Solana (SOL) has surged by 8% in the past 24 hours, reaching a price of $153.37. The wider crypto market has also seen a 2.5% increase over the same period. While SOL has experienced a 10% increase in the past week, it remains down by the same percentage over the past month due to a bearish period for the market. However, today’s jump in price and trading volume of $2.8 billion may indicate a short-term turning point for SOL, suggesting that it could be ready to make another significant move in the coming days as the market looks to recover from negativity.
SOL’s chart indicates a strong position today with all indicators pointing towards a short-term growth phase. The relative strength index is high, suggesting increasing buying pressure that could continue for a few more days. Additionally, Solana’s moving averages are on the rise, with resistance and support levels converging, indicating a potential big move. However, a massive quantity of Solana worth $1.5 billion was transferred from one unknown wallet to another in the past day, which could impact SOL’s price in the upcoming days, especially as failed exchange FTX is liquidating its assets to repay creditors.
While SOL’s prospects look strong in the longer term, with a total value locked in its network of $4.15 billion, traders should be prepared for potential fluctuations in the medium term due to FTX’s supply hitting the market. As such, some traders may consider exploring other coins for above-average gains. For example, presale tokens like Sealana (SEAL), a Solana-based meme coin aiming to outperform the market, have gained momentum and could offer significant upside potential. SEAL is launching on Ethereum, making it a multi-chain meme coin with wider application. Traders can join the sale by purchasing SEAL using SOL at a rate of 1 SOL for 6,900 SEAL, which is approximately $0.02 at current prices.
Solana’s strong usage as the network of choice for new meme tokens is expected to continue boosting its price over time, with predictions indicating that it could reach $200 in the next couple of months. The rise of new meme tokens such as Sealana and their potential for significant surges suggest a positive outlook for Solana in the meme coin sector. Despite potential challenges from FTX’s supply hitting the market, Solana’s network fundamentals remain solid, supporting its growth trajectory. It is essential for investors to conduct thorough research and exercise caution when investing in cryptocurrencies, as the asset class carries high risk and the potential for significant losses.
