Solana Shows New Meme Coins Who’s Boss

Solana, a crypto project that started in 2017 and later launched in 2020, is known for its uniquely designed protocol that simplifies decentralized app (DApp) development.

The project is open-source that combines proof-of-stake consensus (PoS) with its proof-history (PoH) consensus to enhance scalability in decentralized finance (DeFi). Since June 2023, the coin has been making dramatic moves and drawing the attention of investors.

As of the time of writing, Solana is up by 7.05% with a live market cap of $8,891,846,292 and is ranked No. 9 on CoinMarketCap. The asset’s performance thus far can be better understood, considering how far it has performed in the past and the present.

Market Performance of Solana (SOL)

SOL’s price recorded a bullish momentum from June 16 to June 17, 2023. This bullish momentum was sustained till June 20 and June 21.  But by June 22, the bears increased selling pressure to drop SOL’s market price. As a result, the coin closed that day at $16.64.

However, the SOL’s market price fluctuated between June 23 and June 27, 2023, due to the actions of the bears and the bulls. As of June 28, 2023, the bears dragged the asset’s price down. But despite the selling pressure, SOL remained resilient. The bulls reclaimed the bullish trend from June 29 to July 6, 2023, making SOL $19.73. 

Since then, Solana’s market has been controlled by the bulls. As of the time of writing, SOL is trading at $21.86 today, July 11, 2023. This price today shows that the coin gained $2.13 in 5 days.

SOL Might Maintain Bullish Trend in Future

SOL’s technical chart above indicates that the asset might sustain the bullish trend. Note the coin is currently trading above the 50-Day and 200-Day Simple Moving Average (SMA). This shows that the SOL’s market is trading in a bullish trend.

Again, the asset has a Moving Average Convergence Divergence indicator trading above the signal line with a few grown green faded histogram bars.

This indicates that the coin is bullish and likely to maintain the trend considering the MACD’s grown green faded histogram bars that indicate increased buying pressure.

This validates what is in the chart above. Note, from the chart, the bears held control of the market for the past 2 days, as seen in the last 2 red candle sticks before the last green candle stick.

Although this was still in the bullish trend, the bulls have increased buying pressures to maintain the bullish trend.

Solana’s Relative Strength Index (RSI) is 68.55, close to the overbought zone (70). This shows the SOL is in the bullish trend and that the buying pressure has increased. 

It confirms the presence of the last green candle stick in the chart and the signals from SMA and MACD indicators that the coin is likely to hold its bullish momentum.

Solana’s Support and Resistance Price Levels

If bulls’ action could maintain momentum, SOL could hit the $22.87 resistance level. If this happens, it could garner more attention from investors. This could cause an increase in demand for SOL, which will cause the coin to increase in market value.

The increased interest of investors could make the asset cross the resistance and even reach the $24.80 resistance level if positive market sentiment sets in.

Moreover, if the bears somehow make the coin drop in value and hit the $20.31 support level or even cross it. It may incite fear in the market. Most investors would like to sell at current prices to escape more losses.

This action will trigger negative sentiments in the market, and SOL could further drop to the $18.65 support level.

Factors That May Affect Solana’s Market Behavior

Many factors affect the global crypto market behaviour, and Solana is also affected sometimes.

These factors include crypto regulations, news on the latest development in a crypto ecosystem, market sentiments, and macroeconomics, among many others. Recall that on June 5 and 6, the US SEC sued Binance and Coinbase, naming many crypto assets securities. 

SOL was amongst the assets mentioned in the lawsuit. As soon as the news emerged, the crypto market reacted negatively, causing asset prices to plummet. Such news is part of the factors that affect SOL as an asset in the market. 

Latest Update within Solana’s Network

As of July 10, 2023, Solana shared via its Twitter Page that Layer3 is live on Solana’s network. Now, users in the Solana network can interact with Layer3 through Phantom, one of the notable wallets on Solana’s network.

Layer3 is a protocol built to ensure the proper functioning of games, distributed storage, dApps, and many other applications on the blockchain. 

Note Layer 3 is an advanced layer that enables Layer 1 to carry out its allocated roles effectively. According to Solana, the Layer3 integration will allow its users to complete quests on its network.

This update could arouse excitement among investors, and the SOL’s market behaviour could be affected.

Solana Among Most Searched for Coins

Through Twitter, Lunarcrush, an analytical platform, reported on July 9, 2023, that Solana is taking the 5th position among the top 10 most searched coins. This news indicates that most crypto enthusiasts might have been seeking information on the coin so they could make investment decisions.

Note this could trigger positive sentiments in the asset’s market at that time and might influence the market behaviour.

Thug Life Presale

Thug Life is a meme project born out of the need to alleviate most crypto investors who experienced losses by investing in shaky crypto projects. The project claimed to be a social meme coin for everybody. It imbibes the thug lifestyle and projects itself as a cryptocurrency market’s gangster.

Thug Life claimed to have a solid community from the street called the brotherhood community. It noted that its brotherhood embraces the humour and the hustling passion of people on the internet.

So, the project team created a token ($THUG) to tokenize and reflect internet trolls, comedy, passion for hustling on the internet, resilience, and unfailing love.

Thug Life has no utility, and the team behind the project brags that the token will achieve milestones without the utility. It stated this considering the relentless nature of the community backing $THUG and its strength.

Furthermore, the project team noted that its brotherhood community could go to any length, even if it is for one to die to ensure that the token reaches top heights in the future.

Being a gangster in the crypto space, the Thug Life community believes in doing things opposite the norms.

The team at Thug Life also embraces the hip-hop culture. A glimpse of it is seen on its website, where it features Snoop Dogg, a popular Black American rapper, among others.

$THUG’s Presale

Thug Life launched its presale in June 2023. It has just 1 presale stage and expects to raise $2,058,000 at the end of the presale. The project team at Thug Life made 70% of the total token available for the presale stage. 

As of July 4, 2023, $THUG raised $327,402.54; today, July 11, 2023, it has reached $994,020.16 as of the time of writing.

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