Solana is Going to Zero as SOL Price Drops 10% in a Week But Evil Pepe Coin Just Raised $500,000 – How to Buy Early?
Solana has endured a rough two years of price action after bleeding-out -90% since the previous all-time high (ATH) in November 2021, but as SOL's 2023 recovery rally heads south, could all be over for the major layer-1 blockchain? Find out in this Solana price analysis.
Yet a rejection at $32.00 on July 14th has triggered the first major retracement for SOL in 2023 - leaving investors in fear over tumbling price action.
SOL Price Analysis: Is Solana going to Zero?
In the midst of the downtrend (driven by resistance at the top trendline), SOL is currently trading at $23.72 (a 24-hour change of -4.2%), as price action risks plummeting through local support at the 20DMA.
With 10 days of downside moves now reaching -28%, many traders had hoped the 20DMA would for a strong lower support level. However, this now seems under threat as SOL has begun to rapidly slip under this level around $23.75.
The last time SOL fell below the 20DMA on June 6 saw Solana bleed-out -30%, painting a foreboding image of the potential price action ahead.
Lower support can be found at the 200DMA, which currently sits around $21, and would likely form the next foothold if SOL pushes lower.
Little reassurance is to be found in Solana's key indicators either, despite a rapid cool-down on a grossly overheated RSI, the indicator is still displaying an over-bought signal at 53.5.
There is no relief either from the MACD, which mirrors this concern with bearish divergence at -0.31.
With price direction risking freefall to lower support, downside seems likely, and Solana's risk: reward structure reflects this at 0.86 on the short-time frame.
As for whether Solana will hit zero, this is unlikely with lower support levels at $21, $16.75, and $15.
Yet, despite these lower supports, with downside movements clearly dominating the chart, many investors are rotating capital to find more lucrative returns in the short time frame - with meme coins still trending as the number 1 gainers in the space.
Meet EvilPepe: The Meme Coin Surging Past $600k Market Cap
Evil Pepe Coin, an audacious derivative of the market-leading meme coin, Pepe Coin, not only rides the wave of its predecessor's success but amplifies it with a devilish twist of its own.
Enticing crypto-enthusiasts with its alluring low initial valuation of $2 million, Evil Pepe offers a lucrative opportunity to ground-level investors.
Proven teams, the masterminds behind successful meme coins like Thug Life Token ($THUG) and SpongeBob ($SPONGE), are the driving forces behind $EVILPEPE.
As a result, expectations are sky-high for the new meme coin, with projections hinting at the potential to replicate or even eclipse the success of its forebears.
But the strength of Evil Pepe Coin isn't solely rooted in the robust background of its creators.
A strategic marketing approach, encompassing influencer partnerships and targeted promotion across various social media and crypto news outlets, assures extensive visibility, a key component for its growth.
Evil Pepe's Superior Tokenomics and Community Commitment
The commitment of Evil Pepe Coin to its community is evident from its initial token offering, and the surging presale - which now exceeds $650,000.
With 90% of the total supply available for acquisition during the presale and a one-month lock on 10% for DEX liquidity, it reassures investors of its stability and fairness.
Evil Pepe's team bypasses the common pump-and-dump pitfalls of straight-to-DEX launches, instilling confidence in its commitment to long-term value generation.
The roadmap for Evil Pepe includes collaboration with influential meme creators and alliances with creative minds in the meme coin universe post-DEX launch.
A single presale price stage set at $0.000333 and a hard cap of $1.9 million reveals an undiluted focus on simplicity and transparency.
How Evil Pepe Plans to Deliver Astronomical Moon Shoot
Unlike many presales that involve various stages and price increases, all $EVILPEPE tokens are offered at the same presale price.
Moreover, there are no team tokens, mitigating concerns about massive token drops from whales seeking to cash in.
The Evil Pepe Coin team has an ambitious market cap goal of $100 million, a nearly 50x leap from its initial valuation, underlining the immense growth potential of this audacious newcomer.
Even with its low initial market cap, crypto experts like Jacob Bury and Rochelle Manalo predict that the presale could swiftly garner substantial interest - they envision a scenario where the demand for $EVILPEPE could surge post-launch, potentially elevating its price.
The journey of Evil Pepe Coin starts with a listing on a decentralized exchange (DEX), a calculated move to foster community participation.
This strategy underpins Evil Pepe's vision of inclusivity, allowing broader access and participation in $EVILPEPE, this bedrock of inclusivity and community engagement propels Evil Pepe Coin's roadmap towards ambitious objectives.
Evil Pepe Coin ushers in a new era in the meme coin market - it tantalizes the cryptocurrency arena with its audacious brand and untapped potential.
The coin is currently on presale and is available at $0.000333, a tantalizing invitation to meme fans and investors seeking to make substantial gains.
Join the $EVILPEPE revolution today - it's wickedly delightful.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.