Solana Price Prediction as SOL Bounces Back Above $100 – New Highs Incoming?

Ad

THIS GREEN AI CRYPTO IS SELLING OUT FAST!
BUY $TUK NOW!
Crypto News
Cryptonews Price Predictions Solana Price Prediction as SOL Bounces Back Above $100 – New Highs Incoming?
Solana Price Prediction as SOL Bounces Back Above $100 – New Highs Incoming?
Simon Chandler
Simon Chandler
Last updated: February 26, 2024 07:24 EST | 3 min read

Solana price chart.
Source: Midjourney
The Solana price has barely moved in the past 24 hours, sticking to $102 as the market as a whole also records a 0% change in the past 24 hours.

SOL’s inactivity today comes after it rose back above $100 after it dropped below this all-important level during the weekend, with the altcoin down by 9% in a week.

On the other hand, SOL has held onto an 11% rise in the past month, not to mention a highly impressive 340% appreciation in the past year.

And with its price quickly recovering after the weekend’s dip, it’s clear it has enough medium- and long-term momentum to push into future gains.

Solana Price Prediction as SOL Bounces Back Above $100 – New Highs Incoming?
Based on an inspection of its chart and indicators, it still seems like SOL remains in the middle of a minor correction, and may come down further before it returns to bullish growth.

Its 30-day average (yellow) has been sliding slightly over the past week or so, and given that its current price has fallen below this average, it should come down further in the next few days.

Solana price chart.
Source: TradingView
Also pointing to incoming losses is SOL’s relative strength index (purple), which has fallen below 50 in recent days and is on its way to 40.


Even if SOL does drop below $100 again, its support level (green) has been pretty strong in recent weeks, and should prevent steep declines (such as below $95).

Part of the reason why SOL has struggled in the past couple of weeks is that institutions and funds have left it alone recently.

In fact, the most recent CoinShares Digital Asset Funds Flows report shows that fund flows for SOL were actually negative in the past week, declining by $3 million.

Do funds know something the rest of the market doesn’t, or have they simply been taking profits?

Well, they may be reacting to Solana’s unexpected outage earlier this month, although given how SOL has outperformed in the past couple of months, profit-taking is probably more plausible as a motive.

🔍 In our latest #21SharesResearch, we delve into the recent Solana outage. Despite a 5-hour halt due to an ‘infinite recompile loop’, Solana’s quick recovery and subsequent 11% week-over-week AuM surge to $1.86B shows the resilience of the network and the unwavering confidence… pic.twitter.com/vlcHsRhZhp

— 21Shares (@21Shares) February 19, 2024

Either way, SOL is likely to make a recovery soon, helped by Solana’s ongoing growth as a platform (despite the aforementioned isolated outage), with its network accounting for $2 billion in total value locked in.

The Solana price could reach $150 by the end of spring, before reaching $200 in the latter parts of the year.

New High-Potential Alts for Market-Beating Rallies
SOL undoubtedly remains one of the most promising major alts in the market, but it certainly doesn’t exhaust the opportunities that traders can find in the market right now.

Some promising opportunities reside with smaller cap tokens that have just begun to list, with one of the most interesting being the Solana- and Ethereum-based meme token Smog (SMOG).

Listing a few weeks ago on the Jupiter and Birdeye DEX aggregators, SMOG has

Since listing, it has risen by over 3,500%, holding onto the bulk of its early gains, unlike the vast majority of new meme coins.

SMOG price chart.
Source: Birdeye/TradingView
What’s interesting about SMOG – and the main reason why it has remained stable – is that it uses a bullish airdrop system that motivates long-term holding.

It has allocated 35% of its overall supply (1.4 billion SMOG) to a series of regular airdrops, which reward participants according to how many SMOG tokens they hold.

SMOG has other bullish features, including a staking system that provides a yield of 42% APY.

It also runs ‘quests’ that invite holders to complete various tasks, earning themselves extra SMOG by joining the coin’s social media channels or inviting new members, for example.

Have a few minutes to spare? ⏳

Not sure how to fill the time? 🤔

Only one thing on your mind? 🐲

🚀 Fly into #SMOG Quests on #Zealy! ⬇️https://t.co/3EQxvQwsw3#Crypto #Memecoins #Altcoins #Web3 #Binance #Sol

— SMOG (@SMOGToken) February 25, 2024

As with most other meme tokens, SMOG will live or die by the size of its community, so it’s encouraging to find that its X account now has 28,000 followers.

