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The Solana price has surged 7% over the last 24 hours to trade for $101.25 as of 1:10 a.m. EST time on trading volume that jumped almost 20%.
It comes amid a recent flurry of developments relating to Solana. For starters, the foundation has recently collaborated with Abu Dhabi Free Zone for Web3 push.
Another #achievement from Abu Dhabi Global Market (ADGM) ⬇
With the #enrollment of #IOTA and a new #partnership with the Solana Foundation, ADGM is showing once more its #commitment to fostering growth and advancement in the #digitalasset industry.
By leveraging the #expertise… pic.twitter.com/NJi84LNtGU
— Unlock Blockchain (@unlockbc) February 7, 2024
Elsewhere, the Solana Foundation has called for proposals to drive the development of open-source security tools for Solana.
1/ Request for Proposals Announcement: The Solana Foundation is looking for proposals to drive development of open source security tools for Solana.
Three RFPs include:
– Pre-Deployment Program Analysis
– Post-Deployment Monitoring Tooling
– Program VerificationMore & apply👇
— Solana Foundation (@SolanaFndn) February 7, 2024
Nevertheless, the main driver behind the surge in the Solana price is the multiple projects sprouting from its blockchain. Among them, Bonk Inu (BONK), Myro (MYRO), and Jupiter DEXe’s JUP token, with one user lauding Solana for showcasing and enabling “access to the best of the best.”
1/ 🚀 Excited about investing in #Solana projects but overwhelmed by the options? Let’s talk about the importance of curated projects and how Solsender ensures you’re accessing the best of the best. #Solsender #Blockchain pic.twitter.com/XGxlaL7tkR
— SolSender (@solsender_) February 7, 2024
According to Santiment analysts, Solana is one of the few altcoins that have managed to outperform Bitcoin this week.
📈 #Solana is one of the few #altcoins outperforming #Bitcoin this week, surging back above $102. In the past 36 hours, $SOL / $BTC is +4.5%. The outage that concerned traders Monday ended up being a local bottom, with the #FUD fueling this price rebound. https://t.co/lUC0DBS5B3 pic.twitter.com/1NTk5R4QBj
— Santiment (@santimentfeed) February 8, 2024
Solana Price Outlook As
The Solana price is consolidating along an ascending trendline. This is part of a recovery rally after SOL slipped below the confines of an ascending parallel channel. With the Simple Moving Averages (SMAs) inclined north, this is the path with the least resistance.
The Relative Strength Index (RSI) is also above the 50 level, with both the Moving Average Convergence Divergence (MACD) and Awesome Oscillator (AO) in positive territory. These add credence to the bullish thesis.
Increased buying pressure could see the Solana price extend the climb into the supply zone between $107.92 and $121.19. A decisive breach of its midline at $114.76 would confirm the continuation of the uptrend.
This could see the Solana price flip the supply zone into a bullish breaker, before tagging the $126.36 blockade. In a highly bullish case, the Layer 1 (L1) token could extend the climb to $140.00 psychological level. Such a move would constitute a 40% climb above current levels.
TradingView: SOL/USDT 1-day chart
On the flip side, increased seller momentum could see the Solana price lose support due to the ascending trendline. A decisive breakdown, confirmed by a close below $89.02 would invalidate the bullish thesis. This could see the Solana price roll over to the $68.03 support. Such a move would denote a 33% drop below current levels.
Meanwhile, new Solana-based meme coin Smog exploded onto the meme coin scene on Feb. 7 with a 1,288% pump on launch.
Promising Alternative To Solana
Smog, making its debut via the Jupiter DEX, promises the mother of all airdrop campaigns, building atop the success of recent breakout launches on Solana such as Myro, Bonk, and Dogwifhat.
Welcome to #SMOG, noble adventurers! 🐉✨
The time has come for a grand ceremony under the watchful gaze of the dragon! 🏰
The greatest #SOL #Airdrop in history, where loyalty is rewarded with treasures as radiant as the treasures of gold. 💰🔥💎
Let the quest begin! 🔍 pic.twitter.com/22npUXx2Z5
— SMOG (@SMOGToken) February 6, 2024
The project is committed to igniting sensational success with a supercharged airdrop campaign.
Conquer the #Crypto world with #SMOG, the mighty #Memecoin reigning supreme! 🔥🐉
Ready yourself for the greatest upcoming #Airdrop in history, earn points, and stand alongside the dragon as it incinerates all foes! 💰🔥$SMOG Is Now Live! 🚀https://t.co/1rMhrwmIqQ pic.twitter.com/Cu0KxHe2yj
— SMOG (@SMOGToken) February 7, 2024
The project’s tokenomics contain an allocation for the airdrop as Smog community members have access to the greatest Solana airdrop in history. In order to participate in the SMOG airdrop campaign, traders will need to use a Solana-compatible wallet such as Phantom. The project is also likely to go live on CoinMarketCap soon.
📢@CoinMarketCap We have applied for a token update/listing (846804)🐉🔥
— SMOG (@SMOGToken) February 7, 2024
Use SOL, USDT, or BONK tokens to swap for Smog via the Jupiter DEX aggregator or Birdeye. Take on the challenge of completing the community task list on Zealy to increase your chances of being selected for the Loyal Chosen. This also helps you increase your airdrop earnings.
Join the Smog community on X (Twitter), Discord, and Telegram to stay tuned with the latest news and updates. You can also explore the Lite Paper to find out more.
Visit and buy SMOG here
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