SOL, the native token powering the Solana blockchain, was trading in the $13.20 zone, after hitting $14.20 earlier in the day on Wednesday. However, the cryptocurrency is up about 33% since the start of the week and about 66% from its late 2022 lows around $8.0. As a result, SOL’s price forecasts have become more optimistic again.
The cryptocurrency’s latest price surge saw it breach its 21-day and 50-day moving averages of $11.60 and $12.75, respectively, and a resistance test of the $15 handle is conceivable. A breakout above this level it could open the door to long-term resistance in the $19 area.
However, crypto analyst Marzell believes that the trajectory of SOL could reverse to test the $12.20 area, where traders could be looking to take profits on a recently created short position.
Is it the right time to buy SOL?
The initial success of a new Solana-based meme cryptocurrency project called BONK has contributed greatly to the increase in the price of SOL, and some investors are wondering if it is too late to buy.
If Marzell is correct, then investors may have another opportunity to acquire SOL tokens in the $12 area, suggesting it may be worth the wait.
But if the bullish prediction is correct, investors shouldn’t wait another second or they could miss out on further potential gains.
One member of the crypto community predicted that Solana would max out at $33 within the next six months, adding that “its trajectory could give way to sideways moves throughout the year” without a significant breakout.
Another community member said that SOL will hit the $40-50 range.
A jump to $33, which is a significant supply zone, in six months would mark a 150% gain from current levels. At the same time, a jump in the $40-$50 range would mark a 200-280% gain over the same period.
From a technical point of view, if SOL manages to clear the short-term resistance between $15 and $19, then it could find itself testing a potential breakout in the June 2022-October 2022 price range, between $25 and $48.
Can SOL recover despite FTX collapse fears?
Such an increase may seem implausible at the moment, in light of Solana’s struggles after the stock crash. FTP extension. FTX and its former CEO, Sam Bankman-Friedthey were the primary funders of the Solana ecosystem, and due to their implosion, Solana lost nearly all of its funding, and several projects and developers chose to jump ship.
Despite its recent rally, SOL is still about 66% down from its November highs before the events around FTX near $40.
But seasoned Colonel Jung has a more optimistic view, buoyed by the success of BONK. “BONK has emerged to galvanize Solana at a time when many considered him dead,” he proclaimed, adding that he would remain a HODLer at the end of a lengthy thread detailing how BONK unites the Solana community in troubled times.
Altcoins to consider
With the cryptocurrency market still struggling in early 2023, traders/investors may be looking to diversify their holdings with assets that are more likely to post short-term gains. Here is a list of pre-sale tokens selected by Cryptonews.
Fight Out (FGHT): presale launch
Fight Out, a brand new move-to-earn (M2E) fitness app and gym chain looking to bring fitness to the web3, has opened its presale and investors believe the project could transform the current M2E landscape of the web3. While existing M2E apps, like STEPN, only track steps and require the purchase of expensive non-fungible tokens (NFTs) to participate, Fight Out takes a more holistic approach to rewarding users, requiring no purchases at all.
Fight Out FGHT tokens are currently selling at 60.06 for 1 USDT and interested investors are encouraged to act quickly to buy their tokens, as the pre-sale has already raised over $2.6 million in just a few weeks. FGHT is the token that will power the Fight Out crypto ecosystem.
Dash 2 Trade (D2T): The pre-sale enters its final stage
Those looking to invest in a promising cryptocurrency trading platform should look no further than Dash 2 Trade. This emerging social trading and analytics platform hopes to establish itself as a benchmark in the cryptocurrency trading space with its many unique features.
These include trading signals, social and on-chain sentiment indicators, pre-sale token rating system, token listing alert system, and strategy backtesting tool. The Dash 2 Trade ecosystem will be powered by the D2T token, which users will need to purchase and hold to access the platform’s features.
Dash 2 Trade is about to complete a discount presale that recently surpassed $13.5 million. The presales dashboard will be released shortly, with the development team currently ahead of schedule. The tokens are currently on sale at $0.0533 each and will be listed on several centralized exchanges starting this month.
C+Charge (CCHG): presale in progress
The carbon credit industry is projected to be worth $2.4 trillion by 2027. Democratizing access to these benefits will be a huge opportunity in the years to come, and cryptocurrency start-up C+Charge hopes to take advantage of it. C+Charge is currently implementing a blockchain-based Peer-to-Peer (P2P) payment system for electric vehicle charging stations, which will allow electric vehicle (EV) drivers to earn carbon credits.
C+Charge aims to strengthen the role of carbon credits as a key driver for EV adoption. Currently, big EV makers like Tesla are making millions by selling carbon credits to polluters. C+Charge wants to democratize the carbon credit market by allowing EV owners to access these rewards, rather than reserving them only for large companies.
C+Charge has just launched the pre-sale of the CCHG token that its platform will use to pay for electric vehicle charging stations. The tokens are currently selling for $0.013 each, but after the pre-sale ends, the price will increase by 80%. The project has already raised nearly $75,000 in just a few weeks. Therefore, investors interested in an early stake in a promising green crypto project should act quickly.
Follow our affiliate links:
- To buy cryptocurrencies in the SEPA zone, in Europe and French citizensvisit Coinhouse
- To buy cryptocurrency in Canada to visit bitbuy
- To protect or store your cryptocurrenciesget a Ledger wallet
- To trade your cryptocurrencies anonymouslyinstall the NordVPN app
To accumulate coins during the game:
- In poker on the CoinPoker gaming platform
- To a global fantasy football on the Sorare platform
Stay informed through our social networks: