{"id":3047,"date":"2024-02-11T00:24:51","date_gmt":"2024-02-11T00:24:51","guid":{"rendered":"https:\/\/solanacrypto.news\/2024\/02\/11\/solana-price-prediction-sol-pumps-6-as-investors-flock-to-this-soaring-new-solana-meme-coin-thats-challenging-bonk-wif-and-myro\/"},"modified":"2024-02-11T00:24:51","modified_gmt":"2024-02-11T00:24:51","slug":"solana-price-prediction-sol-pumps-6-as-investors-flock-to-this-soaring-new-solana-meme-coin-thats-challenging-bonk-wif-and-myro","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2024\/02\/11\/solana-price-prediction-sol-pumps-6-as-investors-flock-to-this-soaring-new-solana-meme-coin-thats-challenging-bonk-wif-and-myro\/","title":{"rendered":"Solana Price Prediction: SOL Pumps 6% As Investors Flock To This Soaring New Solana Meme Coin That’s Challenging BONK, WIF And MYRO"},"content":{"rendered":"
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Join Our Telegram <\/a><\/u>channel to stay up to date on breaking news coverage<\/p>\n<\/div>\n<\/div>\n<\/div>\n

The Solana price has pumped 6% in the last 24 hours to trade for $110.04 as of 11:50 p.m. EST time on trading volume that surged 23%.<\/p>\n

It comes amid a broader market revival as altcoins follow the lead of BTC<\/a>\u00a0after its 3% pump.<\/p>\n

From a technical standpoint, the Solana price appears ready for a breakout, after breaching a key roadblock that has capped the Layer 1 (L1) token\u2019s upside potential multiple times already.<\/p>\n

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$SOL<\/a> \/ $USD<\/a> \u2013 Update <\/p>\n

No words \u2026. pic.twitter.com\/tq4aqjZtVq<\/a><\/p>\n

\u2014 Crypto Tony (@CryptoTony__) February 9, 2024<\/a><\/p>\n<\/blockquote>\n

Markets are also rallying on the back of the start of the Chinese Lunar Year of the Dragon. Based on Asian tradition, it is a special year, representing strength.<\/p>\n

\u201cWe\u2019re happy to do the Year of the Dragon, because it\u2019s a very powerful year and very auspicious,\u201d said local board member of the Organization of Chinese Americans, Anna Wong. \u201cEveryone feels lucky when they\u2019re in the Year of the Dragon.\u201d<\/p>\n

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It’s Chinese New Year, not Lunar New Year;
It’s Year Of The Loong, not Year Of The Dragon.<\/p>\n

\u2026 \u2026
Wish all people in Chinese Taiwan a good Spring Festival! https:\/\/t.co\/SA8eC5Uzez<\/a> pic.twitter.com\/2FMspiSQrr<\/a><\/p>\n

\u2014 ShanghaiPanda (@thinking_panda) February 9, 2024<\/a><\/p>\n<\/blockquote>\n

Amid such optimism, the Solana price and the broader market at large could rally this weekend.<\/p>\n

Solana Price Prognosis As SOL Breaches Multi-week Resistance<\/h2>\n

The Solana price has forayed past a crucial barrier, the $104.92 blockade, where it had been rejected multiple times before. The latest breach hints at a possible continuation of the intermediate trend.<\/p>\n

To support the upside potential, the Solana price enjoys strong support downward due to the 25, 50, and 100-day day Simple Moving Averages (SMA) at $98.27, $93.39, and $80.63 levels respectively. The inclination of these moving averages to the north shows this is the path with the least resistance.<\/p>\n

The position of the Relative Strength Index (RSI) at 65 suggests strong price strength. It also shows there is more room to the north before SOL can be considered overbought. A correction may not be likely soon, unless early profit booking sets in.<\/p>\n

In addition, the Moving Average Convergence Divergence (MACD) is in positive territory. This bolsters the upside potential for the Solana price. With the MACD moving above the signal line (orange band) there is high potential for an incoming bullish cycle.<\/p>\n

Enhanced buyer momentum could see the Solana price extend the gains to the $120.00 level. An extended climb could send SOL reclaim the range high of 126.36, levels last tested on Christmas day.<\/p>\n

\"Solana

TradingView: SOL\/USDT 1-day chart<\/a><\/p>\n

Converse Case<\/strong><\/h4>\n

On the flip side, if profit booking takes precedence, the Solana price could drop below the critical support at $104.92. Lower, the Layer 1 token could test the 25-day SMA at $98.27. A break and close below this level would invalidate the bullish thesis. This could send SOL lower to the 50-day SMA at $93.39.<\/p>\n

In a dire case,\u00a0Solana price\u00a0would extend the fall to the 100-day SMA at $80.63, or worse, the $75.47 support floor.\u00a0Such a move would constitute a 30% fall below current levels.<\/p>\n

Meanwhile, amid the hype around the Chinese Lunar Year of the Dragon, the Solana-based Smog token is likely to benefit. This is because the dragon theme of Smog will make it appealing to Asian crypto communities.<\/p>\n