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Indicators Signal Further Gains for Solana as Novel Meme Coin Meme Kombat Hits $4 Million Presale Milestone

Press Releases Crypto News BeInCrypto Indicators Signal Further Gains for Solana as Novel Meme Coin Meme Kombat Hits $4 Million Presale Milestone

The cryptocurrency market has seen significant volatility over the past couple of months, with quite a few ups and lows. However, one coin that continues performing well is Solana. According to recent data, SOL is once again a top-performing coin among the top 10 largest cryptocurrencies by market cap. SOL has increased by 20% this week alone and over 12% in the past 24 hours.

Moreover, new projects are emerging that tap into popular trends in innovative ways. One such concept gaining early traction is Meme Kombat, a new meme coin that has just hit the $4 million mark in its presale.

Let’s first focus on Solana though.

Solana Breaks Crucial Resistance

This latest surge has propelled SOL above the $81 resistance level, with the coin now trading well above $85. As a result of its strong gains, SOL has flipped XRP to become the fifth largest cryptocurrency by market capitalization.

Data shows SOL’s market cap recently exceeded $36 billion, overtaking XRP which now sits at around $33 billion. While XRP did post some gains recently, they have not been nearly as impressive as SOL’s performance.

Noted crypto analyst Cryptonary, who has over 82k followers on Twitter, shared insights on SOL’s price action in a detailed thread. At the time of his analysis, SOL was trading below the key $81 resistance level.

Cryptonary stated:

“SOL has again reclaimed its uptrend line, allowing for further bullish momentum.” He identified $81 as the major horizontal resistance and said “a clean break above would be very bullish for SOL.”

Cryptonary also noted SOL was showing signs of being overbought on higher timeframes like the weekly and cautioned, “We wouldn’t look to add to our bags at current prices. Instead, we’d look for a more meaningful pullback to add to our size, with the first target area of $61 to $65 to begin DCA’ing again.” As we can

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Author: BeInCrypto Team

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