Solana is having itself a day, with the SOL token surging over 14% in the past 24 hours alone.
The token’s rallying price is providing a much-needed jolt to the crypto market after a week of choppy, indecisive trading.
Helping fuel Solana’s momentum is the imminent debut of Slothana (SLOTH) – the massively hyped new meme project just nine days away from a DEX listing.
SOL is now trading at around $145 at the time of writing.
The token’s rise has completely erased the losses incurred over the previous three lackluster sessions – and then some.
While most traders were worrying about Solana’s ability to hold the $127 support zone, the buying pressure that kicked in around here was intense.
Spot volumes surged 21% as the token pushed back above its 20-day exponential moving average (EMA) on the 4-hour chart.
Now, SOL holders are looking towards the $155 level as the next major resistance zone.
This zone is now under 7% away – and SOL is showing no signs of slowing its momentum.
Should the token break $155, it could clear a path back to the key psychological level of $200.
Conversely, a rejection that sends SOL back below $130 is also possible.
Either way, it’s clear that SOL is experiencing a bullish momentum – and traders are eager to see how long it can last.
Solana’s rebound is backed up by a broader recovery in the crypto market.
Over the past 24 hours, we’ve seen buying momentum return in a major way after a period of bearishness.
The two leading coins have enjoyed sizable rallies, with Bitcoin up nearly 6% and Ethereum posting a 4% gain.
Fueled by this positive sentiment, the total crypto market cap has reclaimed the $2.35 trillion level – a 5% increase from yesterday.
The price surge has been accompanied by a 10% spike in spot volumes across all digital assets.
This signals the upswing is being covered by more than just short-covering, but rather new capital flowing back into cryptos.
While pinpointing the exact catalyst is difficult, many speculate it’s the imminent Bitcoin halving event helping reignite spirits.
With less than 24 hours until the supply squeeze, traders may be positioning themselves for the types of bull runs that have followed previous halvings.
Whatever the reason, there’s no doubt that some uncertainty has passed – at least temporarily.
While the positivity in the broader market has been helping lift SOL, the token’s outperformance could have extra legs thanks to one hotly-anticipated project: Slothana.
The meme coin that has taken the crypto world by storm recently is now nearing a debut on DEXs.
The SLOTH token will officially hit the open market in just nine days after a highly successful $10 million-plus presale.
For those who missed the initial mania, this likely represents the last chance to get in early before SLOTH starts freely trading.
And if the activity across Slothana’s social channels is any indication, demand could be sky-high on listing day.
Slothana’s Twitter now boasts over 20,000 followers – with some recent tweets seeing 200,000+ impressions.
Additionally, Slothana has been referenced by a constant stream of YouTube influencers, including ClayBro.
It’s clear that Slothana has tapped into the speculative energy that can propel even the most bizarre tokens to cult-like status in an instant.
Whether the insanity is justified or not, the hype alone may be enough to prompt an explosive debut for SLOTH in under two weeks.
Visit Slothana Presale
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
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