Solana Price Prediction: While SOL surged 18% in one week, this new Solana meme coin rose 48% in 24 hours. – New Bonk?

Solana prices pumping It has traded up 18% over the past seven days at $118 as of 9 a.m. as investors scramble to buy the altcoin.

Solana price challenges resistance

SOL/USDT 4-hour chart (Source: TradingView)

that much Solana The price rebounded from the $110 support level over the past 24 hours, with subsequent higher highs and higher lows forming a positive price channel. If this bullish momentum continues, SOL may soon attempt to challenge the $118 barrier. A 4-hour candle above this important price range could provide the foundation the cryptocurrency needs to rally towards the subsequent resistance level of $125 in the coming days.

This bullish argument could be invalidated if Solana price is rejected by the $118 resistance level in the next 24 hours. In this alternative scenario, SOL could consolidate between $110 and $118 or retest the $110 support. First of all, there is enough selling pressure. Solana With the price potentially reaching $110, there is a risk of it falling below the key mark. This could expose it to the risk of a plunge to the subsequent support level of $100 in the coming days.

Bullish trends could continue to push Solana prices higher

Technical indicators on SOL’s 4-hour chart suggest that Solana price may continue to rise over the next 48 hours. Both Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators are showing strength.

The MACD line recently crossed the MACD signal line, triggering a major bullish technical signal. Additionally, the former is surpassing the latter. This could be a sign that SOL’s near-term positive trend is getting stronger.

Additionally, buyers appear to have an advantage over sellers as the RSI line is above the simple moving average (SMA) line. Similar to MACD and MACD signal line, RSI is also breaking above the SMA line. Traders can see this as a sign that the bulls are getting stronger against the bears.

While Solana price attempts to overcome resistance, new meme coin smog The price of Solana blockchain has surged more than 48% in the last 24 hours.

The Latest Addition to the Solana Meme Coin Family

Smog is the latest meme coin to enter the Solana meme coin space and aims to repeat the success of its predecessors including Bonk, Honk, Myro, and Dogwifhat. To increase the altcoin’s chances of becoming the next best meme coin, the team predicted that it would be the greatest airdrop in history.

Although the specific details of this airdrop have not been revealed, the token economics of the project suggest that this could be one of the largest airdrops the cryptocurrency space has ever witnessed. A whopping 35% of the token supply has been reserved for the project’s airdrop campaign.

Smog could soar in the Year of the Dragon

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

2024 is the Year of the Dragon, marking the beginning of the Chinese New Year. This aligns perfectly with Smog’s dragon-themed branding, which is likely to attract the attention of the Chinese community around the world.

To purchase Smog, visit the official website. here.

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