Traders in Solana (SOL) have experienced a significant uptick in activity with prices surging by more than 10% over the last 24 hours. This buoyancy is attributed to the launch of deBridge, a cross-chain transfer protocol bolstering interoperability between the Solana blockchain and Ethereum-compatible networks. Despite the 10% price increase, however, SOL has seen a 9% decrease over the past month, suggesting potential volatility.
Markets have responded favorably to the cross-chain facility of deBridge, manifesting in a 27% price surge in SOL over the past fortnight. However, industry insiders whisper a note of caution suggesting the SOL market may experience a slowdown post-deBridge rally, as it may not surge again until further substantial growth and adoption of the interoperability protocol emerges.
In light of this, traders’ attentions might be drawn to other coins with potential short-term gains. One such example is Thug Life Token (THUG), a sales coin quickly gaining traction within the crypto community.
SOL’s relative strength index, now hovering around 70, teeters on the precipice of the ‘overbought’ territory. There is scope for additional gains, but the impending 30-day moving average crossover on SOL’s 200-day average suggests that the rally may be winding to a close. On a more reassuring note, the SOL’s support level, having steadily ascended over the past couple of weeks, provides a strong fallback position should the rally lose its momentum.
The unique selling point of Solana is the promise of seamless integration with Ethereum Virtual Machine-compatible networks post the launch of deBridge. This increased interoperability should theoretically propel the development of Solana and broaden its ecosystem, leading to heightened use and demand for SOL. However, it’s important to note that this is a long game and won’t have an immediate effect on SOL’s price.
In response to this, savvy investors have begun to switch allegiance to other altcoins, especially those filling the future rally promise bucket. For instance, the presale of THUG, a meme coin with roots in the rap and hip-hop communities. Despite being only a few days old, THUG has already raked in close to $150,000 in its presale, indicating a vibrant investor cohort behind it.
THUG, an Ethereum Blockchain-based token, has a supply cap of 4.2 billion tokens, 70% of which are allocated to its community during the presale, ensuring its long-term sustainability and potential for multiple rallies.
THUG’s sale ends as it hits a hard cap of $2,058,000 with buyers joining via the official Thug Life Token website to purchase the meme coin using either USDT or ETH. An early investment, provided one acts promptly, could yield an attractive profit. However, it is pertinent to underscore that crypto is a high-risk asset class, and like any investment, there is the possibility of complete capital loss. Caveat emptor!
Source: Cryptonews
