurrency YouTuber, Smog has the potential to skyrocket 100x upon launch.