This is an early sign of just how big it could grow in the coming months, with investors able to buy the token at the official Smog website or by trading it on Jupiter or Birdeye.

More trading platforms and exchanges are likely to follow soon, propelling SMOG to higher levels.

Buy SMOG Here

Follow Us on Google News
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Price Prediction SOL Solana
Most Popular
6 days ago • Bitcoin News
These 3 US Presidents Would Have Bought Bitcoin: Historian
6 days ago • Altcoin News
Ethereum Likely The Only Spot Crypto ETF To Be Approved After Bitcoin: Bernstein
6 days ago • Altcoin News
Study Suggests Emoji Sentiment Correlates with Crypto Market Performance
6 days ago • Altcoin News
Investor Trust in Exchange Tokens Sees Resurgence, Overcoming FTX Scandal Shadows
6 days ago • Blockchain News
Car Buyers in China Now Can Pre-Pay with Digital Yuan Smart Contracts
3 days ago • Altcoin News
Crypto Billionaire Arthur Hayes Unveils 8 Altcoins Set for a ‘Bull Rally’
A quick 3min read about today's crypto news!

Enter your email for our Free Daily Newsletter
Email
Sign Up
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Similar News
Upcoming Solana Airdrop: Real-Estate Exchange Parcl Announces PRCL Token Launch
3 hours ago Altcoin News
Upcoming Solana Airdrop: Real-Estate Exchange Parcl Announces PRCL Token Launch
Bonk Price Prediction as Trading Volume Shoots Past $50 Million – BONK Making a Return?
3 hours ago Price Predictions
Bonk Price Prediction as Trading Volume Shoots Past $50 Million – BONK Making a Return?
Solana Price Prediction as SOL Drops Below $100 Support – Here’s the Next Level to Watch
2 days ago Price Predictions
Solana Price Prediction as SOL Drops Below $100 Support – Here’s the Next Level to Watch
Bonk Price Prediction as BONK Market Cap Falls to $750 Million – When is the Next Rally?
3 days ago Price Predictions
Bonk Price Prediction as BONK Market Cap Falls to $750 Million – When is the Next Rally?
cryptonews cryptonews
Enter your email for our Free Daily Newsletter
A quick 3min read about today's crypto news!

Email
Sign Up
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Terms & Conditions About Us Privacy Policy Disclaimer
Have a Story? Advertising
The information on this website is for educational purposes only, and investing carries risks. Always do your research before investing, and be prepared for potential losses.

18+ and Gambling: Online gambling rules vary by country; please follow them. This website provides entertainment content, and using it means you accept out terms. We may include partnership links, but they don't affect our ratings or recommendations.

Crypto promotions on this site do not comply with the UK Financial Promotions Regime and are not intended for UK consumers.

Popular Crypto
Bitcoin & Crypto
iGaming
About
© 2024 Cryptonews. All rights reserved
Crypto News
Cryptonews Price Predictions Solana Price Prediction as SOL Drops Below $100 Support – Here’s the Next Level to Watch
Solana Price Prediction as SOL Drops Below $100 Support – Here’s the Next Level to Watch
Arslan Butt
Arslan Butt
Last updated: February 24, 2024 04:19 EST | 2 min read

Solana

Solana (SOL) price action remains a focal point for investors, with the asset trading at around $101.85 and a volume of $1.5 billion over 24 hours.

Amidst market fluctuations, Solana’s valuation stands resilient, holding a market cap of roughly $44.93 billion, ranking it fifth on CoinMarketCap.

The Solana price prediction hinges on whether it can maintain the $98.60 support level, setting a critical juncture for its future trajectory in the dynamic cryptocurrency landscape.

Solana Price Prediction
The critical pivot point for SOL/USD is observed at $98.60, a level which, if upheld, could steer Solana away from bearish territory. Immediate resistance is encountered near $105.97, with further barriers at $110.54 and $114.74.

On the downside, support levels are placed at $94.24 and $89.36, with an additional potential floor at $85.51.

Solana Price Chart
Solana Price Chart
The Relative Strength Index (RSI) presently stands at 42, hinting at a bearish momentum as it sits below the midline of 50. This could indicate that sellers currently have the upper hand in the market.


However, the emergence of a Doji candle at the support level of $98.60 signals a potential reversal in this sentiment. Should Solana sustain above this level, a shift to bullish momentum could be triggered.

