Solana is a decentralized blockchain network that aims to provide a fast, secure, and scalable platform for decentralized applications and financial services. It uses a unique consensus mechanism called “Proof of Stake Time” that allows for high throughput and low latency, making it suitable for high-frequency trading and other high-performance applications.
The native token of the Solana network is called SOL, which is used for various transactions and as a store of value. The Solana network has a growing ecosystem of decentralized applications and services, and it is becoming a popular choice for decentralized finance (DeFi) projects.
Following the collapse of FTX, investors have flocked back to the project as a result of the Solana price’s meteoric increase since late December. Due to the momentum generated by BONK, the very first meme token here on Solana blockchain, the recovery started with a final dip of $8.05.
The meme currency buzz significantly increased demand for SOL, which had a good knock-on effect on the price of Solana, which climbed 87% within only 30 days. Bulls have been seeking safety above $20.00 since Friday, however, the smart contracts token halted the advance around $24.00.
Analyzing Solana Price’s Bullish Outlook – Why Solana Price Rally Needs to Reach $28 Soon?
As bulls prepare for the upcoming breakthrough to $28.00 & $40.00, respectively, the Solana price has been maintained above $20.00 for the past five days. Despite the fact that high trading volumes supported the sharp price movements, the Money Flow Index (MFI) reveals that more money is departing Solana markets than is coming in.
Similar towards the Relative Strength Index (RSI), the MFI is a momentum indicator, except it makes use of volume rather than price. The MFI is moving below the trend line that is increasing quickly on the 12-hour time frame chart. This demonstrates that unless bulls drive for the uptrend to resume as soon as feasible, overhead pressure might drive the price of Solana lower, resulting in a regression below $20.00.
Thus, buyers who might have been discouraged by the rise to $24.00 could want to think about returning in order to give the Solana price enough power to overcome that hurdle.
In the same time frame, the Moving Average Convergence Divergence (MACD) indication is significantly closer to confirming a sell signal. Observe how the MACD (line coloured blue) crosses the signal line below (in red). Furthermore, once the MACD crosses the mean line and possibly enters the negative territory, falls could get worse.
Taking a Deep Dive
The price of Solana is supported strongly between $20.00 and $22,000. Additionally, the 200-day EMA highlights its next buyer congestion near $19.50 as a potential stop to losses below this region (in purple).
The 50-day EMA (shown in red) has gone over the 100-day EMA for the very first time till August 2021. Although the 50-day EMA went just above 100-day EMA, this is not a classic death cross pattern, and it supports the bullish perspective and the likelihood that the Solana price will bridge the gap to $30.00. Bulls riding the 2021 bull market at the time caused SOL to soar by a staggering 584%.
By remaining just above 100-day EMA (shown here in blue) at $19.51 as well as the 50-day EMA (shown in red) at $16.51, Solana’s price maintains its optimistic perspective in the daily timeframe. Furthermore, a buy signal that was provided at the start of the year is still being nurtured by the MACD, which is still sloping upward.
Solana’s price must break above the nearby falling long-term trend resistance in order to avoid easing into a pullback before the weekend. A trend correction may be the more likely result now that the MFI has confirmed that there is a negative cash flow in the Solana markets.
However, in the world of cryptography, nearly impossible does not imply never. Investors would therefore be wise to keep a close eye on SOL’s performance over the next few days to predict where the price may go.
Altcoins to Take into Account for Quicker Returns
Investors are watching to see whether SOL can clear the barrier at $24.00 and narrow the gap to $30.00. To lock in quicker profits by the time they are launched on exchanges, investors can take advantage of much more inexpensive altcoins in their presales. The best long-term chance for traders to be adopters is through these tokens.
Meta Masters Guild (MEMAG)
The very first app web3 gaming guild, Meta Masters Guild, is worth the attention of investors interested in play-to-earn (P2E) crypto-playing games platforms. Users are paid for playing games they like in this new environment, and there are also many different contributions they may make to increase revenue.
The play-and-earn business model used by Meta Masters Guild (MMG) is straightforward; practically all entry obstacles have been removed. Gems, a form of currency used in the MMG ecosystem, are gained as rewards. Users that receive Gems can exchange them for MEMAG & risk the tokens for additional benefits. Gems can also be used to purchase NFTs and other game-related products.
Three games, including the well-known Meta Kart Racers, game Raid NFT, as well as the Meta Masters World, are anticipated to go live alongside the opening of the Meta Masters Guild. MMG has a total of 1 billion MEMAG tokens. MEMAG is being purchased by investors in a current presale which has generated over $552k.
Following the team’s announcement of another CEX listing, the FightOut presale is quickly selling out. The new project’s backers think it has the ability to change the fitness industry. On the other hand, FightOut is using web3 technology to make leading a healthy lifestyle more affordable for everyone.
Unlike previous Move-to-Earn crypto communities like STEPN, users of FightOut won’t need expensive NFTs. FightOut introduces the web2 community to the metaverse instead of using simple technological methods and digital avatars.
While waiting for the presale to raise $5 million, investors are snapping up the tokens while getting the benefit of a 50% discount. Prior to the first verified exchange listing, the presale for FightOut raised over $3.01 million.
A cryptocurrency initiative called Calvaria is attempting to lead the charge in the fight to bridge the gap between cryptocurrencies and the “real world.” The concept envisions a play-to-earn combat card game to speed up the acceptance of cryptocurrencies. The company is developing two game iterations in an effort to differentiate itself within the Web2 gaming market. The game will only be available in one version on app stores including Apple Store & Google Play.
All players will be allowed to participate in the play-to-earn version (supported by blockchain functionalities) without the numerous admission requirements that sometimes frighten non-crypto users. Approximately 8% of such tokens are still up for grabs in the Calvaria presale, which is soon over. Prior to RIA’s maiden CEX listing, $2.83 million has indeed been raised.
The Solana price has seen an impressive surge in the past month, driven by the hype surrounding the first meme token on the Solana blockchain. While the bullish outlook is still present, investors should be aware of potential retracements and consider alternative altcoins for quicker returns. It is important to keep a close eye on SOL’s performance in the coming days to determine the direction.
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