Solana Price Prediction: SOL Slumps 6% As Traders Turn To This Solana Meme Coin After A $1 Million Airdrop

The Solana value has plunged 6% up to now 24 hours to commerce for $134.34 as of 04:50 a.m. EST on buying and selling quantity that fell 10%.

It comes amid a broader market dump, led by the king of crypto, BTC, which is down 2%. The bleed is seen throughout the sector with most altcoins posting as much as 5% in losses on the day.

However there may be nonetheless anticipation for an altcoin season, marked by capital rotation from the BTC market. Within the medium to short-term aftermath of the BTC halving, altcoins usually rally following the bullish sentiment that the landmark occasion evokes available in the market.

For the Bitcoin value, nonetheless, a rally is predicted so long as 518 days after the halving.

#BTC

Within the 2015-2017 cycle, Bitcoin peaked 518 days after the Halving

Within the 2019-2021 cycle, Bitcoin peaked 546 days after the Halving

If historical past repeats and the following Bull Market peak happens 518-546 days after the Halving…

That might imply Bitcoin might peak on this cycle… pic.twitter.com/3prPFXAwky

— Rekt Capital (@rektcapital) April 28, 2024

In the meantime, “altseason” is trending on X, with some saying that an altcoin season will begin quickly.

#Altseason tends to be a brief burst adopted by a protracted interval of consolidation. So after we see these massive pumps and reverses, take benefit

— Crypto Tony (@CryptoTony__) April 28, 2024

For the Solana value, technical evaluation say sthe odds favor the upside after the Layer-1 (L1) token accomplished a rounding backside sample. This bullish reversal sample happens after a protracted downtrend in an asset’s value adopted by a restoration to kind a “U” form.

It suggests a change in long-term value motion or a shift in sentiment from bearish to bullish. Right here, the value decline loses its momentum and is succeeded by a gentle restoration precipitating a breakout to the upside.

Solana Value Outlook

The truth that the SOL bulls have defended the $130.45 assist for over a month is an effective signal, suggesting a doable restoration within the works. That is bolstered by the truth that the Relative Energy Index (RSI) can be properly above the imply degree of fifty. This exhibits that the bullish sentiment stays intact within the SOL market.

If SOL bulls are available in to play to activate the rounding backside sample, leaping off from the $130.45 assist, the Solana value might bounce north into the provision zone stretching from $197.70 to $250.21. A break and shut above the midline of this vary on the weekly timeframe at $224.14 would verify the continuation of the first development.

In a extremely bullish case, the Solana value might flip the provision zone right into a assist or bullish breaker, confirmed by reclamation of the all-time excessive at $259.90, earlier than establishing a better excessive.

The possible play on the RSI is a bounce off this momentum indicator above the 50 imply degree, kickstarting a brand new uptrend for SOL.

TradingView: SOL/USDT 1-week chart

However, if the bears have their method, the Solana value might lose the assist at $130.45. This may be important for the L1 token, exposing SOL value to a doable drop to the $80.00 degree. A candlestick shut under this degree would invalidate the bullish thesis.

In the meantime, many merchants are additionally turning to Smog, a Solana meme coin that’s making headlines after the primary season of its airdrop unleashed $1 million in giveaways.

Promising Different To Solana

Amid a shaky outlook within the Solana value, contemplate Smog, which says it is going to have the ”best airdrop in historical past.”

Smog’s Season 1 airdrop rewarded $SMOG token holders who joined the venture’s quest board on Zealy. Those that accomplished each day quests and neighborhood duties for XP additionally acquired rewards.

The primary season ended on April 3, and was marked by a outstanding 9 million quests being accomplished between practically 50,000 contributors.

Smog Airdrop Season 2

Season 2 began on April 4 and is ongoing. Issues are totally different this time, nonetheless, with the on-chain exercise of SMOG holders being assessed because the starting of Smog’s launch. It additionally continues to reward holders who full neighborhood quests within the second season quest board on Zealy.

SMOG holders may stake their $SMOG on the Ethereum community for 42% returns. And you should purchase and stake $SMOG on the official web site for a ten% low cost in your buy.

The $SMOG token debuted on the Jupiter decentralized alternate (DEX) in February and is now dwell on the MEXC centralized alternate (CEX).

📢 $SMOG buying and selling is now LIVE on @MEXC_Official

Quickly to change into one of many best Solana Airdrop of All-Time 🐉

Commerce now right here: https://t.co/5rNrEhVsNh pic.twitter.com/oVKhgBy692

— ken 🧪 (@kenwgmi) April 5, 2024

The workforce has mentioned one other top-tier alternate itemizing is probably going quickly, which means that the hype round that occasion would possibly would possibly make now time to purchase.

In case you are to purchase SMOG, go to the official web site right here.

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