Solana has enjoyed a tremendous uptick lately, pumping 38% this month.
However, a rejection from resistance at the $46 – $48 region has sparked fears that its run may have ended. Prominent analyst Crypto Tony has weighed in before the pullback began but believes there could be more downside to come.
However, the analyst remains significantly bullish on Meme Kombat, a new presale that has just surged past $1.1 million in its presale.
Analyst Warns of Macro Solana Price Pullback Before Further Upside Movement
Currently, Solana is priced at $38 after peaking on November 1 at almost $47 yesterday on some exchanges. This has been a significant run for Solana as it reached its highest price in over one year. However, recent price action indicates the tide may be turning, an idea shared by analyst Crypto Tony.
In a recent tweet, Crypto Tony noted that Solana was nearing its September 2022 range highs.
Given its explosive run and the fact that it was becoming overbought, this perfectly aligned to act as strong resistance.
Crypto Tony notes “Many FOMO’ing in” as the Solana price begins to surge, but he warns that late buyers could fall victim to a strong pullback, which its explosive pump could amplify.
The analyst illustrated his predicted trajectory on the Solana price chart, forecasting a rejection of the September 2022 $48 resistance and a pullback to the recent bear market resistance.
From his Solana technical analysis, the retest of the bear market resistance / newfound support will be strong, with the chart showing a double bottom, a significant reversal indicator.
Following this, it shows that SOL will move back to the range resistance, but it is unclear from the chart if the analyst predicts a breakout will follow or further consolidation.
The analyst warned investors about buying at its current level, informing them that it may be better to wait until the $48 resistance turns into support or buy when it retests the $28 support.
Crypto Tony tweeted when SOL was priced over $48. With the price correcting to below $40 since then, his Solana price prediction is faring remarkably accurately. This is illustrated on the Solana price chart below.
However, Crypto Tony remains bullish on the new P2E meme coin Meme Kombat, recently providing several reasons the project is primed to explode.
New Cryptocurrency Meme Kombat Enables Users to Earn Rewards and Bet on AI-Generated Meme Coin Battles
Meme Kombat is a new cryptocurrency enabling users to gamble on the outcome of AI-generated battles between popular meme coin characters. The game features numerous sophisticated gambling mechanisms for an immersive and engaging experience.
In a recent tweet, Crypto Tony noted three things that impress him most about Meme Kombat.
He mentioned that it has a doxxed team, a highly successful presale launch, and passive staking rewards. Given his precise Solana prediction, it would be no surprise if the analyst is also correct with this one.
It’s worth noting that its doxxed team is a significant advantage, with one of the most common criticisms of meme coins being their lack of transparency. Meme Kombat solves this by displaying its founder’s social media, experience, and credentials on its website, adding significant trust and legitimacy to the project.
The passive staking rewards are also a notable draw, offering holders a 112% annual percentage yield (APY). This could also bolster its supply and demand dynamics by attracting new investors and leading to many tokens being locked up.
The project is undergoing a presale, having raised $1.1 million so far. Yet, with the price set to rise in six days, those looking to buy must be quick.
Top crypto platforms in the US | November 2023
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