Solana Price Prediction as SOL Surges Past $150 – Time to Buy?
SOL has broken the $150 resistance level, with the Solana price reaching $152.06 today and recording a 15% gain in a week.
Solana is also up by 37% in a fortnight and by 43% in the last 30 days, with the altcoin also posting an enviable 670% rise in a year.
Yet given that the coin remains 41% down from its all-time high of $260, it could still rise much higher during the current market-wide bull rally.
Solana Price Prediction as SOL Surges Past $150 – Time to Buy?
There’s no doubt that momentum is on Solana’s side right now, with the coin’s indicators continuing to indicate incoming gains in the near term.
Its relative strength index (purple), for example, is on course to reach 80 in the next day or so, having dropped to nearly 60 a week ago.
Source: TradingView
This signals rising buying pressure, as does SOL’s 30-day average (yellow), which continues to rise aggressively above the 200-day (blue) average and highlight how the coin remains in a very bullish growth phase.
Solana’s volume is also worth remarking on at just above $6 billion, which is up from about $1.5 billion a month ago.
This suggests big demand for the coin, with CoinShares’ latest Digital Asset Fund Flows report showing that SOL saw the biggest inflows of any alt over the past week, beating Ethereum.
This all suggests that the Solana price may continue to witness gains in the near and more distant future, with data showing that whales continue to move around large amounts of the token.
1,000,000 #SOL (128,740,718 USD) transferred from unknown wallet to unknown new wallethttps://t.co/QJeAuF4CyM
— Whale Alert (@whale_alert) March 6, 2024
And as the current bull market continues to intensify en route to the next Bitcoin halving, SOL is likely to continue climbing in value.
This is also because of its own fundamentals, with Solana the fourth-biggest platform in crypto in terms of total value locked, behind Ethereum, Tron and BNB Chain.
It has witnessed a substantial increase in usage in relation to NFTs and meme coins, often outperforming Ethereum on related transaction measures.
Based on all this, the Solana price is likely to reach $200 in the next couple of months, and potentially break its ATH in the second half of the year.
New High-Potential Solana Meme Coins
While many traders are turning to SOL right now, some may also want to diversify into smaller cap alts, so as to hedge their bets.
Accordingly, they would do well to look at some of the recently launched Solana-based meme coins, with a minority of these boasting some very bullish fundamentals.
To take one of the most prominent examples, Smog (SMOG) is an Ethereum- and Solana-based coin that has risen by over 8,000% since listing on the Jupiter and Birdeye DEX aggregators in early February.
Source: Birdeye/TradingView
What’s impressive about this performance is that the vast majority of new meme coins have generally pumped and dumped in a matter of days, with Smog comfortably beating its ‘peers’.
This is largely because it boasts a unique airdrop system, which rewards bigger SMOG holders and thereby incentivizes long-term investing.
Specifically, its regular airdrops will distribute more tokens to investors with the biggest SMOG holdings, meaning that traders will be encourage to buy more of the token.
This can only boost the coin’s price over time, a process likely to receive support from its staking system, which in offering a yield of 42% will also encourage long-term holding.
Just 3 days left till the #SMOG X Space event which will be featuring some very exciting #Crypto experts!
March 15th at 2PM UTC!
See you soon!https://t.co/jYef6Pplcy
— SMOG (@SMOGToken) March 12, 2024
Other interesting features include a quest system that sets tasks for holders and followers to complete, which will not only earn them rewards, but are also aimed at growing Smog’s community.
And given that Smog’s Twitter account now has over 38,000 followers, such quests seem to be working.
Investors can buy the token now at the official Smog website, or at Jupiter and Birdeye DEX aggregators.
Of course, the coin will soon be listing on other exchanges, something which could spark a big rally.
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