Solana Price Prediction: SOL on a roll amid new record registrations and airdrop frenzy around new Meme coin Wen, as experts say, this latest pre-sale could grow 100x| Trending Viral hub

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Solana price rose 0.5% to trade at $97.44 at 4:30 am EST, with trading volume increasing by almost 50%.

It comes amid renewed interest in the SOL ecosystem after the December frenzy that saw the Layer 1 (L1) blockchain token soar around 115%. It was then boosted by the meme coin Bonk (BONK) and the Solana Saga smartphone. topics.

Another reason for the growing interest in Solana price now is the airdrop of the WEN token. It continues to make headlines and the narrative has inspired capital inflows into the SOL market as the token is built on top of the Solana blockchain.

WEN Token Airdrop Sends Solana Logs in a Teardrop

Amid the hype surrounding the WEN token, Solana registrations skyrocketed. It recorded the highest level of its 7-day moving average of new addresses, according to data analyzed by The Block.

The Solana ecosystem has benefited from a large number of meme coins built on top of its blockchain. These include BONK, MYRO and now WEN, providing tailwind for skyrocketing enrollments. With WEN being the latest meme coin sensation on Solana, the ongoing airdrop will be allocated to over a million users.

However, data According to Dune Analytics, 58% of the airdrop is shown to have been claimed at the time of this publication.

WEN tokens are available to claim as long as the window remains open (until January 30 at 10am). Eligible recipients include:

  • Users of the Jupiter de Solana exchange
  • Solana Saga phone owners
  • Owners of certain Solana-based NFT projects

Meanwhile, Solana price is recovering after gathering buy-side liquidity (BSL) below the $89.02 support level. It remains a recovery rally, not an uptrend, until SOL’s market value turns the supply zone into a bullish factor. This will be confirmed by a breakout and close above the range high of $126.36.

Solana Price Forecast with Recovery Rally Budding

Solana’s price recovery continues, with multiple technical indicators supporting the bullish thesis. To begin with, SOL has broken through the resistance due to the 50-day SMA at $93.40. This level of supplier congestion has been converted into support and now serves as a starting point for a northward extension.

With the 50, 100, and 200 SMAs tilted north at $93.40, $72.41, and 47.33 respectively, it shows that north is the path of least resistance. Furthermore, the Moving Average Convergence Divergence (MACD) indicator has moved above its signal line (orange band), which is a bullish crossover. A similar movement is seen in the Relative Strength Index (RSI), moving above its signal line (yellow band). Since these act as buy signals, Solana price upside potential could occur soon.

Further buying pressure above current levels could see Solana price reclaim the refuge offered by the ascending parallel channel, first converting its lower boundary back into support. A prolonged push north could see SOL venture into the supply zone, which extends from $107.92 to $121.19. A breakout and close above its median line (average threshold), which converges with the center line of the channel at $114.76, would confirm the continuation of the intermediate trend.

In a very bullish case, Solana price could extend further north, breaking the upper boundary of the channel at $121.19. If it manages to break and close above the range high of $126.36, the supply zone would become a bullish switch. This could see Solana price likely to extend gains towards the psychological level of $140.00, last tested on April 3, 2022. Such a move would constitute a 44% rally above current levels.

solarium

TradingView: SOL/USDT 1-day chart

Reverse case

On the other hand, a rejection from the lower boundary of the channel, effectively showing that the supply zone remains resistance, could drive Solana price lower. This would be the consequence of profit taking following the 25% gains made, or the ground covered over the past week, from the low of $79.00 on January 23rd.

The downward momentum could cause Solana price to lose the support offered by the 50-day SMA at $93.40, or below, to fall below the buyers’ congestion level of $89.02.

In the severe case, the market value of the L1 token could extend a little lower, testing the 100-day SMA at $72.41, or if things turn ugly, revisit the December 18 low of $68. $.03. This would constitute a 30% drop below current levels.

In particular, the $114.76 level is critical for the upside potential of Solana price. This is because two middle lines intersect here to show that it represents a formidable obstacle to Solana price.

With Solana-based meme coins making headlines over the past few months, other tokens in the sector, mk and Sponge V2 They are also reaching milestones. While analysts say they are among the The best meme coins to buy now.Jacob Crypto Bury lists them as two notable hidden meme coin gems.

Promising alternative to Solana

Sponge V2 builds on the success of its predecessor, Sponge V1. And it promises to deliver as much success as its predecessor, and then some.

Sponge V1 holders stake their SPONGE and win Sponge V2 tokens. Those who buy and stake now will receive a special V2 token bonus. The transition occurs through a unique distribution mechanism, where Sponge V1 tokens are permanently locked in a betting contract.

The stake is an added value, effectively removing the tokens from circulation, thus tilting the supply and demand dynamics in favor of demand. To purchase $SPONGEV2, the bridge staking utility is the exclusive method, which distinguishes it from a standard pre-sale. At the time of this publication, over 6.279 billion tokens have been staked.

According to analysts, Sponge V2 has the potential to post 100x earnings at launch, like its predecessor.

Visit the Sponge V2 website here.

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