SOL is up 1.5% in the last 24 hours, with the Solana price hitting $168.17 on a day when the crypto market is struggling to move.
The coin’s rise also follows the news that Solana validators approved SIMD-0096, a proposal that will ensure validators retain 100% of priority transactions, as opposed to 50% going to a burn mechanism.
The overarching goal of this proposal is to make the Solana network more efficient, although so far this has only had a modest effect on SOL’s price.
Still, the coin remains up 18% in a month and up 720% in the year, with its continued momentum likely to lead to further rallies in the near future.
Solana Price Forecast As Validators Approve Major ‘SIMD-0096’ Proposal – What Does It Do?
With SIMD-0096 getting approval only a few hours ago, it appears that SOL has gained a bit more momentum than it had in the wee hours of the morning.
In particular, its price looks ready to break through its resistance level (red), which has also been converging towards the support level (green) in recent days, suggesting an incoming breakout.
If SOL can definitely rise above $170, we could see sustained gains by the end of the week.
Such a move seems more likely when looking at SOL’s relative strength index (press), which has gone from 40 a few hours ago to 60 at the time of writing.
The coin’s 30-day moving average (orange) also indicates increasing momentum, which looks poised to climb above the 200-day (blue), something that would also suggest a breakout.
As such, things are looking pretty good for SOL, which currently sees a trading volume of around $2.5 billion.
It’s not as big as it has been in recent weeks and months, but the flip side of its relative shallowness is that a big purchase could send the Solana price soaring.
And it’s possible that today’s news of the aforementioned approval could act as a catalyst for some big purchases.
This is called a side issue. Side deals are not inherently bad, but we want to bring them into protocol.
— CANTELOPEPEEL (@CantelopePeel) May 24, 2024
As developers have explained on X and elsewhere, one of SIMD-0096’s main functions is to reduce the incentive to process side transactions and transactions off the main Solana network.
The proposal helps achieve this by providing validators with 100% of any priority fee, as opposed to 50%.
Other updates will be needed to build on this, but the ultimate effect will be to make the Solana network more efficient over time.
And combined with an increasingly bullish market, we could see the Solana price reach $200 in the next few weeks.
High Potential Presale Tokens Offer Huge Returns
While Solana remains one of the biggest tokens in the market after BTC and ETH, it is not the only option for traders looking for above average returns.
One potentially faster way to profit is to look at one of the new meme tokens currently holding their pre-sales and attracting investors.
A good example of this is Sealana (SEAL), a Solana-based meme token that raised over $3.1 million in its crowdsale.
#Sealana isn’t slowing down anytime soon! 🔥Along with his companions he is out here finishing what @realDonaldTrump started! 🦭💪Send $SOL to clear the swamp 🏞️ and make #Memecoins great again. 🚀💰Once the swamp clears, it’s Lambos 🚗, Massive Gains 📈and Freedom all the way!!!… pic.twitter.com/vFMEaRZWKW
— Sealana (@Sealana_Token) May 27, 2024
Aiming to become the next WIF or BONK, Sealana adopted a Trump vote, all-American seal as his meme.
So far, this meme seems to be doing a good job of attracting attention and investors, and helping Sealana build a sizable online community.
One sign of this comes from his official X account, which currently reaches over 6,500 followers.
Given that Sealana only debuted a few weeks ago, this is strong growth, and suggests that the coin could do very well once it lists.
Also helping will be the fact that it has also launched an Ethereum version of its token, making it a multi-chain and increasing its pool of potential users and investors.
While the sale ends in a few weeks, latecomers can still join by visiting the official Sealana website.
They can buy Sealana at a conversion rate of 1 SOL for 6,900 SEAL, which currently equates to around $0.025.
Such a price could be a bargain once Sealana lists, potentially becoming the next big Solana-based meme coin.
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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While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
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