Is It Too Late to Buy Solana? SOL Price Climbs 17% as Interest in New Crypto Casino Grows – What Does it Do?
Solana (SOL) has climbed an impressive +17% overnight in a strong bounce off 20DMA support, but with SOL trading high – is it too late to buy Solana?
This comes as the Solana Hyperdrive Hackathon draws to an end in a huge move for Solana ecosystem growth, which has seen 907 new projects formed.
Thanks to all the builders who participated in the Solana Hyperdrive Hackathon! 💫— Solana (@solana) October 20, 2023
There were a record number of submissions and judging is now underway.
Browse all the projects! ⬇️https://t.co/GG48GZWCM0 pic.twitter.com/BVokCsWBI4
With the huge surge in development activity, the Solana network now appears super-charged for the year ahead – and price action is reflecting this sentiment.
SOL Price Analysis: Is It Too Late to Buy Solana Following Sudden +17% Pump?
Solana’s impressive daily gains come as price finds feet at the 20DMA in a shift to support that has opened the ceiling to upside potential.
This comes following the emergence of a ‘golden cross’ pattern on October 7 as the 20DMA broke-above the 200DMA.
Yet, now price is facing significant risk – as it struggles to crack the $27 price level – which has triggered rejection twice already this year (in February and July).
And the warning signs aren’t just found in price levels, with the RSI now overheated to a substantial oversold signal at 74 – suggesting downside could be imminent.
This view is contrasted by the MACD however, which is showcasing bullish divergence at 0.314.
Overall, Solana looks defiant but vulnerable here – with current price levels bolstered by increasingly bullish sentiment around leading cryptocurrency Bitcoin.
To the upside, SOL has a topside target around upper trendline resistance at $30 (a potential +11.80%).
While downside risk could see SOL fall back to 20DMA support at $23.20 (a possible -13.54%).
This gives Solana a risk: reward composition of 0.87 – a bad entry characterised by limited upside potential.
In other news, an emerging Telegram casino project has captivated the attention of GambleFi investors.
Meet TG Casino: Fastest Growing GambleFi Crypto Presale Smashes $1.3M
As Telegram trading bots and GambleFi dominate September’s narratives, the TG.Casino ($TGC) presale is gaining significant attention – racing to $421k raised in just days, here’s why it should be on your radar.
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The ease of use, amplified by a no-KYC protocol, makes it an alluring proposition for both novices and crypto veterans with easy onboarding ensuring a seamless road to new user growth.
With a range of offerings, from thousands of live casino games, slot machines, and table games to an expansive sportsbook, ensures an immersive experience.
And for those keen on kick-starting their journey, the 150% matched deposit bonus on the first deposit plus 500 free spins is the cherry on top.