Solana has been bullish since October but faces resistance at $75
Memeinator sale has accelerated, with a 10% Christmas bonus for presale buyers.
Memeinator is a potential 10x and 50x gainer.
With double-digit gains in the past week and a bullish market since October, Solana holders must be happy. For a token that traded at just $19 in early October, a current price of $75 is worth attention. But how long can SOL market price gains continue? We get to the details and let you know more about the tantalising Memeinator presale, now on Stage 9.
Solana faces bear test at $75
Undoubtedly, Solana has been one of the best cryptocurrencies by returns in the last quarter of 2023. The gains have been fueled by network activity. A market report shows that the daily user activity on Solana rose by nearly 400% in the fourth quarter. The growth was a massive leap compared to just 3% for its close competitor, Ethereum.
User activity on Solana has been mainly fueled by a series of airdrops by protocols that use the chain. For example, Oracle network Pyth (PYTH) airdropped 250 million tokens valued at $77 million on November 20th. Jito, another protocol on Solana, airdropped $225 million worth of tokens on December 7th.
Solana’s price is also fueled by NFT and DeFi growth. For example, in the last three months, sales of NFTs on the network have risen by almost 500%. The increase has helped Solana outpace Ethereum on NFT sales volumes. Consequently, SOL price has responded as the token is used as the settlement layer on the platform.
Nevertheless, the $75 price is a key resistance. SOL has held to the level for the past three days, but bulls have been unable to break past it. Neither have the bears been able to force a correction, with bulls standing their ground. Obviously, the high network activity could support further gains and a potential breakout. But if bears take control, SOL might clash to up to $60 or lower. The risk invites caution for Solana buyers.
The Memeinator presale
Memeinator presale is an exciting capital-raising undertaking paving the way for a new meme crypto project. The presale occurs in 29 stages, with the current 9th stage almost at its conclusion. To give its presale investors an early Christmas gift, Memeinator has opened a bonus for its early backers. Investors are rewarded with a 10% bonus for $5,000 worth of…