In recent times, the ascent of Solana meme tokens has injected fresh vigor into the layer one network, enticing increased on-chain activities.
Foreseen is an altseason eagerly awaited, poised to be ignited by a shift in Bitcoin dominance and the ETH/BTC pair, propelling SOL to unprecedented heights imminently.
Despite Bitcoin’s price maintaining a relatively steady stance around the $64k mark, the cryptocurrency market has witnessed a tranquil phase. However, as per CoinShares’ market data, digital asset investment products witnessed an outflow totaling $251 million last week, marking the fourth consecutive week of cash outflows.
The altcoin market has been on tenterhooks, awaiting a bullish signal from Bitcoin and Ethereum. Additionally, Bitcoin’s dominance appears primed for an imminent reversal, while the ETH/BTC pair has been retracing multi-year lows, echoing a fractal akin to the pre-2021 bull run.
Current data indicates that the altcoin market cap has entrenched a support level around $1 trillion and is poised to double, soaring to an all-time high in the ensuing months.
Solana, a leading layer one blockchain facilitating over $20 billion in bridged total value locked (TVL), has burgeoned into a prominent web3 ecosystem with its mobile application Saga. Sporting a formidable market capitalization of over $83 billion, SOL has been a focal point at FTX.
Institutional investors’ sustained interest in SOL has elevated the altcoin to a pivotal position within the web3 sphere, boasting a stablecoins market cap exceeding $3.2 billion. Notably, distressed crypto exchange FTX has been orchestrating SOL auctions to reimburse its clientele.
Consequently, a notable crypto analyst, Inmortal, predicts that SOL’s price against the US dollar is poised for a final dip before embarking on a parabolic surge to new ATHs. Inmortal suggests that SOL’s price has solidified a robust support range between $120 and $130.
Technically speaking, SOL’s price must breach the resistance level around $159 and convert the daily 50 Moving Average (MA) into a support level. Failure to do so could see SOL retest the support level around $127 before mounting a bullish rebound toward its ATH.
Recent market data reveals that SOL’s price surged by 20 percent in the past week, hovering around $145.68 on Wednesday, May 8, 2024.
Key Takeaways:
As the total altcoin market cap braces itself for the impending phase of price discovery in the coming quarters, several meme coins have exhibited early indications of bullish divergence. Inmortal posits that if SOL’s price rebounds in the ensuing weeks, leading meme coins such as FLOKI, DOGE, and PEPE will likely follow suit.
Inmortal underscores FLOKI’s bullish prospects, underpinned by a burgeoning ecosystem and favorable technical indicators. Furthermore, FLOKI’s price surged by over 16 percent in the past week, trading around $0.000169 at the time of writing.
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