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Solana Price Forecast: SOL Rises 7.8% with $2.8 Billion in Volume – Are Whales Accumulating Before $1,000?
SOL has risen by 8% today, with the Solana price reaching $153.37 as the broader crypto market increases by 2.5% over the last 24 hours.
The altcoin has also gained 10% over the past week, although it still remains down by that percentage over the course of a month, following a bearish trend for the entire market.
However, today appears to signify a short-term turning point for SOL, which has recorded a 24-hour trading volume of $2.8 billion.
This figure indicates that it may be poised for another significant movement in the upcoming days, as the market seeks to overcome negativity.
Solana Price Prediction as SOL Jumps 7.8% with $2.8 Billion Volume – Are Whales Accumulating Before $1,000?
SOL’s chart displays a robust position today, with all indicators suggesting a short-term growth phase.
The relative strength index (purple) reached 70 earlier this morning and remains elevated, indicating that buying pressure is on the rise once more and may persist for several days.
Source: TradingView
SOL’s 30-day moving average (orange) is also trending upward, having surpassed the 200-day average (blue) last night.
Notably, Solana’s resistance (red) and support (green) levels are converging, suggesting a significant move is on the horizon.
Nevertheless, the previous day has witnessed a substantial amount of Solana – valued at approximately $1.5 billion – being transferred from one unidentified wallet to another.
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![Solana Price Forecast: SOL Rises 7.8% with $2.8 Billion in Volume – Are Whales Accumulating Before $1,000?3]()
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![Solana Price Forecast: SOL Rises 7.8% with $2.8 Billion in Volume – Are Whales Accumulating Before $1,000?7]()
![Solana Price Forecast: SOL Rises 7.8% with $2.8 Billion in Volume – Are Whales Accumulating Before $1,000?9]()
11,000,000 #SOL (1,565,733,797 USD) transferred from unknown wallet to unknown new wallet https://t.co/ao86Kjdnaz
— Whale Alert (@whale_alert) May 8, 2024
Considering that the failed exchange FTX is currently liquidating its assets to repay creditors, we may observe the Solana price experiencing a downturn in the upcoming days.
The timing and speed at which FTX’s Solana enters the market remains uncertain, given that a significant portion of the exchange’s supply is under lockup.
Nonetheless, traders should be aware that SOL might exhibit some volatility in the medium term, although FTX might release its supply in such a gradual manner that it has minimal impact.
Regardless, Solana’s long-term outlook remains positive, with the coin’s network accounting for a total value locked in of $4.15 billion.
solana onchain volume averaging about $1b per day during this choppy environment is a good sign.
the real fun should start above $2b per day.
coins that are still putting out memes + building the community should all be solid picks imo. pic.twitter.com/kVXWeKSHfT
— Ninja (@Ninjascalp) May 9, 2024
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It also continues to experience strong usage as the preferred network for new meme tokens, which is likely to further enhance the Solana price over time.
This could potentially lead to a price of $200 in the next few months, before testing its all-time high towards the year’s end.
New Meme Coins Present Significant Potential Upside
Given the possibility of SOL facing challenges due to FTX’s repayment plan, some traders might opt to explore other coins for above-average returns.
One alternative is to look at the diverse range of presale tokens that have emerged recently and are gaining traction as they prepare for listing.
A notable example is Sealana (SEAL), a meme coin based on Solana that has raised over $350,000 in its recently launched offering.
Source: Sealana
Considering that the sale has only recently opened, this amount is a positive indicator, reflecting growing interest in the token.
Sealana has adopted an anthropomorphic seal as its meme mascot, with this character aspiring to escape the grind of daily work through trading.
It aims to become the latest Solana meme token to experience significant surges and outperform the market, following the success of tokens like WIF and BONK.
Additionally, it will also launch on Ethereum, making it a unique example of a multi-chain meme coin, further expanding its utility.
Investors can participate in its sale by visiting the official Sealana website, where they can acquire SEAL by sending SOL to the following address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.
SEAL is available at a rate of 1 SOL for 6,900 SEAL, translating to approximately $0.02 at current prices.
#Sealana’s on his hog, hitting the drive-thru for his 4x Big Mac fix. But his hunger’s insatiable! Only $SOL can keep this seal chonky and ready for EPIC GAINS and LAMBO dreams. Load him up for a ride to success!
Send SOL to – DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c… pic.twitter.com/lq8lxfR6cB
— Sealana (@Sealana_Token) May 5, 2024
Time will likely reveal that this is an exceptionally low price, with SEAL positioned for a strong rise once it lists.
Buy SEAL Today
The post Solana Price Prediction as SOL Surges 7.8% with $2.8 Billion Volume – Are Whales Buying Before $1,000? appeared first on Cryptonews.
