SOL Pumps 17% as Experts Say This New Meme Coin Could Outperform PEPE, SHIB, BONK and WIF

adminMarch 1, 2024

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Solana’s price has surged 17% in the past 24 hours, trading at $130 as of 4:45 a.m. ET, while trading volume has surged 220% to $7.57 billion.

Solana’s new price surge comes amid a market-wide bull run led once again by Bitcoin. The world’s oldest cryptocurrency was on the rise after surpassing $64,000 yesterday.

Bitcoin’s market dominance has led to altcoins taking over, which has also caused the price of SOL to soar. However, Bitcoin still has a long way to go as it stopped about $5,000 short of ATH while SOL has now reached 50% of ATH.

This is why many analysts believe the coin has much more room left to grow. Encouraged by expectations of further growth, traders began buying, which led to an increase of more than 220% in the coin’s daily trading volume.

Solana price prediction

SOL price rose to $130 as part of a new rally, but this level appears to be acting as strong resistance preventing further upside. Of course, given that SOL is surging as part of a broader cryptocurrency rally led by BTC, the reason for the price increase comes from fundamental rather than technical factors.

Nonetheless, many traders believe that technical analysis can provide hints about what will happen next. Some technical signals now suggest that SOL is likely to undergo a minor correction. One of the most commonly used signals to predict price performance is the Relative Strength Index (RSI), with coins moving deep into overbought territory in the last 24 hours.

RSI reached 76.71 this morning and has since fallen to 65.52, but is still well above the neutral zone. However, this only suggests that traders are continuing to buy, and while some appear to have seized the opportunity to take profits, many seem confident that SOL will continue to grow.

In other words, a high RSI level is usually a sign that prices may move lower in the future, but this is not necessarily the case when a major rally like this pushes prices higher.

Solana prices

On the other hand, the Bollinger Bands remain extremely wide, which is another bullish signal. SOL price is starting to struggle near the $130 resistance level, but if the price stays close to this level or if buying pressure continues to grow, a violation of this is likely.

Alternatively, if the bulls decide to pull back, SOL price has several strong support levels including $125, $120, and $110 which have strong potential to prevent the price from falling too deep.

A promising alternative 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 confident that the project can outperform PEPE, as well as SHIB, BONK, and even WIF.

Frog Wif Hat describes itself as a project that:“Choose a scene where animal attacks are common.”

The Frog Wif Hat wears Le Veret, a staple of French culture. Always carrying a baguette, often grumpy or drunk, often chain-smoking, he displays a deep contempt for Americans, the most volatile toads of ‘e’s cryptocurrency.

The project has laid out a fairly detailed roadmap, and the team has announced plans to connect it to Solana via Portalbridge once the roadmap reaches Phase 2. In doing so, they will open FWIF to the second largest meme coin community in the world. The entire cryptocurrency sector.

Currently, the token can be purchased on Uniswap, where it can be purchased in exchange for ETH, USDT, USDC, and almost every cryptocurrency supported by the Ethereum largest DEX.

All you need to purchase it is your MetaMask wallet. Given the community’s interest in this, it’s likely that many will do so. Especially now that the cryptocurrency industry is seeing a massive rally across the markets.

Visit FWIF here.

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