Solana’s price is struggling to hold above the pivotal support at $230, which has offered a strong base in the recent past. Besides, the need for an SOL ETF is intensifying with Cboe re-filing the ETF on behalf of VanEck. With this, the price, which is under the bearish influence, is expected to reverse the trend as soon as the network’s traffic is about to escalate. Below are some popular Solana-based tokens that could mark fresh highs in the coming days.
Uniswap (UNI)
Uniswap is the most popular decentralised trading protocol and facilitates automated trading of the DeFi tokens without any need for any third party. The native token, UNI, which is used as a governance token and pay fees, has been performing exceptionally well. The price has been maintaining a consolidated ascending trend followed by a huge breakout. Presently, the UNI price is trying to reverse the bearish trend and once validated, a 50% upswing could be imminent.
As seen in the above chart, the UNI price has been trading within a rising parallel channel for over a couple of years. After testing the resistance and support, the price is trying hard to validate a rebound from the average levels as RSI has also displayed a bearish divergence. Moreover, the 50/200 day weekly MA is healing towards the very first bullish crossover or the Golden Cross, which is expected to offer more bullish momentum that may push the price beyond $20.
Jupiter (JUP)
Jupiter, the most advanced swap aggregation engine on Solana, has raised many eyebrows in recent times. With a huge influx of liquidity, the token possessed massive volatility, causing a ‘v-shaped’ recovery in the JUP prices. Currently, the bulls appear to have drained out of strength as the volume has dropped and the token is experiencing significant upward pressure. However, the token has attempted to surpass $1.25 a couple of times and hence another attempt could clear these levels.
The JUP price is constantly trying to achieve the local resistance at $1.3 while the bears are restricting the levels at $1.25. The RSI remains incremental while the CMF has regained levels above ‘0’. These indicators suggest the market strength is increasing, which could further keep up the momentum of the rally. Therefore, the Jupiter price is believed to rise and achieve beyond the interim highs shortly.
Raydium (RAY)
The Raydium price broke out of the consolidation and remained elevated throughout 2024, displaying huge volatility as the volume remained above the average range. Moreover, the token broke out of the pattern in the first few days of the year and the rise of the memecoins over the Solana chain also benefitted the token to a large extent. Currently, the price is about to end the correction after a breakout, which could pave the way for a strong upswing.
The above chart suggests the RAY price broke out of the ascending triangle and marked interim highs above $8 and above to end its correction too. The RSI is displaying a bullish divergence, while the OBV, which is a volume-based indicator, has also shown a similar move. This suggests a rise in the rally’s strength as the buyers are more active than sellers, which could push the prices higher back above $8.
Other than these tokens, memecoins like dogwifhat (WIF), Bonk (BONK), etc and a few more are also expected to thrive as the Solana network is expected to gain traction in the coming days.
