Solana Price Prediction as SOL Rockets 20% in a Week – This Other SOL Meme Coin Is Up 30x
The Solana price has held still in the past 24 hours, remaining at $115.86 as the crypto market enjoys a 1.5% lift.
Despite not moving today, SOL has surged by 20% in the last seven days, with the altcoin also sitting on a 425% gain in the past year.
Such growth has followed from the performance of the Solana blockchain, which has attracted plenty of NFT usage in recent months and also proven a hotbed for new meme tokens.
And new Solana-based meme tokens continue to emerge, with the recently listed Smog (SMOG) gaining massively on the back of a bullish airdrop system.
Solana Price Prediction as SOL Rockets 20% in a Week – This Other SOL Meme Coin Is Up 30x
It’s possible that, after a very bullish week, SOL may correct a little over the next few days.
Its indicators look a little too hot right now, with its relative strength index (purple) tipping downwards after reaching 70 yesterday.
This indicates a loss of momentum, and while SOL’s 30-day average (yellow) remains well above the 200-day (blue), it’s entirely plausible to say that a comedown is overdue.
But even if Solana does decline in the near future, the recent behavior of its support level (green) would imply that any decline is likely to be minor.
Indeed, the coin’s trading volume remains high at $2.8 billion, although it does seem that some of this involves whales offloading their bags onto retail.
🚨 99,999 #SOL (11,641,209 USD) transferred from unknown wallet to #Binancehttps://t.co/01iZrwuMdJ
— Whale Alert (@whale_alert) February 14, 2024
Either way, Solana’s medium- and long-term trajectory definitely seems to be pointing up, with the alt likely to receive a boost (like many other coins) from growing Bitcoin ETF volumes and the upcoming Bitcoin halving in April.
More fundamentally, Solana continues to grow as a layer-one network, accounting for some $2 billion in total value locked in, up from $270 million as recently as July.
It has witnessed a decline in NFT sales in the past week or so, yet this is likely a short-term correction, with Solana positioned nicely to reap the benefits of future spikes in NFT demand.
At the same time, an increasingly bullish market will be disproportionately beneficial for meme tokens, and with Solana becoming the platform of choice for launching such tokens, it will experience further gains soon enough.
As such, the Solana price is likely to reach $150 by the end of the spring, before potentially troubling its current all-time high (of $259) by the latter stages of the year.
Small-Cap Tokens for High Positive Upside
Because Solana may be due a correction in the near term, some traders may prefer to look towards other alts that may rally strongly over the next few weeks.
There are several newer coins in the market that look ready to jump as they list on new exchanges, with Solana-based meme token Solana-based meme token Smog (SMOG) being one of the best of these.
It listed on Jupiter last week, and has gained by over 2,500% since going live, while being up by 14% in the past 24 hours.
Such performance is more than enough to set SMOG apart from the pack of upstart SOL-based meme coins, with SMOG attracting converts by virtue of its interesting airdrop system.
With airdrops set to be held periodically over the next few months, Smog will reward holders in proportion to how many SMOG tokens they already hold, as well as for how long they’ve held them.
In other words, SMOG’s design includes a mechanism for incentivizing long-term holding, something which will boost its price over time.
$SMOG 🐉 One #Memecoin To Rule Them All🔥
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Link in bio! pic.twitter.com/Y98lZcjuk6
— SMOG (@SMOGToken) February 10, 2024
What’s also bullish about Smog is that it also enables staking, with its protocol currently offering a yield of 42% APY.
This has helped attract new investors and, by extension, boost its price, with the coin’s fantasy-themed memes also aiding it in building a strong online community.
It currently counts over 24,000 followers on X, for example, and with this number rising all the time, so too should SMOG’s price.
Investors can buy the token now by going to the official Smog website.
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.
