Solana Price and Meme Coins Surge
The Solana price has dropped 2% in the last 24 hours to trade for $98.85 as of 9:00 a.m. EST time, with trading volume rising 7%.
It comes at a time when Solana-based meme coins are trending, taking the baton from Bonk Inu (BONK). Now, MYRO and SILLY are the meme coin sensations on the SOL blockchain.
With Myro price rallying up to 775% on the month, Silly price is up 40% on the week. SILLY recently secured a listing on the HTX exchange, ranking among the exchange’s top gainers on Wednesday.
Solana Price Outlook With Emerging Hope For SOL ETFs
The Solana price remains within the confines of an ascending parallel channel. Nevertheless, it faces overhead pressure due to the midline of the bullish governing pattern and the supply zone that extends from $107.92 to $121.19. It comes after SOL flipped the descending trendline into a support.
Based on the outlook of the technical indicators, the odds favor the downside. For starters, the Relative Strength Index (RSI) is nose-diving, a sign that momentum is falling. If this trajectory sustains, the RSI could soon cross below the signal line (yellow band). Such a crossover is deemed a sell signal and is therefore bearish.
Converse Case
On the other hand, considering the RSI remains above 50, the price strength is still in the hands of the bulls. The position of the MACD in the positive territory reinforces this position.
On-chain Metrics Supporting Solana Price Bearish Outlook
Santiment data shows falling social volume and social dominance, pointing to reduced mentions of the SOL coin across crypto-related social media. This is relative to over 50 other projects.
Development activity has also dropped from 41.64 to 24.76 between January 12 and January 18, representing a 40% drop in less than a week. Also, the buying power of the whales is low at 50.836 relative to the 51.087 recorded on December 19. This is seen in the drop in the percentage of stablecoin total supply held by whales with more than $5 million.
Promising Alternative To Solana
LPX is the ticker for the Launchpad XYZ ecosystem, a consumer-focused project providing insights and analytics on all Web3 sectors. These are delivered through a well-crafted interface that brings Web3 to everyone.
Committed to meeting users at the heart of the next wave of Web3, Launchpad focuses on two core values – independence and decentralization. With this, it fosters safe usage of web3 while at the same time ensuring that users maximize their potential yield.
The Launchpad XYZ presale has raised more than $2.584 million. Investors can buy LPX now on the website, where each token sells for $0.0445. The presale ends in less than six days so do not miss out on this opportunity for affordable entry.
Hot Take: Solana Price and Meme Coins Surge While Hopes for SOL ETFs Emerge
The Solana price faces pressure and a bearish outlook. There are also promising alternatives to Solana, such as LPX from the Launchpad XYZ ecosystem, which is raising funds through a presale.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.