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Solana price jumped 6% in the last 24 hours to trade at $153.97 at 3:22 a.m. EST, on trading volume that climbed nearly 1% to $2.2 billion.
This comes as FTX announced that it had made enough funds to repay its victims of the stock market fallout in 2022. FTX had previously offered to make this repayment after selling its assets, which include a large portion of SOL.
FTX WILL FULLY REIMBURSE CREDITORS
FTX announced in a court filing that it would not only repay the $11.2 billion owed to its creditors, but also potentially provide additional interest payments.
With assets ranging from $14.5 billion to $16.3 billion, the exchange can cover… pic.twitter.com/LH6tvuhCGk
– Crypto Town Hall (@Crypto_TownHall) May 8, 2024
With sell-off fears now allayed, SOL appears poised for a rebound, which could wipe out $125 million in short positions if Solana's price rebounds 5% to $157.
Solana Price Set for Rally on Inverted Head and Shoulders Pattern
![Solana Price Chart Analysis Source: Geckoterminal.com](https://insidebitcoins.com/wp-content/uploads/2024/05/SOL_2024-05-10_11-22-21-1.png)
According to GeckoTerminal, the Solana Price rose dramatically in March, recording a 70% increase to reach a yearly high of $209.71 on March 18. Since then, SOL has not been able to regain that high, as it went through a consolidation phase that lasted until mid-April.
The bears showed their dominance, breaking through the $177 support as SOL further fell to the $125 support. SOL's recent price movements over the past two weeks have formed an inverted head-and-shoulders pattern, as bulls aim to push the price above the neckline at $159.
SOL is trading gracefully above the 50 and 200 day simple moving averages, confirming the price's upside potential.
Additionally, Relative Strength Index (RSI) readings indicate a buying frenzy, with the RSI rebounding from oversold levels as it heads towards the overbought region of 70, currently at 62, showing intense pressure purchase.
The Moving Average Convergence Divergence (MACD) supports bullish sentiments, with the MACD line (blue) crossing above the signal line (orange), which forms a bullish crossover. A bullish crossover often encourages bulls to buy more.
Additionally, green bars begin to form above the zero line, signaling the start of an upward breakout into positive momentum. The Average Directional Index (ADX) is trading above level 25, currently at 26, an indication of a strong uptrend.
Solana Price Prediction
Solana long-term price analysis indicates that SOL bulls are poised to push the price higher as they aim to capitalize on the inverted head and shoulders pattern to push the price higher as they aim to $200.
However, if the bears take control of the price at this level, SOL could fall back to the next support at $145.32, which coincides with the 50-day SMA.
As SOL price hikes aim to drive the price higher, investors are also buying the Solana $SMOG coin, hinting at another high-profile exchange listing soon.
SMOG: Best 100X Coin to Buy Now?
Smog (SMOG)has continued to gain traction since its launch, thanks to its innovative approach to incentivizing token holders and fostering community participation through its airdrop program, which promises to be “the largest in the story “.
This strategy is designed to improve user engagement and reward active contributors within the Smog ecosystem.
A #Memecoin to rule them all! 🚀
Prepare for the best #Airdrop in history, distributed over #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in bio 🔗 pic.twitter.com/vsn4p5cSF4
-SMOG (@SMOGToken) February 8, 2024
Airdrop Season 1 rewarded $SMOG token holders who joined the project's quest board on Zealy and completed daily quests and community tasks for XP. The first season ended with a photo taken on April 3 and gifts totaling approximately $1 million.
On the same day, the team announced the token's listing on the centralized exchange MEXC (CEX), adding that this could open the door for another top exchange listing.
We are delighted to announce that the @SMOGToken Kickstarter concluded and $SMOG will be listed on #MEXC!
🔹Depot: Open
🔹Trading SMOG/USDT in the Innovation Zone: 2024-04-04 09:00 (UTC)Details: https://t.co/3ecyvrTv2n pic.twitter.com/kvgoFiYOib
– MEXC (@MEXC_Official) April 4, 2024
Airdrop Season 2 subsequently began and is currently underway with the focus being on on-chain activity.
Investors can also earn passively by stake $SMOG tokens for an annual percentage yield (APY) of 42%.
Buy or stake your ERC-20 $SMOG #Tokens via our platform. 💰🐉
Staked tokens are secure for 90 days, with rewards available for withdrawal at your convenience. 🔒💸
Each token purchased through our service is automatically staked for you. 🔄
-SMOG (@SMOGToken) February 22, 2024
According to 99Bitcoins, a major crypto YouTube channel with over 700,000 subscribers, $SMOG has the potential to increase 100x after launch.
With the token's development team hinting that another top exchange listing is in the works, now may be an opportune time to grab the tokens before they become even more widely available.
The best place to buy Smog tokens is on its official website herewhere there is a 10% discount for the duration of the offer.
Related news
Smog (SMOG) – Meme Coin with Rewards
- Airdrop Season 1 Live Now
- Earn XP to qualify for a share of $1 million
- Featured on Cointelegraph
- Staking Rewards – 42% APY
- 10% OTC Discount – smogtoken.com
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