Cryptocurrencies had a relatively strong performance this week as Bitcoin bounced back to almost $60,000. Toncoin was trading at $7.23, a few points below its highest point this year while Solana rose to $146, up from this month’s low of $121.
These coins rose as investors bought the dip and as the impact of the ongoing liquidations by the German government and Mt. Gox wallets. They also recovered after the US published an encouraging inflation report that revealed that consumer prices were falling.
Another positive event that happened was that Solciety, an upcoming Solana meme coin, raised over $863k from investors in less than two weeks. You can buy the SLCTY token here.
Solana price forecast
Solana price bottomed at $122.10, where it failed to move below since May this year. It then bounced back and was trading at $140 on Thursday evening.
On the daily chart, the token has formed a double-bottom pattern whose neckline was at $188.73. In price action analysis, a double bottom is one of the most bullish chart patterns.
It has also formed a small double-bottom pattern whose neckline is at $154. At the same time, the token has found substantial support at the 200-day Exponential Moving Average (EMA), which is a popular bullish sign.
The MACD and the Relative Strength Index (RSI) indicators have also formed bullish divergence patterns. Therefore, the likely scenario is that Solana will resume the bullish trend in the near term.
If this happens, the next key level to watch will be the key resistance point at $155. A break above that level will see it rising to the next psychological point at $160.
Toncoin price forecast
Toncoin has been one of the top-performing cryptocurrencies this year as the TON ecosystem continues doing well. The $TON price dropped to a low of $6.36 last Friday as other cryptocurrencies fell. That was an important level since it coincided with the lower side of the ascending channel.
There are signs that TON price could soon make a bearish breakout. It has formed a rising wedge pattern, a popular bearish sign. Unlike Solana, the MACD and the Relative Strength Indicator (RSI) have formed a bearish divergence pattern.
Therefore, with the rising wedge nearing a confluence level, there is a likelihood that the $TON token will have a bearish breakout in the coming weeks.
Solciety analysis
Unlike Toncoin and Solana, Solciety is not yet publicly traded. Instead, it is a political neutral cryptocurrency currently in its presale event. Launched earlier this month, the sale has raised over $870k and the trend is gaining momentum.
Solciety aims to be at the intersection of non-fungible tokens (NFT), meme culture, and Solana meme coins. Recently, Solana’s ecosystem has produced some of the top meme coins like Book of Meme (BOME) and Dogwifhat.
It also aims to become the best political meme coins in the industry. Unlike Donald Tremp and Jeo Boden, Solciety will not be affiliated in either of the political space. As the US election nears, people supporting either candidate will feel comfortable investing in the SLCTY token.
A key feature of Solciety is its meme generator feature where users will be able to create political memes with over 200 traits, backgrounds, and fonts.Users can make some money in SLCTY tokens by creating and sharing these meme coins.
As the network grows, the developers will introduce augmented reality features that will help users view their meme coins well. You can read more about Solciety and its tokenomics here
Conclusion
In conclusion, the cryptocurrency market has shown resilience and potential for growth despite recent challenges. From the bullish performance of Solana to the promising developments of Solciety, there are exciting opportunities for investors and enthusiasts alike. As the market continues to evolve, staying informed and exploring new projects like the ones mentioned in this article can provide valuable insights and potential returns. For more trending news articles on cryptocurrencies and decentralized finance, be sure to check out DeFi Daily News.
