Over the past 24 hours, the Solana price has remained relatively stagnant, maintaining its position at $102, mirroring the broader market trend, which has also seen no change in the same timeframe.
This lack of movement for SOL follows its rebound above the $100 mark after dipping below this critical level over the weekend, resulting in a 9% decline for the altcoin over the course of the week.
However, despite this recent setback, SOL has sustained an impressive 11% increase over the past month and a remarkable 340% appreciation over the past year.
Moreover, with its price swiftly recovering following the weekend dip, SOL demonstrates considerable medium- and long-term momentum, suggesting potential for future gains.
Analyzing SOL’s Chart and Indicators: Anticipating Further Correction Before Bullish Momentum Resumes
Upon examining its chart and indicators, it appears that SOL is currently undergoing a minor correction and may continue to decline before resuming its bullish trajectory.
Over the past week, SOL’s 30-day average (indicated by the yellow line) has shown a slight downward trend. Furthermore, with the current price dipping below this average, it suggests that SOL may experience further downward movement in the coming days.
Additionally indicating potential upcoming declines, SOL’s relative strength index (RSI) in purple has recently dipped below 50 and is trending towards 40. Despite the possibility of SOL falling below $100 once more, its support level illustrated in green has demonstrated considerable strength in recent weeks, likely mitigating significant downturns, such as dropping below $95.
One contributing factor to SOL’s recent struggles has been the absence of interest from institutions and funds. Notably, the latest CoinShares Digital Asset Funds Flows report reveals that fund flows for SOL were negative in the past week, declining by $3 million.
This raises questions: are funds privy to insights unknown to the broader market, or are they simply capitalizing on profit-taking opportunities?
One possible explanation is that they are reacting to Solana’s unexpected outage earlier this month. However, given SOL’s strong performance over the past few months, profit-taking appears to be a more plausible motive.
🔍 In our latest #21SharesResearch, we delve into the recent Solana outage. Despite a 5-hour halt due to an ‘infinite recompile loop’, Solana’s quick recovery and subsequent 11% week-over-week AuM surge to $1.86B shows the resilience of the network and the unwavering confidence… pic.twitter.com/vlcHsRhZhp
— 21Shares (@21Shares) February 19, 2024
Regardless, SOL is poised for a forthcoming rebound, buoyed by Solana’s continuous platform expansion, notwithstanding the previously mentioned isolated outage, with its network currently boasting a total value locked in of $2 billion.
There is a possibility that the Solana price may surge to $150 by the conclusion of spring, followed by a potential climb to $200 later in the year.
Exploring Opportunities Beyond SOL: The Rise of Smog (SMOG) and Other Emerging Tokens
Undoubtedly, SOL remains one of the most promising major altcoins in the market. However, the market landscape offers a plethora of opportunities beyond SOL that traders can explore.
Among these opportunities are smaller-cap tokens that have recently entered the market, with one of the most intriguing options being Smog (SMOG), a meme token based on both Solana and Ethereum.
Having debuted a few weeks ago on the Jupiter and Birdeye DEX aggregators, SMOG has experienced remarkable growth. Since its listing, it has surged by over 3,500%, maintaining the bulk of its early gains, a feat uncommon among new meme coins.
What sets SMOG apart – and what contributes significantly to its stability – is its implementation of a bullish airdrop mechanism designed to incentivize long-term holding.
A substantial portion of its total supply, equivalent to 35% (1.4 billion SMOG), is allocated to regular airdrops, which distribute rewards based on the quantity of SMOG tokens held by participants.
In addition to this unique feature, SMOG boasts other bullish attributes, such as a staking system offering a yield of 42% APY.
Furthermore, it offers engaging “quests” that encourage holders to complete various tasks, such as joining the coin’s social media channels or inviting new members, thereby earning additional SMOG tokens.
Have a few minutes to spare? ⏳
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🚀 Fly into #SMOG Quests on #Zealy! ⬇️https://t.co/3EQxvQwsw3#Crypto #Memecoins #Altcoins #Web3 #Binance #Sol
— SMOG (@SMOGToken) February 25, 2024
Like many other meme tokens, SMOG’s fate hinges on the strength of its community. Thus, it’s promising to note that its X account currently boasts 28,000 followers. This early indicator suggests significant potential for growth in the upcoming months. Investors can acquire the token via the official Smog website or through trading on platforms like Jupiter or Birdeye. As more trading platforms and exchanges likely join in soon, SMOG is poised to reach greater heights.
