Solana (SOL) has experienced an impressive surge this week, hitting the $105 level despite several large SOL transfers to centralized exchanges.
Investors seem to be remaining confident in Solana’s long-term prospects, even after the network suffered a major outage on Monday.
Alongside Solana, presale project Meme Kombat (MK) is also gaining steam as the development team readies for the token’s highly-anticipated Uniswap listing.
Solana Bounces Back 13% After Brief Network Outage
After Monday’s outage led to some minor selling pressure, SOL found strong support around the $95 level.
This critical support level prevented further downside and sparked a recovery on Tuesday morning.
From Tuesday’s low, Solana has since rallied over 13% to its current value, posting three bullish daily closes in a row.
Looking at the technicals, SOL has reclaimed the psychological $100 level and seems primed for further gains.
If the bulls can sustain above $100, a push toward January’s high of $117 could be on the cards.
Further boosting investor optimism is the 22% rise in spot trading volume over the past day, which has pushed SOL to sixth in the world in terms of trader activity.
Additionally, the positive sentiment seen in the broader crypto market has helped SOL, with the Crypto Fear & Greed Index now firmly in “Greed” territory.
Solana Investors Shrug Off Huge SOL Transfers to Exchanges
While large crypto transfers to exchanges often spark fears of impending sell-offs and price declines, Solana investors have seemingly brushed off three massive transactions this week.
According to crypto transaction tracker Whale Alert, over 100,000 SOL worth $10.4 million was moved to Coinbase yesterday.
The day prior, two more large batches, totalling over 400,000 SOL valued at approximately $40 million, were transferred to Binance and Kraken in separate transactions.
Typically, such large on-chain flows to exchanges signify intent from whales to liquidate their holdings, which creates downside pressure.
However, despite more than half a million SOL tokens being moved to centralized exchanges this week, Solana’s price has continued trending higher.
This suggests investors are unperturbed by the potential selling implications and expect further upside for SOL in the short term.
The network’s strong fundamentals, combined with the planned upgrades for this year, appear to be overshadowing temporary fear from large wallet transfers.
Meme Kombat Presale Nears Finish Line as Investor FOMO Builds
As investor enthusiasm around Solana continues building, some excitement is spilling over to crypto projects launching on other blockchains.
One such example is Meme Kombat, a new meme coin and gaming platform on Ethereum that’s nearing the finish line of its ongoing token presale.
Meme Kombat aims to combine the worlds of memes and crypto with an immersive PvP battle arena.
Using AI-powered visuals, gamers can pick meme coin mascots and bet on fights between them to earn more MK.
MK is the native utility token of the ecosystem, providing staking opportunities up to 111% APY and wagering functionality.
Meme Kombat’s presale has already attracted over $8.4 million as it heads into its final days, with just $1.6 million left before the hard cap is met.
The development team, led by Matt Whiteman, has outlined an extensive roadmap for when the platform officially launches, including releasing 11 well-known meme characters in Season 1.
Later seasons will feature new characters, game modes, and ways to earn MK tokens.
Interested investors can buy MK tokens for $0.279 during the presale using ETH, USDT, or BNB.