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New Solana meme coin SLERF (SLERF) surged over the past day, pumping by over 40%. The token’s price skyrocketed from $0.58 to $0.85, only to see a slight correction after reaching that resistance level.
However, soon after dropping back to $0.76, the SLERF price managed to recover to $0.85 again, currently still grinding against the resistance at the time of writing.
The meme token captured the attention of the community as soon as it emerged, but it really made headlines after the developer accidentally burned the tokens meant to be distributed in an airdrop last week. Quickly owning up to the mistake, the developer has taken steps to correct the issue, and the community has been there to offer support every step of the way.
Right now, SLERF is getting ready to start minting NFTs, but not before it refunds those affected.
SLERF Price Prediction
So far, SLERF’s price has crashed from its highest point about a week ago, on March 19. The token found its bottom just above $0.50, at around $0.52. However, in the last 24 hours, it went on to see another pump which took it back up to $0.85.
Right now, all technical indicators suggest that SLERF price is doing very well and that the community support continues to grow as it outshines other Solana meme coins heading into April.
The token’s Bollinger bands have seen massive widening, which is a bullish sign. At the same time, its RSI value has entered the overbought zone, which happens when the buying pressure sees an exponential surge.
Of course, this also means that traders might start selling soon in order to take a profit, which could result in a price correction.
TradingView: SLERF/USDT 30-Minute Chart
For the time being, however, SLERF continues to push up strong, although it appears to be unable to breach the resistance at $0.85 at this time. Despite the recent surge and all the hype surrounding it and its upcoming NFT minting, the token continues to struggle with this resistance.
While technical indicators give off mixed signals, the token’s price performance now shows that this surge is likely the result of fundamental factors. Once the hype passes, however, the price will likely correct. Unless, of course, the bull run continues to gain strength, and the token finally breaks the resistance that has been holding it back. In this case, SLERF might even be able to try to push its price back to $1.
Solana meme coin sector blows up in 2024
While Solana has been a popular blockchain for a while now thanks to its speed and low transaction costs, the project is currently seeing great development of its meme coin sector. Right now, all the hot meme coins that the community talks about seem to be coming from Solana.
Furthermore, recent data suggests that Solana-based meme coins have raised over $100 million through presales over the last three days alone. This allowed meme coin devs on Solana to raise millions worth of SOL.
Some of the biggest and most noteworthy examples include Book of Meme (BOME), Nap (NAP), and Nostalgia (NOS), among many others. What’s more, it appears that new meme coins continue to emerge, almost on a daily basis at this point.
A new Solana-based meme coin encourages users to deposit SOL
Speaking of new meme coins, Solana recently saw a new project emerge known as Slothana (SLOTH). This new Solana presale is encouraging users to send SOL to its address, and wait for an upcoming airdrop.
According to the project, each SOL coin is worth exactly 10,000 SLOTH tokens at this point. Meanwhile, the project has so far managed to raise $543,000.
Slothana is still very new, and so far, it has had a limited presence, even on social networks. It has a single post on X, stating: ‘Tired of the 9-5? So is Slothana! Our office sloth is ready to ditch the daily grind and embrace the world of crypto trading. No more getting high on herb, just high on profits! Send SOL to help our sloth go from 420 couch surfer to $420m crypto chad!’
However, one of the entities that responded to the post is Wall Street Memes, which had one of the biggest meme coin presales of 2023.
Another supporter seems to be Smog, a fellow Solana-based meme coin that is also currently running a campaign that will see its peak in about 8 days when the project will hold “the largest airdrop in Solana’s history.”
*Cryptonomist did not write the article or test the platform.
