Last updated:
Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
Share
Why Trust Cryptonews
Ad Disclosure
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria.
Solana’s native $SOL coin may dip soon, and it may be a hair-raising dip, but it will quickly recover and set a new all-time high (ATH), according to one analyst.
Web3 X commentator D£_MaRiO (@w3_alpha091) made the prediction, and suggested Solana could tumble from its relatively high current price of $243 (7.6% short of its ATH of $263.21 six days ago), down to bottoms as low as $175.
D£_MaRiO identifies two possible levels of support during the crash. He says the price could tumble down to order block, which is the price level at which institutional investors place significant orders. In Solana’s case, that’s around the psychologically significant $200 mark.
Should Solana’s $SOL spiral even lower, then its next likely support level is likely to be between $165 and $185. This would fill an imbalance, which happened on November 6 this year when Solana buy orders greatly outnumbered the sell orders, leading to a near vertical ascent on the price chart.
A closer look at Solana’s relative strength index (RSI) supports the hypothesis that $SOL is in line to fall further. Solana’s RSI score is currently 61 and rising, which suggests the token is close to hitting overbought territory at 70. Throughout November, Solana posted RSI readings consistently above 50, underscoring the effect of the imbalance.
Hedge Against Solana’s Impending $SOL Crash With Meme Coin Staking Protocol Crypto All-Stars
With Solana likely to continue shedding in the short-term, many investors are exiting their positions while it’s at a relative high in order to rejoin the $SOL train at lower prices.
Investors looking for potential profits while they wait for Solana’s dip to bottom should consider small, prudent allocations towards the weird and wonderful world of micro-cap meme coin presales, where many new species of meme coin are just launching at rock bottom prices, offers investors a chance to buy into projects before they hit the open market.
Those who dare can often exploit some sweltering and often unrivalled price booms.
Web3’s first cross-chain meme coin staking protocol, Crypto All-Stars, for example, has collected over $6.8 million in presale investments. It hopes to change the negative perceptions around meme coins by enabling crypto fans to farm the volatile tokens to work for consistent yield.
Central to the platform is a bit of software called the MemeVault protocol, which already integrates some of the the world’s biggest meme coins, with more coming later, according to the team.
Users can currently stake Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin in the MemeVault to earn passive income.
The current reward rate for staking these coins is an impressive 300%, which is paid out in $STARS.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card. Although investors have a limited amount of time to decide, because the presale ends in less than three weeks!
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Stars Presale Website Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
