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Cryptocurrency News Articles
Solana Soars as FTX Reimbursement Plan Fuels Rebound
May 10, 2024 at 06:34 pm
The Solana price has surged 6% in the last 24 hours, reaching $153.97 as of 03:22 a.m. EST. This upswing follows FTX's announcement of sufficient funds to reimburse victims of its 2022 fallout. With FTX's plan to repay its $11.2 billion in debts, concerns over Solana asset sell-offs have dissipated. Technical analysis suggests a bullish trend for Solana, with an inverse head and shoulders pattern indicating a potential rally. The bulls aim to push the price over the neckline at $159, supported by positive readings on the RSI and MACD. Additionally, the ADX indicates a strong bullish trend, pointing towards a potential upswing.
Solana Surges with FTX's Reimbursement Plan, Poised for a Rebound
New York, NY - Solana (SOL), the ninth-largest cryptocurrency by market capitalization, has experienced a significant surge in value, rising by 6% in the last 24 hours. As of 03:22 a.m. EST, SOL is trading at $153.97, with trading volume increasing by nearly 1% to $2.2 billion.
This surge follows the announcement by FTX, the bankrupt cryptocurrency exchange, that it has realized enough funds to repay its victims who lost money during the exchange's collapse in 2022. FTX had previously proposed making this repayment after selling off its assets, which include a large portion of SOL.
With the sell-off concerns now eliminated, SOL is poised for a rebound. If the price rebounds by 5% to $157, it could wipe out $125 million in short positions.
Inverse Head and Shoulders Pattern Suggests Bullish Potential
According to GeckoTerminal, Solana's price has been forming an inverse head and shoulders pattern, which is a bullish technical indicator. The pattern suggests that the bulls are aiming to push the price over the neckline at $159.
This bullish potential is further supported by the fact that SOL is trading above the 50-day and 200-day Simple Moving Averages (SMAs). The Relative Strength Index (RSI) is also indicating a buying frenzy, with the RSI rebounding from oversold levels and heading towards the overbought region.
The Moving Average Convergence Divergence (MACD) and Average Directional Index (ADX) also support the bullish sentiments, with the MACD forming a bullish crossover and the ADX indicating a strong bullish trend.
Solana Price Prediction: Bullish Outlook
The long-term price analysis indicates that SOL bulls are poised to push the price higher, aiming for $200. However, if the bears take control at $159, SOL could retrace to the next support level at $145.32.
Solana Meme Coin $SMOG Gains Traction
As SOL's price gains momentum, investors are also showing interest in Solana meme coin $SMOG. $SMOG has been steadily gaining traction since its launch, driven by its innovative airdrop program designed to incentivize token holders and foster community engagement.
Season 1 of the airdrop rewarded holders who completed tasks on Zealy, and the team has hinted at another top-tier exchange listing following the MEXC listing in April.
With the token's development team hinting at another top-tier exchange listing, now might be an opportune moment to grab tokens before they become even more widely available. According to 99Bitcoins, a prominent crypto YouTube channel with over 700,000 subscribers, $SMOG has the potential to surge 100X after launch.
Conclusion
Solana's price is poised for a rebound, supported by the FTX reimbursement plan and the inverse head and shoulders pattern. The bullish outlook is further reinforced by positive technical indicators. While a retrace is possible, the overall sentiment remains bullish.
Meanwhile, $SMOG, a Solana meme coin, is also gaining attention due to its airdrop program and the potential for a top-tier exchange listing. Investors looking for high-potential cryptocurrencies may want to consider keeping an eye on both SOL and SMOG.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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