The Solana price edged up a fraction of a percent in the last 24 hours to trade at $116.24 as of 4.30 a.m. EST on trading volume that fell 4.5% to $2.4 billion.
Its weekly performance is far more impressive, surging from $101 seven days ago. That’s boosted its market cap to more than $50 billion, turning it into a challenger to BNB for the position of the fourth-largest cryptocurrency by market cap.
There are several reasons for the surge, including the fact that Solana’s second smartphone has already accumulated 100,000 preorders. Apart from that, Solana also launched 13 new extensions to its ecosystem, which will be crucial for its NFT sector.
Token Extensions 💪 https://t.co/rhsA96Jrv9
— Solana (@solana) February 14, 2024
Solana Price Prognosis
While the Solana price price has seen an impressive surge in the past week, the coin reached a resistance when it climbed to $118 — one that it was unable to breach as of yet. Of course, this is still quite far from the coin’s ATH at around $260 which it reached in November 2021, but it is also the highest point that SOL has reached in over a year and a half now.
The big question is — where will it go from here?
While fundamental factors mentioned earlier were a big reason for SOL’s recent surge, there are also some technical indicators that suggest that Solana might yet go beyond the resistance that stopped its ascend yesterday. The coin started seeing another widening of Bollinger bands which tightened yesterday, suggesting that the bulls are once again taking over.
Similarly, SOL’s Relative Strength Index (RSI) score is improving, after sinking toward the oversold zone in the past few hours, it has now bounced back into the neutral zone, currently at the value of 55.80 and rising. Meanwhile, the token’s price is just under $117, suggesting that SOL has plenty of room to grow if the bulls can continue the charge.
The chart also suggests a clear flag pattern, and despite the recent pause in its surge, SOL still appears to have the bullish sentiment around it. This is why the coin is likely to return to the $118 mark once again in hours to come, and potentially go beyond it this time.
However, if the bears happen to take over again, Solana still has a strong support at $115, followed by the ones at $110 and $105 to help keep it from sinking too low.
Promising Alternative to Solana
There is a promising alternative for those who missed last week’s SOL pump. The token in question is called Scotty The Ai (SCOTTY), and it is an innovative AI crypto project that combines artificial intelligence with a deep understanding of blockchain technology.
The project is currently in the middle of a presale, but it already allows buyers to stake SCOTTY tokens and start earning rewards via staking straight away with an estimated return of 326% annually.
Meme Coin For Big Gains: Scotty the AI Presale Crosses $360,000
🚨 only $30k left at stage 3 of public presale.
🚀Join presale herehttps://t.co/YXcyMocjUVhttps://t.co/xS9JK2GGT6
— Scotty The Ai (@ScottyThe_Ai) February 14, 2024
One key feature is Scotty Swap, a go-to hub for seamless and lightning-fast token exchanges. Powered by cutting-edge AI technology, Scotty ensures that every trade is not only secure but also optimized for maximum gains.
The project also offers a ScottyChat feature, an AI-powered crypto companion that’s able to discuss cryptocurrencies, provide market insights, and explore the world of digital assets.
🚨only $25k left at stage 3,
Stage 1 & 2 closed out early!⚠️ Price increases at stage 4.
BUY $SCOTTY presale at https://t.co/zRmy4g8hfW#blockchains #memecoins #Binance#presale #Ethererum #cryptocurrency pic.twitter.com/ebnS2FoCtG
— Scotty The Ai (@ScottyThe_Ai) February 15, 2024
Analyst and YouTuber Michael Wruble, with 310k subscribers, says he’s invested in the project because it’s a unique combination of meme and AI with a powerful marketing push behind it. Scotty is presented as a jet-black Scottish Terrier who is a mysterious guardian of the crypto sector.
The project’s presale has already raised $397,510 of its $398,999 interim target, so move fast to secure tokens at the price of $0.0052 before the current stage sells out.
If you are interested in buying SCOTTY tokens, you can get them in exchange for ETH and USDT, or buy them with your credit or debit card.
Visit the official SCOTTY website here.
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