The Solana price surged 6% in the last 24 hours to trade at $167.73 as of 4.45 a.m. EST on trading volume that skyrocketed 92% to $3.34 billion.
Solana, the fifth-largest crypto with a market cap of $78.7 billion, has surged 10% in the past week, leading up to the resistance at $170. While the coin initially breached the resistance briefly, it only climbed up to $170.8 before its price fell back.
However, a climb to $170 is still a major achievement for SOL. This is only the fourth time this year that SOL managed to reach this height.
The first one was back in March, followed by another attempt to surge in May, and the final one in late July. On all three previous occasions, SOL managed to reach even higher, going up to $180, $190, and even $200 back in March.
This suggests that its price could still soar even higher.
Solana Price Prediction
Apart from Dogecoin, Solana has been the largest weekly gainer among the top 10 largest cryptocurrencies by market cap, but now that it reached the resistance at $170, it appears that the bears have started a sell-off. The Solana price started a sharp drop, although it is worth noting that this is happening throughout the market.
The trading signals suggest that it will be a sharp correction, with Solana’s Bollinger bands widening, which is typically a good sign, but the price has dropped from the upper band to the lower one, making it a bearish signal. Right now, SOL is pushing the lower band further down, suggesting a strong bearish trend.
The project’s Relative Strength Index (RSI) value is showing the same, although it also suggests that SOL might bounce back up soon. The sell-off started after the RSI went deep into the overbought territory reaching the value of 86.19.
The RSI started spiraling down, which led it to its current value of 36.16. Should the RSI drop slightly lower to the value of 30, traders will likely treat it as a signal to buy, which could start a recovery for the SOL price. For now, the coin has a strong support at $165, although it could drop further, possibly to $160 if the drop continues for a while longer.
Promising Alternative To Solana
While traders wait for the right time to buy SOL, they are piling into Pepe Unchained (PEPU), probably the most successful presale of the year after raising over $21.26 million to date.
Pepe Unchained views itself as the new and improved version of Pepe, a meme coin that is technologically superior to the original thanks to the fact that it has its own blockchain.
While the original Pepe runs on Ethereum, and suffers from slow transactions and high fees, PEPU’s Layer-2 blockchain makes it lighting quick and extremely cheap.
Not only that, but the project started developing its own ecosystem, with a native block explorer, its own DEX, and plans to launch the PEPU Foundation that would offer grants to developers who join.
YouTuber ClayBro, who has over 130k subscribers, predicts a massive 100x potential for the token after launch.
You can buy PEPU for $0.0112 right now using ETH, USDT, BNB, or a credit/debit card. Just make sure to do it soon because the price will increase after just another $6.4k worth of tokens are sold.
Visit the official PEPU website here.
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