Solana Price Prediction as SOL Rises 7.8% on $2.8 Billion Volume – Are Whales Buying Before $1,000?

Last updated: May 10, 2024, 8:03 a.m. EDT | 3 minutes of reading

SOL jumped 8% today, with the Solana Prize reaching $153.37 as the broader crypto market gained 2.5% in the past 24 hours.

The altcoin is also up 10% in the past week, although it remains down by that percentage month-over-month, following a bearish period for the overall market.

Still, it appears that today marks a short-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 the negativity.

Solana Price Prediction as SOL Rises 7.8% on $2.8 Billion Volume – Are Whales Buying Before $1,000?

The SOL chart is in a strong position today, with its indicators all signaling a short-term growth phase.

Its Relative Strength Index (purple) touched 70 earlier this morning and remains elevated, suggesting that buying pressure is increasing again and could persist for a few more days.

Source: TradingView

SOL’s 30-day moving average (orange) is also rising, after surpassing the 200-day average (blue) last night.

It is also worth noting that Solana’s resistance (red) and support (green) levels are converging towards each other, indicating a significant move ahead.

However, last day, a massive amount of Solana – worth around $1.5 billion – was seen. transfer from one unknown wallet to another.

Given the failure of the exchange FTX is liquidating its existing assets in order to repay its creditorswe could 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, given that a large part of the stock market supply finds itself blocked.

Nonetheless, traders should keep in mind that SOL could experience fluctuations in the medium term, although FTX may release its supply so regularly that it will not have much effect.

Regardless, Solana’s prospects continue to look strong in the long term, with the coin’s network representing a total value blocked of $4.15 billion.

It also continues to see strong usage as the network of choice for new meme tokens, which is likely to continue to increase the price of Solana over time.

The latter could therefore reach $200 in the coming months, before testing its ATH towards the end of the year.

New Meme Coins Offer Big Upside Potential

Since SOL could suffer from FTX’s redemption plan, some traders may prefer to look to other coins for above-average gains.

One option is to consider the wide variety of presale tokens which have emerged in recent weeks and which are gaining momentum as they prepare to be listed.

A good example of such a token is Sealana (SEAL), a coin based on Solana which raised just over $350,000 in its recently opened offering.

Source: Sealana

Given that the sale has not been open for long, this figure is an encouraging sign, as it shows growing interest in the token.

As a token, Sealana chose an anthropomorphic seal as her meme of choice, with her particular character dreaming of leaving the working world via commerce.

He aims to become the last Solana meme token to enjoy massive increases and outperform the market, following in the footsteps of tokens such as WIF and BONK.

It will also launch on Ethereum, making it a rare example of a multi-chain coin, while giving it wider application.

Investors can participate in its sale by going to Sealana official websitewhere they can purchase SEAL by sending SOL to the following address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.

SEAL is available for 1 SOL for 6,900 SEAL, which equates to approximately $0.02 at today’s prices.

Time will likely show that this is a very cheap price, and SEAL looks set to rise sharply once listed on the stock exchange.

Buy SEAL today

Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.

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