Solana

Solana Shines Bright with a 12% Spike; Yet, Meme Kombat’s Dawn Might be Even Brighter

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The Solana (SOL) price is shining bright after a 12% surge on October 21 to record an intra-day high of $30.31. However, the purported Ethereum (ETH) killer faced rejection from the stiff resistance at $30.24. Nevertheless, SOL continues to pump hard, with a significant bullishness from a big picture and a closer outlook.

It is worth noting that at current rates, Solana is recording the highest price since July, with a full cycle recovery rally. As it stands, an uptrend may be on the cards for SOL. Its uptick, coupled with the overall bullishness seen in Bitcoin (BTC) and Ripple (XRP), has investors speculating the much-awaited for a bull run could be around the corner. This is because it is the crypto market’s biggest upward move in a long time.

Nevertheless, despite the hard pumping, skeptical investors continue to exercise caution. This is because, after such a run, the rally could be exhausted. As such, they await confirmation on whether the uptrend will continue.

Meanwhile, the SOL believers continue to reap the rewards of their optimism, having navigated the wave of fear, uncertainty, and doubt (FUD).

FTX Stakes Solana and Ethereum

Recently, the FTX ecosystem staked 5.5 million SOL tokens worth approximately $122 million at the time. They also staked 24,000 ETH tokens worth approximately $30 million. On-chain data from SolanaFM showed that an FTX Estate wallet entrusted the aforementioned stake to Figment, a firm offering staking services to large entities.

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Nevertheless, the staked SOL accounted for only a small percentage of FTX’s holdings. FTX Estate helps in reclaiming assets for the exchange’s creditors. FTX was an early investor in Solana, going back to August 2020. Notably, it received vesting SOL tokens until 2027-2028, giving them a full mandate to “dump” the tokens onto the market. When news of this spread, SOL holders were spooked, anticipating a price fall.

Nevertheless, the court ruled that the liquidation should happen in batches, temporarily alleviating the concern. By the end of August 2023, the bankrupt cryptocurrency exchange had recovered about $7 billion in assets. This included $1.1 billion in SOL, $560 million in Bitcoin (BTC), $200 million in real estate in the Bahamas, and $1.9 billion in other illiquid assets.

To have the funds to repay the debt while avoiding a heavy impact on the market, the US court approved a phased liquidation process with sales valued at $100-200 million per week after an initial $50 million.

Based on the current outlook, this information is not exerting pressure on the crypto market, with the supply not having a strong impact on SOL investor sentiment.

Solana Price Prognosis As SOL Pumps Hard

Solana’s price is still bullish, coming from strong buying pressure from the bulls. Evidence of this is in the Relative Strength Index (RSI), a momentum indicator showing rising aggressiveness by the bulls. The Awesome Oscillator (AO) indicators are also positive, with large volumes of green histogram bars pointing to bulls leading the market.

Increased buying pressure above current levels could see Solana’s price breach the immediate resistance at $30.24. A decisive daily candlestick close above this level could commence the uptrend, with SOL likely to rise to tag the $34.34 range high. Such a move would constitute a 15% climb above current levels.

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TradingView: SOL/USDT 1-day chart

On the other hand, investors and traders are likely to begin taking profits after such a significant run for SOL. This would interrupt the run north, threatening the upside potential for Solana’s price. The ensuing selling pressure could send the altcoin below the immediate support at $26.67.

In the dire case, it could plunge SOL back under the foothold of the critical support at $24.86. Flipping this support floor into resistance would invalidate the bullish thesis, with a rejection likely to send SOL to the $17.84 support level.

Meanwhile, forward-looking investors are looking at MK, a presale token whose dawn appears brighter, with the potential for 10X ROI.

Solana Alternative

Solana’s most promising alternative is MK, a stake-to-earn crypto that premiered in the market only recently. The token sells at $0.1667 per MK, with almost $635,000 already in the bag, nearing the $1 million target.

MK is the powering token behind the Meme Kombat ecosystem, an innovative new gaming platform designed for gaming enthusiasts. Investors are buying MK using ETH or USDT stablecoin. Take advantage of the current low rates to acquire MK tokens.

The project gives you a ticket to participate in the arena with your meme character of choice for rewards. Choose your winner based on the playing odds or mere preference.

Visit and buy MK here

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