SOL is up 8% today, with the Solana price hitting $153.37, as the broader crypto market is up 2.5% in the past 24 hours.
The altcoin is also up 10% in the past week, although it remains down by this percentage in a month, following a bearish period for the market as a whole.
Still, today appears to be a near-term turning point for SOL, which saw its 24-hour trading volume reach $2.8 billion today.
This level is a sign that it could be ready to make another big move in the coming days as the market looks to shake off negativity.
Solana Price Forecast as SOL Up 7.8% on $2.8B Volume – Are Whales Buying at $1,000?
SOL’s chart is in a strong position today, with its indicators all pointing to a short-term growth phase.
Its relative strength index (press) touched 70 earlier this morning and remains high, suggesting that buying pressure is building again and may remain for a few more days.
SOL’s 30-day moving average (orange) is also rising, having risen above the 200-day average (blue) last night.
Also interesting is the fact that Solana’s resistance (red) and support (green) levels are converging on each other, indicating a major incoming move.
However, in the past day, a massive amount of Solana – worth around $1.5 billion – has been transferred from one unknown wallet to another.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 11,000,000 #SOL (1,565,733,797 USD) transferred from an unknown wallet to an unknown new wallethttps://8.Kjd
— Whale Alert (@whale_alert) May 8, 2024
Given that failed exchange FTX is liquidating its existing assets to pay back creditors, we may therefore see the Solana price take a hit in the coming days.
Exactly when and how quickly FTX’s Solana will hit the market is uncertain, as so much of the exchange’s supply finds itself in the crossfire.
However, traders should note that SOL can be a bit up and down in the medium term, although FTX can release its supply in such a steady manner that it doesn’t have much of an effect.
Either way, Solana’s prospects still look strong in the longer term, with the coin’s network accounting for a total value of $4.15 billion.
Solana onchain volume averaging around $1b per day during this turbulent environment is a good sign.
the real fun should start above $2 billion per day.
coins that keep putting out memes + building the community should all be solid choices. pic.twitter.com/kVXWeKSHfT
— Ninja (@Ninjascalp) May 9, 2024
It has also continued to witness strong usage as the network of choice for new meme tokens, something that will likely continue to increase the Solana price over time.
So the latter could reach $200 in the next few months, before testing its ATH by the end of the year.
New Meme coins offer huge upside potential
Since SOL may suffer due to FTX’s refund plan, some traders may prefer to look at other coins for above average profits.
One option is to use the wide variety of presale tokens that have emerged in recent weeks and are gaining momentum as they prepare to list.
A strong example of such a token is Sealana (SEAL), a Solana-based meme coin that raised just over $350,000 in its recently opened offering.
Since the sale has not been open for long, this figure is an encouraging sign as it shows increasing interest in the token.
As a sign, Sealana took an anthropomorphic seal as a meme of choice, with his particular character having dreams of leaving the world of work through trade.
It aims to become the latest Solana meme token to enjoy massive rallies and outperform the market, following in the footsteps of tokens like WIF and BONK.
It will also launch on Ethereum, making it a rare example of a multi-chain meme coin, while also giving it wider application.
Investors can join his sale by going to the official Sealana website, where they can buy SEAL by sending SOL to the following address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.
SEAL is available at a rate of 1 SOL for 6,900 SEAL, which converts to about $0.02 at today’s prices.
#Sealana is on his hog hitting the drive thru for his 4x Big Mac fix. But his hunger is insatiable! Only $SOL can keep this seal fat and ready for EPIC PROFITS and LAMBO dreams. Load him up for a ride to success! 🍔💸🏎️
Send SOL to – DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c… pic.twitter.com/lq8lxfR6cB
— Sealana (@Sealana_Token) May 5, 2024
Time will likely show that this is a very cheap price, with SEAL looking good to rise strongly once it lists.
Buy SEAL Today
Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and is not investment advice. You can lose all your capital.
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