Solana Price Prediction: SOL rises 6% as investors flock to surging new Solana meme coin challenging BONK, WIF, MYRO

adminFebruary 11, 2024

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Solana’s price has surged 6% over the past 24 hours, trading at $110.04 as of 11:50 PM ET, with volume surging 23%.

It comes amid a resurgence in the broader market, with the altcoin following BTC’s lead after a 3% rise.

From a technical perspective, Solana price appears poised for a breakout after breaking through major hurdles that have already limited the upside potential of the layer 1 (L1) token several times.

$SOL / $USD – update
There are no words… . pic.twitter.com/tq4aqjZtVq
— Crypto Tony (@CryptoTony__) February 9, 2024

With the Chinese Lunar New Year holiday, the market is also showing an upward trend. It is a special year that symbolizes strength based on Asian traditions.

“We are excited to welcome the Year of the Dragon,” said Anna Wong, local director of the Organization of Chinese Americans. “Because this is a very powerful and auspicious year,” she said. She said, “Everyone feels lucky in the Year of the Dragon.”

It’s Chinese New Year, not Lunar New Year.
It is the Year of the Dragon, not the Year of the Dragon.
… …
We hope everyone in Taiwan, China has a happy Spring Festival! https://t.co/SA8eC5Uzez pic.twitter.com/2FMspiSQrr
— Shanghai Panda (@thinking_panda) February 9, 2024

Amid this optimism, Solana prices and the overall market could rebound this weekend.

Solana Price Prediction as SOL Violates Order Resistance

Solana price broke above the $104.92 blockade, a critical barrier that had been rejected several times before. The recent violation suggests a continuation of the intermediate trend.

Supporting the upside potential, Solana price has strong downward support due to its 25-day, 50-day, and 100-day simple moving averages (SMAs) at the $98.27, $93.39, and $80.63 levels, respectively. The northward slant of this moving average shows that this is the path of least resistance.

A relative strength index (RSI) of 65 suggests strong price strength. This also shows that there is more room to the north before SOL is considered overbought. Unless an early profit book is made, adjustments may not occur soon.

Additionally, Moving Average Convergence Divergence (MACD) is also in positive territory. This strengthens the upside potential of Solana price. If MACD moves above the signal line (orange band), a bullish cycle is likely to occur.

If buyer momentum strengthens, Solana price could rise to the $120.00 level. An extended rise could allow SOL to regain its upper range of 126.36, a level last tested on Christmas Day.

Solana prices

TradingView: SOL/USDT 1-day chart

converse case

Conversely, if the profit book takes precedence, Solana price could fall below the important support level of $104.92. Lower, the layer 1 token is testing its 25-day SMA at $98.27. A close below this level invalidates the bullish argument. This could push SOL down to its 50-day SMA of $93.39.

In a severe case, Solana price could extend its decline towards the 100-day SMA of $80.63 or, in a worse case, fall towards the $75.47 support. Such a move would result in a 30% decline from current levels.

Meanwhile, Solana-based smog tokens are likely to benefit amid the hype surrounding the Chinese Lunar Year of the Dragon. This is because Smog’s dragon theme will appeal to the Asian cryptocurrency community.

Is smog a good consideration?

Smog took the cryptocurrency market by storm with the Jupiter decentralized exchange (DEX) equipped with a massive pump. We plan to be the mastermind behind all airdrop campaigns and build on the success of recent groundbreaking launches on Solana, including Myro, Bonk, and Dogwifhat.

Press Release 🚨
🐉 Next Massive #brush #memecoin Here
🔥 Introducing smog. Rule them all with one MEMECOIN! with the greatest #brush The best airdrop ever! ⬇️
🔗 Total Supply: 1,400,000,000
🚀 Launch Price – $0.001419
💸 Current price – $0.020945
⬆️ Last 24 hours – +926.64% 📈
🐉… pic.twitter.com/1s1rwHeq7c
— BITCOINLFG® (@bitcoinlfgo) February 8, 2024

With the goal of sparking breakthrough success with a powerful airdrop campaign, Smog will give token holders access to a professional cryptocurrency community. This group will help build the community support needed to create an unstoppable buzz within the meme coin space.

This comes with the promise and excitement of interactive, continuous, multi-airdrop campaigns that gamify the user experience.

Smog is likely to get a boost from Asian cryptocurrency investors in the coming weeks.

With Chinese New Year celebrations underway and 2024 set to be the Year of the Dragon, Smog holders benefit as the festive celebrations attract investors from vibrant Asian cryptocurrency markets looking to capitalize on the season’s lucky charm and the Dragon of Smog. You are in the perfect position to receive it. subject.

Armed with money from traditional “red packet” gifts, they feel good and are more likely than ever to invest their spare cash.

You can visit and purchase Smog here.