The Latest on Solana Price
You can witness the Solana price’s remarkable 4% surge, taking it to $105.85 with a 12% increase in trading volume to $2.37 billion.
This recovery comes after a week of consistent declines thanks to bearish influences on the market. The trend reversed on February 7.
The inflation of meme coin activity on Solana’s blockchain is likely one of the main contributors to the recent price surge, driven by the launch of meme coin stars like Bonk (BONK), Honk (HONK), Dogwifhat (WIF), Myro (MYRO), Doginphire (FIRE), and Smog (SMOG).
These meme coin sensations have sparked enthusiasm and driven Solana’s transaction volume to a one-year high.
Predicting Solana’s Price Trajectory
While the hope for a major industry-wide bull run may cause SOL to surpass the resistance at $105 and revisit its all-time high, immediate prospects are uncertain. Technical indicators such as the coin’s Relative Strength Index (RSI) suggest imminent rejection from the $105 resistance.
In the past, the RSI score touched 70 but swiftly declined, indicating that it had reached the overbought range and traders had quickly cashed out. The Bollinger bands hint at a strong resistance at $105.
SOL still has robust support at $100, which could save it from breaching the $105 resistance. It is unlikely the resistance will be breached without a substantial catalyst.
Alternatives to Solana
Sponge V2 (SPONGE) is a viable alternative with the potential to rival Solana and its meme coin stars.
SPONGE V1 was succeeded by Sponge V2, with the project team aiming to make the new version bigger and better. Tokens can be bought with ETH and USDT, and V1 tokens can be staked for V2 rewards.
Staking Sponge V1 or V2 could enable further rewards, and the project is working on launching a Play-to-Earn game for additional token rewards.
Closing Words on Solana and Viable Alternatives
Consider monitoring the chances of SOL breaching the resistance at $105, but also keep an eye on promising initiatives like Sponge V2. As the market shows neutrality, the fate of SOL in the coming days and weekend will likely remain at a standstill.
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