Here's Why Investors Are Rushing in Solana (SOL) Amid Market Upswing



Today’s crypto market paints a promising picture as major cryptocurrencies are showing a green trend. Bitcoin briefly touched the $43,000 mark before a slight retreat, while major altcoins registered notable gains. Ethereum hit $2,300, although it faces challenges in maintaining this level. Interestingly, Solana (SOL) has soared over the $100 mark again.

While Bitcoin’s price increased by 2%, settling at around $42,900, its trading volume saw a notable 23% drop. Ethereum also showed a mix of progress and setbacks, with a 1.8% increase in price but a 28% slump in trade volume. Amidst this, Solana’s (SOL) 6% rally is shadowed by a 34% dip in trade volume.

Arthur Hayes, the co-founder of BitMEX, has recently suggested that it might be time for traders to focus on SOL and other altcoins as they could potentially outperform Bitcoin in the coming days. This advice comes at a moment of heightened volatility and compounding this intrigue is the unstable situation in the U.S. banking sector. The recent plummet of NY Community Bancorp’s stock price by 45% following a surprise quarterly loss could be a signal for the crypto market as history shows a tendency for Bitcoin, Ethereum and Solana (SOL) to rally in the wake of banking crises.

With SOL’s investor sentiment showing a significant shift, there’s speculation that it might snap back to trend. Amidst this uncertainty, projects like ScapesMania (MANIA) are attracting attention with their promising features, professional team, and ambitious vision. ScapesMania strives to drive customer engagement and benefit users with its rewarding tokenomics, offering them appealing stage bonuses during its presale event.

Ride The Wave of Innovation with ScapesMania

The ScapesMania presale wrapped up, becoming the talk of the crypto community. The project managed to secure over $5.4M at an unprecedented rate and there’s a good probability that the token’s value will increase exponentially in the future.

The spotlight has shifted to the public sale with the Token Generation Event (TGE) coming up in March. The pool of tokens is smaller than it was before, so the chance to maximize your potential returns is quickly diminishing. Letting it slip now would be a huge waste, especially since your chance to join before the TGE is only a click away.

 

Your Last Chance to Boost Potential Returns Before the TGE

The team behind ScapesMania, with years of expertise, has crafted a robust post-listing marketing strategy. Buyback, burn, staking, and all the perks for holders keep attracting new adopters. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry.

Moreover, the token’s utility is impressive. It’s not another meme coin whose success relies heavily on trends and hype. ScapesMania ($MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. As a player in the $376 billion gaming industry, it leverages the market’s growth potential. Post-debut, holders can anticipate greater liquidity and easier trading.

The community’s excitement about the project is evident so far: the follower count has reached 60K+. Also, the growing interest from crypto whales with deposits of $20,000+ might expedite ScapesMania’s transition from niche to mainstream.

ScapesMania’s smart contract has received approval from prominent security-ranking firms, ensuring peace of mind for holders. Additionally, the award-winning team behind ScapesMania secured a prestigious grant from a prominent player in the blockchain industry.

Furthermore, ScapesMania is notable for putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is where ScapesManias stands out.

Make sure you don’t pass up the opportunity to leverage all discounts and potentially beat the market as the public sale unfolds. Be quick if you want to get your hands on those lucrative tokens before they’re all gone!

Public Sale ALERT – Seize Your Chance

Solana (SOL) Price Analysis

Solana (SOL) has shown a remarkable journey from its support level at $22 in mid-October 2023 to a swing high of $126, marking an almost 500% increase. This surge was temporarily halted as the excitement surrounding the approval of spot Bitcoin ETFs turned into a “sell-the-news” event, causing SOL to retrace downwards.

Source: TradingView 

Currently trading between its first support at $82.93 and first resistance at $104.23, Solana (SOL) has seen a 15% rise in the past 7 days, breaking above $100 for the first time in four weeks. SOL’s price jump, coupled with its solid tech and market cap hot on the heels of Binance Coin’s, fuels excitement about its growth prospects.

Solana (SOL) Technical Outlook

From a technical standpoint, Solana’s (SOL) Exponential Moving Averages (EMA) at 10, 50, and 200 days are $98.8, $96.81, and $93.81 respectively, all hovering below the current price, suggesting an overall bullish trend.

The Relative Strength Index (RSI) at 55.64 indicates neither overbought nor oversold conditions, providing room for potential upward movement.

However, the Average Directional Index (ADI) at a low 21.75 suggests a lack of strong trend, and the Momentum indicator is slightly negative at -0.56, which points to a cautious but potentially upward trajectory for SOL.

Solana (SOL) Price Prediction

In the bullish scenario, if Solana (SOL) continues to capitalize on its current momentum and network strength, breaking past $104.23 could pave the way for testing the next resistance levels at $112.49 and potentially $133.79. The positive network fundamentals and growing activity in the Solana ecosystem, including DEXs, NFT marketplaces and various decentralized applications like Jupiter, MeanFi and Kamino Finance, could drive this.

On the flip side, if bearish pressures take hold, a break below the current support at $82.93 might see SOL heading towards lower grounds at $69.89 and $48.59. Such a scenario could be influenced by broader market trends or diminishing investor confidence. 

Final Thoughts

Right now, Solana (SOL) emerges as a notable performer, having successfully reclaimed the $100 level amidst broader market uptrends. Its 15% climb this week, along with Arthur Hayes’ nod to altcoins like SOL, shows people are really starting to see its worth again. Solana’s (SOL) path forward is tough to predict, with Bitcoin’s wild swings and a shaky US banking scene throwing curveballs at its stability. With SOL’s technical indicators presenting a cautiously optimistic outlook, the crypto community remains eager to see whether altcoin will continue its upward trend or succumb to market pressures.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.



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