The Solana price has gained 10% in valuation today, with the SOL price moving to $137.28 as the cryptocurrency market as a whole posts a 2% increase in 24 hours.
This move comes after a bad start to the week for the entire market, with SOL still down by 5% in the last seven days and by 23% in a month.
However, the coin still sits on a 525% appreciation in the past year, and with it retaining plenty of medium- and long-term momentum, today’s recovery could easily continue over the next few days.
Solana Price Prediction as SOL Gains 10% Overnight — Is It Time to Load Up?
Looking at Solana’s technicals, it’s initially hard to decide whether it’s going to come back down again or will see further rises in the near term.
On the one hand, SOL’s relative strength index (purple) has touched 70 – an overbought position – and looks as though it has begun declining.
Source: TradingView
On the other hand, the coin’s 30-day average (orange) still hasn’t climbed over its 200-day (blue) yet, meaning that the token still has time for more gains before it becomes decidedly overbought.
One thing that’s particularly positive about SOL’s chart today is that its trading volume has risen to $5 billion, up from only $2 billion a couple of days ago.
In other words, there’s clearly a lot of demand to buy Solana at the discount offered by the recent downturn, with the alt still remaining the second-most popular alt among digital funds (behind Ethereum).
The past 24 hours have also seen some very significant transfers, with one unknown wallet sending nearly $200 million in SOL to another unknown wallet in the past couple of hours.
1,499,999 #SOL (199,509,099 USD) transferred from unknown wallet to unknown wallethttps://t.co/Hjmo4fe3UQ
— Whale Alert (@whale_alert) May 2, 2024
SOL’s fate in the near term depends on the wider market, which appears to have bottomed out after this week’s big fall but could still have a few more wobbles before returning to sustained growth.
Part of the reason for market pessimism is that the Federal Reserve doesn’t look like it will cut rates anytime soon, having kept them where they were yesterday.
Yet the expectation remains that rates will be cut later in the year, at which point the market will see more obvious joy.
This will help the Solana price, which could hit $150 in a few weeks and $200 by the end of the summer.
New Altcoins for New Rallies
Traders may not be overjoyed about having to wait several months for a big SOL rally, yet numerous newer tokens do have the potential to beat the market over a shorter time span.
This includes several presale tokens, which can often rally big when listing, as a result of generating momentum during their sales.
One of the newest and most interesting of these is Sealana (SEAL), a Solana-based meme coin that has just launched its token offering.
Despite opening its sale only yesterday, it has already raised more than $100,000.
Source: sealana.io
This is a strong sign that investors are already taking a shine to Sealana, which is aiming to become the latest Solana meme token to storm the charts.
It has adopted the ever-lovable seal as its meme mascot, with the Sealana character styled as a somewhat oafish trader who happens to make some big profits trading.
Traders can purchase some as part of its sale by going to the official Sealana website, where they can send SOL to the following address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c
Send SOL to – DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c
Or, purchase through the https://t.co/uKsMoz55L2 #Presale website!
— Sealana (@Sealana_Token) May 1, 2024
SEAL is available at an exchange rate of 1 SOL for 6,900 SEAL, which works out to around $0.0199 at current prices.
Buyers will receive the tokens they purchased via the coin’s airdrop, which will happen when the sale ends.
And from there, Sealana will list on exchanges, where it could follow in the footsteps of DogWifHat and potentially moon.
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