Solana (SOL) saw a 3% surge in the last 24 hours after bouncing back from the $131 support level. At the time of writing, SOL traded above $153 after continuing its uptrend for the past four days. SOL outperformed Bitcoin by 2x during this period.
Many analysts are now bullish on SOL and expect it to beat Ethereum (ETH) gains this quarter. A continued rally could give SOL holders much-needed gains after a rather bearish start in April.
A new SOL-based token is also making headlines today. Slothana (SLOTH), a Solana meme coin that’s currently on presale, has raised over $10 million and is just a week away from its DEX listing.
Solana Outperforms Market Leaders Despite Mixed Sentiments
SOL saw a strong rebound from its $131 support level on 18 April and has since seen a return of over 16% at press time.
One of the main reasons for the recovery could be the recovery of the broader market amid the excitement around the Bitcoin halving.
However, Solana’s performance has been quite impressive relative to market leaders like BTC and ETH, who saw 6-7% gains during this time.
TradingView data shows how the SOL aims to find a close above its immediate trendline resistance on the daily chart.
A close above this level can help the coin test its immediate resistance level near $170. However, SOl could continue its choppy movement if it can’t find a close above this level.
SOL’s weighted sentiment showed a different picture. It was negative at the time of writing and suggested that the traders didn’t believe in a bullish SOL projection in the short term.
A major reason for this could be Solana’s Q1 2024 performance. Comparing the income statements of top blockchains revealed how Solana and Bitcoin made losses. On the other hand, Ethereum, Tron, and BNB Chain made profits.
However, Ansem, a popular crypto analyst, recently Tweeted how SOL is a better alternative to Ethereum in all aspects. He pointed out Solana’s massive improvement in DEX volumes, daily active users, and validator data. He also forecasted a nearly 7x surge from SOL’s current price.
As the sentiment toward Solana turns bullish, a brand new meme token that has caught investors’ attention is Slothana. It raised over $10 million in just a few days after its launch.
Slothana Prepares For Exchange Listing After Raising $10 Million
Slothana is a popular meme token built on Solana that raised over $10 million through its Initial Coin Offering (ICO) in just a few days.
The token saw high initial investor support, similar to other recent Solana meme coins like $SLERF, which had a 24-hour trading volume of over $2 billion at its peak.
This presale phase is almost over and ends on 29 April. Before that, early buyers can get 10,000 $SLOTH for just 1 SOL.
The platform has a unique presale phase with no different price stages or waiting times. Investors can send SOL to a specific address, and the $SLOTH tokens are instantly airdropped into their wallets. This means they don’t have to wait to claim them after the presale.
Many investors are interested in Slothana because of rumors about how the developers behind SMOG have created SLOTH. Smog is a popular Solana-based meme token that saw 2x gains on launch, and investors now think Slothana could bring similar or even better returns.
Early buyers still have a chance to join Slothana’s movement and can buy tokens in the presale using the buying widget on its website. You can also get $SLOTH directly by sending SOL to EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA.
You can follow Slothana on X (Twitter) to keep up with the latest updates.
