Solana Price Prediction as Validators Approve Major “SIMD-0096” Proposal – What Does It Do?

Last updated: May 28, 2024 at 7:31 a.m. EDT | 3 minutes of reading

SOL gained 1.5% in the last 24 hours, with the Solana Prize reaching $168.17 on a day when the crypto market is struggling to move.

The coin’s rise also follows the announcement that Solana validators approved SIMD-0096a proposal that will see validators retain 100% of priority transactions, instead of 50% going to a burn mechanism.

The overarching goal of this proposal is to make the Solana network more efficient, although it has had only a modest effect on the price of SOL so far.

Still, the coin remains up 18% in a month and 720% in a year, and its continued momentum is likely to result in further rallies in the near future.

Solana Price Prediction as Validators Approve Major “SIMD-0096” Proposal – What Does It Do?

With the approval of SIMD-0096 only a few hours ago, SOL seems to have gained a little more momentum than in the early morning.

In particular, its price seems ready to break through its resistance level (red), which has also converged towards the support level (green) in recent days, suggesting an imminent breakout.

If SOL can decisively move above $170, then we could see sustained gains towards the end of the week.

Source: TradingView

Such a move seems more likely when considering SOL’s Relative Strength Index (purple), which rose from 40 a few hours ago to 60 at the time of writing.

The coin’s 30-day average (orange), which looks poised to surpass 200 days (blue), also indicates intensifying momentum, which also suggests 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 downside to its relative superficiality is that a large purchase could send Solana’s price through the roof.

And it’s possible that today’s announcement regarding the aforementioned approval could serve as a catalyst for significant purchases.

As the developers have explained on

The proposal helps achieve this by providing validators with 100% of any priority fees, instead of 50%.

Further 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 Solana price reach $200 in the coming weeks.

High Potential Presale Tokens Offer Big Returns

Although Solana remains one of the largest tokens on the market after BTC and ETH, it is not the only option for traders looking for above-average returns.

A potentially quicker way to profit is to look at one of the the new meme tokens are currently holding their pre-sales and attracting investors.

A good example of this is Sealana (SEAL), a meme token based on Solana which raised more than $3.1 million during its popular sale.

In a bid to become the next WIF or BONK, Sealana adopted an all-American Trump-voting seal as a meme.

So far, this meme seems to be doing a good job attracting attention and investors, and helping Sealana build a sizable online community.

A sign is coming his official X accountwhich currently has over 6,500 subscribers.

Given that Sealana first appeared only a few weeks ago, this is strong growth and suggests that the coin could perform very well once listed.

It will also help that it has also launched an Ethereum version of its token, making it multi-chain and expanding its pool of users and potential investors.

Even though the sale will end in a few weeks, latecomers can still join in by visiting Sealana official website.

They can purchase Sealana at a conversion rate of 1 SOL for 6,900 SEAL, which currently equates to around $0.025.

Such a price could prove to be a bargain once Sealana lists and potentially becomes the next big Solana-based coin.

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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