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The Solana price surged 8% in the past 24 hours to trade at $240.47 as of 11:40 a.m. EST on trading volume that surged 53% to $10.9 billion.
This comes as SOL hit a new ATH of $264.31 on Coinbase. The momentum behind the asset has been driven by filings this week from Bitwise, VanEck, 21Shares and Canary Capital to issue spot Solana ETFs (exchange-traded funds).
Solana’s popularity has also been driven by a new outbreak of meme coin mania that promises revenue growth for its Pump.fun meme coin launching platform
Solana Price Aims For A Sustained Rally
The Solana price has been in an uptrend since October, after the bulls took control of the asset around the $160 support zone, according to data from GeckoTerminal. The momentum picked up in November, with the price soaring even higher, registering higher highs and higher lows, forming a rising channel pattern.
XRP has remained above both the 50-day and 200-day Simple Moving Averages (SMAs) as a result of the uptrend.
The Relative Strength Index (RSI) at 71 is currently in the overbought zone (above 70), suggesting that the asset might be overextended in the short term. Overbought RSI levels often lead to a pullback or consolidation, but in strong bullish trends, RSI can stay overbought for extended periods.
The MACD line (1.97) is above the signal line (0.98) and in positive territory, indicating bullish momentum. The histogram is green and increasing, showing that bullish momentum is strengthening. However, the MACD is not excessively high, meaning there could still be room for upward movement before a potential reversal.
If the upward trajectory is sustained, the bulls could push the price of Solana towards a new all-time high (ATH), as they target $300.
However, with the RSI now being oversold, the Solana price could go through a correction to the $231 support zone (50-day SMA).
Meanwhile, investors are rushing to buy the newly launched meme coin CatSlap (SLAP), which went parabolic after its listing yesterday.
According to ClayBro, a prominent crypto analyst with over 131K subscribers, CatSlap could be the next meme coin to surge 50X.
New Memecoin CatSlap Skyrockets 2000% – Best Crypto To Buy Now?
CatSlap Token is a new meme coin that comes with an addictive online slapping game.
SLAP had a fair launch direct to DEX yesterday and has already soared more than 2,000%. Expectations of massive growth were fueled by a strong marketing push and ties with prominent crypto wallet Best Wallet.
Its market capitalization has already surged to almost $20 million, it boasts a cross-platform community of 1,800, and racked up 1,448 DEX transactions after amassing more than 900 holders.
A partnership deal with Best Wallet, one of the fastest-growing next-gen crypto wallets, grants it immediate exposure to a 60,000-strong community.
We be cooking. Staking now live, all website buys will be staked for 7 days at 40% APY. Early unlock by burning pic.twitter.com/ZIUK9pd3sZ
— CatSlap (@CatSlapToken) November 21, 2024
Positioned to capitalize on the booming cat-themed meme coin trend, it aims to rival sector leader like Popcat by leveraging its gaming mechanic to engage its community.
You also have an opportunity to earn passively with the project’s staking mechanism, which offers a 40% annual percentage yield (APY). Tokens are locked for 90 days, with an option to unstake early. Unstaking before the 90 days burns a portion of your tokens, and therefore reduces the selling pressure.
$SLAP is currently valued at $0.002104 per token. After its explosive debut, there are already rumors that the token might snare a coveted Coinbase or Binance listing. When PEPE nailed listings on Coinbase and Robinhood last week, its price went parabolic.
You can buy CatSlap Token on its official website or on Best Wallet via its ”Upcoming Tokens” section.
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