🔮 #Solana Price Prediction Update 🔮 Key pivot for #SOLUSD is $98.60. Holding above could shift trend from bearish to bullish. Watch resistance at $105.97, $110.54, $114.74 and support at $94.24, $89.36. RSI suggests seller's market, but Doji candle hints at potential reversal. pic.twitter.com/WDuA0FnQP2

— Arslan Ali (@forex_arslan) February 24, 2024

The 50-day Exponential Moving Average (EMA) at $107.25 further cements the significance of the current price movements.

A recent downward trendline breakout at $110.50 and the fall below the $105.80 level have initiated a sharp selling trend, but the current support has brought a pause to the decline, introducing the possibility of a rebound.

Solana Market Analysis and Forecast
The technical patterns suggest that Solana is at a crossroads, with its next move highly contingent on the market’s response to the $98.60 support level.

A breach below this point could lead to an extension of the selling trend towards the lower supports at $94.25 and potentially down to $89.36.

Conversely, maintaining above $98.60 could invalidate the bearish outlook and set the stage for a recovery towards the immediate resistance levels.

Conclusion: The overall trend remains cautiously bullish above $98.60.

Unveiling $SMOG: Stake Now for Exclusive Rewards and Airdrop Access
$SMOG is revolutionizing tokenomics with an epic airdrop on the Solana blockchain. Allocations are set: 50% for marketing, 35% for airdrop rewards, 10% for CEX launches, and 5% for DEX liquidity.

The roadmap delineates a captivating journey, starting with foundational steps like website development and token deployment, to ambitious goals like achieving social dominance and crowning itself as the SOL King.

Each phase is meticulously crafted to enhance community engagement and expand $SMOG’s footprint across the digital landscape.

Join the journey from token launch to becoming the SOL King, with community engagement and expansion at the forefront.

How to Participate:

Buy $SMOG on Birdeye using Solana wallets.
Ethereum users can purchase via OTC and look forward to staking options.
Sign up for the airdrop on Zealy and complete tasks to earn points.
Be part of the $SMOG story for rewards and innovation in crypto.

Visit SMOG Now
Follow Us on Google News
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Solana
Most Popular
6 days ago • Bitcoin News
These 3 US Presidents Would Have Bought Bitcoin: Historian
6 days ago • Altcoin News
Ethereum Likely The Only Spot Crypto ETF To Be Approved After Bitcoin: Bernstein
6 days ago • Altcoin News
Study Suggests Emoji Sentiment Correlates with Crypto Market Performance
6 days ago • Altcoin News
Investor Trust in Exchange Tokens Sees Resurgence, Overcoming FTX Scandal Shadows
6 days ago • Blockchain News
Car Buyers in China Now Can Pre-Pay with Digital Yuan Smart Contracts
3 days ago • Altcoin News
Crypto Billionaire Arthur Hayes Unveils 8 Altcoins Set for a ‘Bull Rally’
A quick 3min read about today's crypto news!

Enter your email for our Free Daily Newsletter
Email
Sign Up
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Similar News
Solana Price Prediction as SOL Bounces Back Above $100 – New Highs Incoming?
2 hours ago Price Predictions
Solana Price Prediction as SOL Bounces Back Above $100 – New Highs Incoming?
Upcoming Solana Airdrop: Real-Estate Exchange Parcl Announces PRCL Token Launch
3 hours ago Altcoin News
Upcoming Solana Airdrop: Real-Estate Exchange Parcl Announces PRCL Token Launch
Solana Price Prediction as Daily Trading Volume Pumps Past $2 Billion – Are Whales Buying?
3 days ago Price Predictions
Solana Price Prediction as Daily Trading Volume Pumps Past $2 Billion – Are Whales Buying?
Helius Secures $9.5M Series A Funding to Boost Solana-Based App Creation
4 days ago Blockchain News
Helius Secures $9.5M Series A Funding to Boost Solana-Based App Creation
cryptonews cryptonews
Enter your email for our Free Daily Newsletter
A quick 3min read about today's crypto news!

Email
Sign Up
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Terms & Conditions About Us Privacy Policy Disclaimer
Have a Story? Advertising
The information on this website is for educational purposes only, and investing carries risks. Always do your research before investing, and be prepared for potential losses.

18+ and Gambling: Online gambling rules vary by country; please follow them. This website provides entertainment content, and using it means you accept out terms. We may include partnership links, but they don't affect our ratings or recommendations.

Crypto promotions on this site do not comply with the UK Financial Promotions Regime and are not intended for UK consumers.

Popular Crypto
Bitcoin & Crypto
iGaming
About
© 2024 Cryptonews. All rights reserved