SOL has jumped by 8% today, with the Solana price reaching $153.37 as the wider crypto market gains by 2.5% in the past 24 hours.
The altcoin is also up by 10% in the past week, although it remains down by this percentage in a month, following a bearish period for the market as a whole.
Yet it seems that today marks a short-term turning point for SOL, which has seen 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 negativity.
Solana Price Prediction as SOL Surges 7.8% with $2.8 Billion Volume – Are Whales Buying Before $1,000?
SOL’s chart is in a strong position today, with its indicators all signalling a short-term growth phase.
Its relative strength index (purple) touched 70 earlier this morning and remains high, suggesting that buying pressure is increasing again and could stay for a few more days.
SOL’s 30-day moving average (orange) is also on the up, having risen above the 200-day average (blue) last night.
Also interesting is the fact that Solana’s resistance (red) and support (green) levels are converging on each other, pointing to a big incoming move.
However, the past day has seen a massive quantity of Solana – worth about $1.5 billion – transfer from one unknown wallet to another.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 11,000,000 #SOL (1,565,733,797 USD) transferred from unknown wallet to unknown new wallethttps://t.co/ao86Kjdnaz
— Whale Alert (@whale_alert) May 8, 2024
Given that failed exchange FTX is in the process of liquidating its existing assets in order to repay creditors, we may therefore see the Solana price take a hit in the coming days.
When exactly and how quickly FTX’s Solana reaches the market is uncertain, given that so much of the exchange’s supply finds itself in lockup.
Still, traders need to be mindful that SOL could be a little up and down in the medium-term, although FTX may release its supply in such a steady way that it doesn’t have much of an effect.
Either way, Solana’s prospects continue to look strong in the longer term, with the coin’s network accounting for a total value locked in of $4.15 billion.
solana onchain volume averaging about $1b per day during this choppy environment is a good sign.
the real fun should start above $2b per day.
coins that are still putting out memes + building the community should all be solid picks imo. pic.twitter.com/kVXWeKSHfT
— Ninja (@Ninjascalp) May 9, 2024
It also continues to witness strong usage as the network of choice for new meme tokens, something which is likely to continue boosting the Solana price over time.
The latter could therefore reach $200 in the next couple of months, before testing its ATH towards the end of the year.
New Meme Coins Offer Big Potential Upside
Given that SOL could suffer as a result of FTX’s repayment 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 that have emerged in recent weeks, and that are gaining momentum as they prepare to list.
A strong example of such a token is Sealana (SEAL), a Solana-based meme coin which has raised just over $350,000 in its recently opened offering.
Given that the sale hasn’t been open for long, this figure is an encouraging sign, in that it shows growing interest in the token.
As a token, Sealana has taken an anthropomorphic seal as its meme of choice, with its particular character having dreams of leaving behind the world of work via trading.
It’s aiming to become the latest Solana meme token to enjoy massive surges and outperform the market, following in the footsteps of such tokens as WIF and BONK.
It will also launch on Ethereum, making it a rare example of a multi-chain meme coin, while also giving it wider application.
Invests can join its sale by heading over to the official Sealana website, where they can purchase SEAL by sending SOL to the following address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.
SEAL is available at a rate of 1 SOL for 6,900 SEAL, which converts to around $0.02 at today’s prices.
#Sealana’s on his hog, hitting the drive-thru for his 4x Big Mac fix. But his hunger’s insatiable! Only $SOL can keep this seal chonky and ready for EPIC GAINS and LAMBO dreams. Load him up for a ride to success! 🍔💸🏎️
Send SOL to – DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c… pic.twitter.com/lq8lxfR6cB
— Sealana (@Sealana_Token) May 5, 2024
Time will likely show that this is a very cheap price, with SEAL looking good to rise strongly once it lists.
Buy SEAL Today
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Read the full article here
