Crypto prices are pumping again, and Solana has skyrocketed 13% today as the broader market advances toward yearly highs. Meanwhile, the new Solana-based meme coin Sealana is also gathering pace as its presale surpasses $1.1 million.
Solana Price Booms as Market Turns Bullish
After months of gruelling consolidation, the crypto market sentiment is U-turning amid a widespread price rebound.
Sol has benefited significantly. It is currently priced at $162, an explosive 13% increase from yesterday. SOL is also up 13% this week and 22% this month. It holds a $73 billion market cap and a $4.1 billion 24-hour trading volume, up 69%.
The broader crypto market has recovered due to the U.S.’s Consumer Price Index (CPI) figures coming in below expected at 3.4%. This bolsters the likelihood of rate cuts in 2024 and paves the way for more liquidity inflows to the crypto market.
“Based on details in the CPI reports, we continue to expect the Fed to cut the funds rate by 25 basis points in July and proceed with cuts at a quarterly pace thereafter,” wrote analysts from Goldman Sachs.
However, despite the market’s overwhelming optimism, Solana has outpaced other assets today. This is reflected in SOL being up 13% while the total crypto market cap is up 5.6% today.
One reason for Solana’s relative strength is its favourable price chart compared to other cryptocurrencies.
Beginning with a lower time frame outlook, one prominent analyst noted that SOL had broken a trendline resistance on the four-hour chart. This illustrates bullish momentum and lays the way for continued growth.
However, analysts are also bullish on Solana’s long-term outlook. Prominent commentator Jelle highlighted that Solana is currently holding a macro support level on the weekly time frame, indicating significant gains are ahead.
The analyst recently tweeted, “I’m still confident SOL is a layup trade. It’s done incredibly well so far this cycle (about 5-7x from where we entered), but I still think there’s fuel in the tank for another 3-4x. Bring on $450-$600.”
Indeed, while the market’s widespread bullishness and analysts’ support of SOL reflect a bright future, the Solana ecosystem is also thriving. Projects like Book of Meme, Jeo Boden, and Slerf have all soared over 20% today.
Meanwhile, the new presale crypto Sealana has claimed the $1.1 million total raised accolade at the presale.
New SOL Token to Watch: Sealana Raises $1.1M, Analyst Forecasts 100x Gains
There’s been no shortage of hyper-lucrative opportunities to enter the Solana meme coin space, but the newly launched Sealana is unlike anything the market has seen.
With a hilarious backstory and rumours that the Slerf team founded the project, analysts are bullish, with Crypto Boy speculating it could be 100x.
Inspired by the U.S. sitcom South Park, Sealana is a foul-mouthed seal who left his life at sea behind to chase the meme coin dream.
He now grinds low-cap meme coin charts on DEXScreener from his mom’s basement, fueled by canned tuna and chips. His goal is to catch a couple of 100x trades and then buy a new Lambo to show off to his normie friends.
Indeed, Sealana’s witty backstory resonates with the meme coin trader community’s idealistic tendencies, and as such, the presale has been widely embraced.
Alongside its $1.1 million total raised, Sealana’s social metrics are exploding, with its X followers recently surpassing 3.5K – a 20% increase in two days.
However, in typical Solana meme coin presale fashion, the Sealana team has not announced a hard cap. This means the ICO could end anytime, pitting traders against the clock to secure their tokens.
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