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The price of Solana has surged 7% over the past 24 hours, trading at $101.25 as of 1:10 AM ET, with volume up nearly 20%.
This comes amid a recent surge in Solana-related development. First of all, the foundation recently collaborated with the Abu Dhabi Free Zone on its Web3 push.
Other #achievement Abu Dhabi Global Market (ADGM) ⬇
with #registration ~ Of #iota and new #tandem Together with the Solana Foundation, ADGM is showing that once again. #promise To promote growth and development in the field #digital assets industry.
By utilizing #expertise… pic.twitter.com/NJi84LNtGU
— Unlock Blockchain (@unlockbc) February 7, 2024
Elsewhere, the Solana Foundation has requested proposals to advance the development of open source security tools for Solana.
1/ Request for Proposals Announcement: The Solana Foundation is seeking proposals to advance the development of open source security tools for Solana.
The three RFPs include:
– Program analysis before deployment
– Post-deployment monitoring tools
– Program verificationSee more & apply 👇
— Solana Foundation (@SolanaFndn) February 7, 2024
Nonetheless, the main driver of Solana’s price surge is the multiple projects springing up on the Solana blockchain. Among them are Bonk Inu (BONK), Myro (MYRO), and Jupiter DEXe’s JUP token, with one user praising Solana for showcasing and enabling “access to the best of the best.”
1/ 🚀 Looking forward to your investment #Solana Are you working on a project but feeling overwhelmed by the number of options? Let’s talk about the importance of curated projects and how Solsender ensures you have access to the best of the best. #Solsender #blockchain pic.twitter.com/XGxlaL7tkR
— Sol Sender (@solsender_) February 7, 2024
Solana is one of the few altcoins to outperform Bitcoin this week, according to Santiment analysts.
📈 #Solana I’m one of the few people #altcoin surpassing #Bitcoin This week it surged above $102. In the last 36 hours, $SOL / $BTC It is +4.5%. The halt involving traders on Monday eventually ended with a local bottom. #FUD This promotes a price rebound. https://t.co/lUC0DBS5B3 pic.twitter.com/1NTk5R4QBj
— Santiment (@santimentfeed) February 8, 2024
Solana price outlook
Solana price is consolidating along an upward trend line. This is part of a recovery rally after SOL slipped below the range of a rising parallel channel. The simple moving average (SMA) is tilted north, making it the path of least resistance.
RSI (Relative Strength Index) has also exceeded the 50 level, and MACD (Moving Average Convergence Divergence) and AO (Awesome Oscillator) are both in the positive area. This adds credence to the optimistic thesis.
Increasing buying pressure could push Solana price into the supply zone between $107.92 and $121.19. A decisive break above the $114.76 midline would confirm the continuation of the uptrend.
This can be seen turning the supply zone into a bullish breaker before Solana price tags the $126.36 blockade. In a very bullish case, the Layer 1 (L1) token could extend its rise to the $140.00 psychological level. Such a move would represent a 40% increase from current levels.
TradingView: SOL/USDT 1-day chart
On the other hand, if selling momentum increases, Solana price may lose support due to the rising trend line. A decisive decline, confirmed by a close below $89.02, would invalidate the bullish argument. This will see Solana price roll over to the $68.03 support level. This move represents a 33% decline from current levels.
Meanwhile, Smog, a new Solana-based meme coin, exploded onto the meme coin scene, recording a 1,288% rise upon its launch on February 7.
A promising alternative to Solana
Debuting on the Jupiter DEX, Smog promises to be the mother of all airdrop campaigns, building on the success of recent groundbreaking launches on Solana including Myro, Bonk, Dogwifhat, and more.
welcome to #smog, noble adventurers! 🐉✨
The time has come for a grand ceremony under the dragon’s gaze! 🏰
biggest #brush #airdrop In a history where loyalty is rewarded with treasures that shine like gold. 💰🔥💎
Start your quest! 🔍 pic.twitter.com/22npUXx2Z5
— Smog (@SMOGToken) February 6, 2024
The project is committed to generating incredible success through a robust airdrop campaign.
conquer #Cryptocurrency with the world #smogomnipotent #memecoin Reign supreme! 🔥🐉
Get ready for the biggest thing to come #airdrop Join the dragon in history as he earns points and sets all his enemies on fire! 💰🔥$smog It’s live now! 🚀https://t.co/1rMhrwmIqQ pic.twitter.com/Cu0KxHe2yj
— Smog (@SMOGToken) February 7, 2024
The token economics of the project include an allocation for airdrops, as members of the Smog community have access to the largest Solana airdrop in history. To participate in the SMOG airdrop campaign, traders must use a Solana compatible wallet such as Phantom. The project will also be launched on CoinMarketCap soon.
📢@CoinMarketCap I applied for token update/listing (846804)🐉🔥
— Smog (@SMOGToken) February 7, 2024
Use your SOL, USDT or BONK tokens to exchange for Smog via the Jupiter DEX aggregator or Birdeye. Increase your chances of being selected as a Loyal Chosen by completing a list of community tasks on Zealy. This will also help you increase your airdrop income.
Join the Smog Community X (Twitter)You can keep up to date with the latest news and updates via , Discord and Telegram. You can also explore Lite Paper to learn more.
Visit and purchase SMOG here.
Also read:
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