The Solana price has jumped by 15% in the past 24 hours, rising to $138 as the cryptocurrency market repairs some of the damage it suffered on Monday.
The altcoin is still down by 24% in a week and by a slight 0.5% in a month, although it retains a healthy 500% increase in a year.
And given that it has bounced off its $120-$128 support level, it’s possible that it may be at the beginning of a more sustained recovery.
Solana Price Holds Above Crucial $120-$128 Support: Is a Recovery on the Horizon?
After tomorrow’s big slide, SOL’s indicators suggest that the coin is regaining momentum.
Its relative strength index (purple) has risen from 20 yesterday to just over 50 today, signalling renewed buying pressure.
Source: TradingViewAt the same time, the coin’s 30-period moving average (orange) is now rising toward the 200-period average (blue).
What’s most encouraging about Solana’s chart, however, is the the coin has quickly bounced above its support level (green).
This highlights how there’s too much demand for SOL for it to fall too far, with buyers more than willing to snap it up at discounted prices.
However, the latest transfer data suggests that whales are still more likely to offload than buy SOL.
200,000 #SOL (28,295,002 USD) transferred from unknown wallet to #Bybithttps://t.co/RP9EjrCvFe
— Whale Alert (@whale_alert) August 6, 2024
As such, we may have to expect a few more short-term wobbles before the Solana price picks up in a decisive way.
It fell yesterday along with the rest of the market, which followed stocks markets in reacting negatively to poor US economic data, including an increase in unemployment for July.
Markets around the world declined in response to this data, yet it clears the way for the Fed to cut rates in the coming months.
A reduction would boost investor confidence once again, helping in turn to boost demand for speculative assets such as cryptocurrencies.
This includes Solana, which remains one of the strongest alts in the market in terms of its fundamentals.
Its TVL currently accounts for around 5.5% of the entire crypto sector, with Solana becoming the go-to blockchain for meme tokens this year.
This has boosted demand for SOL, with the Solana price likely to return to $150 in the next one or two months.
It could then exceed $200 by the end of the year, particularly if the US receives more than one rate cut.
Downturn-Beating Returns with Presale Tokens
SOL may continue to struggle a little over the next few weeks, yet traders have options if they want to chase above-average returns even during a difficult period.
One option, for instance, is to check out one of the various presale tokens currently doing well, with the biggest sales often resulting in big rallies once their tokens list.
One presale coin likely to do well is DICE, the Solana-based native token of online casino Mega Dice, which has now raised $1.6 million.
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Mega Dice has become one of crypto’s biggest casinos since going live in 2023, with its website offering over 4,500 games and a comprehensive sportsbook.
The site’s reputation has helped boost the presale for DICE, which as a token will offer holders plenty of perks.
It will function as a payment token with Mega Dice’s platform, but it will also offer access to exclusive games and bonuses.
DICE has a capped supply of 420 million tokens, which could make it deflationary over time, particularly if Mega Dice continues go grow as a casino.
Holders will also be able to stake the token for a passive income, with the token also set to have a post-presale airdrop worth $2.25 million.
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Investors can join its sale by going to the Mega Dice website, where DICE currently sells at $0.105266 per token.
Given Mega Dice’s popularity and the growth of DICE’s presale, it’s likely to rise much higher than this once it lists in the next few weeks.
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