The Solana ecosystem is ripe with opportunities for investors to capitalize on and increase their yields before year-end. SOL is known for its explosive moves either up or but with the next bull run thawing, a breach of the psychological $200 resistance level could trigger a major upturn in select crypto projects.
Tokens Likely To Explode As Solana Price Drops To Collect Liquidity
Solana price is closing in on an important support level at $140 after clawing back gains accrued during this week’s brief trend reversal to $160. The 200-day Exponential Moving Average (EMA) bucks the demand area, implying that the next rebound could surpass $160 to form a new trend targeting $200.
Traders will look out for a potential bounce from the 200-EMA support at $140 before the end of this week with intentions to buy and hold both in the short-term and long term. Day traders will have short-term goals at $150 and $160, but whales and other long-haul investors may want to hold onto the token at least until it is $200.
While trading Solana promises massive returns, some coins within the ecosystem could yield more. Bonk (BONKL), Slerf (SLERF), and Popcat (POPCAT) are the best altcoins to buy before SOL price climbs above $200. All the tokens are trading at an impressive discount from the all-time high, which will ensure that investors significantly maximize profits.
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Bonk
BONK is a top meme coin token on the Solana blockchain. It functions as a community-driven asset, fostering engagement and supporting various projects within the ecosystem. BONK plays a crucial role in promoting decentralization and community-driven initiatives, contributing to the overall health and vibrancy of the SOL network.
Investors can focus on the dollar-cost average strategy as Bonk price seeks support amid the sell-off in August, especially with the Moving Average Convergence Divergence (MACD) indicator set to send a buy signal on the four-hour chart. Similarly, the ascending trendline support near $0.000018 would be a good entry position to take an early positon before the next bullish breakout.
2. SLERF
SLERF is a SOL-based token that incentivizes liquidity providers through serum decentralized exchange. It rewards users who contribute liquidity to Serum pools, promoting market depth and facilitating efficient trading. SLERF plays a crucial role in the ecosystem by ensuring the smooth functioning of DEXes and attracting liquidity to the platform.
The token has regained strength in the last few days, increasing by over 3% to $0.1566, Coingecko shows. It boasts a market cap of $78 million, attracting a trading volume of more than $15 million in 24 hours. A trend line support adds credence to the potential recovery, with bulls expected to push past the green supply area to ground the reversal in the coming weeks.
Should pressure increase on the sell-side and the trend line support crumble, investors will consider lowering their entries to $0.15, $0.14, and August’s lowest point to $0.1283. Resistance at $0.18 and $0.2 may delay the rally even if SOL price rises to $200.
3. POPCAT
POPCAT is a token used for in-app purchases, tipping, and governance. Its success has contributed to Solana’s growth and popularity, demonstrating the potential hype-based tokens to drive user engagement and ecosystem development. Amid the continuing sell-off, POPCAT sits about a robust trend line support reinforced by the 50-day EMA.
The bulls target a break above the $0.8 level, likely to pave the way for a drastic move above $1 in the next few days. A buy signal from the MACD adds credence to the bullish outlook, suggesting that a major rally is in the cards. The 20-day EMA support at $0.7 will allow investors to enter at a slightly lower price without increasing downside risks.
If the pullback from resistance at $0.8 continues, POPCAT may extend the leg down to the 200-day EMA at $0.6. Depending on the general outlook in the market, it might be prudent to prepare for a sweep through $0.5 and $0.4 zones. Buying as the price dips will increase profitability as Solana explodes above $200.
Frequently Asked Questions (FAQs)
Tokens like Bonk and Popcat are know for their hype and ability to make large bullish moves.
It incentivizes liquidity providers through serum decentralized exchange.
The MACD has just sent a buy signal hinting at a trend reversal.
John Isige
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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