Editor's Pick

Solana Price Prediction as Validators Approve Major ‘SIMD-0096’ Proposal – What Does it Do?

SOL has gained by 1.5% in the past 24 hours, with the Solana price reaching $168.17 on a day when the crypto market struggles to move.

The coin’s rise also follows the news that Solana validators have approved SIMD-0096, a proposal that will see validators keep 100% of priority transactions, as opposed to 50% going to a burn mechanism.

The overarching aim of this proposal is to make the Solana network more efficient, although it has had only a modest effect on SOL’s price so far.

Yet the coin remains up by 18% in a month and by 720% in year, with its ongoing momentum likely to translate to further rallies in the near future.

Solana Price Prediction as Validators Approve Major ‘SIMD-0096’ Proposal – What Does it Do?

With SIMD-0096 gaining approval only a few hours ago, SOL appears to have gathered a little more momentum than it had in the earliest hours of the morning.

In particular, its price looks ready to break through its resistance level (red), which has also been converging towards the support level (green) in recent days, suggesting an incoming breakout.

If SOL can decisively rise above $170, then we could see sustained gains towards the end of the week.

Source: TradingView

Such a move seems likelier when looking at SOL’s relative strength index (purple), which has gone from 40 a few hours ago to 60 as of writing.

Also signalling intensifying momentum is the coin’s 30-day average (orange), which looks ready to climb over the 200-day (blue), something which would also suggest a breakout.

As such, things look pretty good for SOL, which is currently seeing a trading volume of roughly $2.5 billion.

This isn’t as big as it has been in recent weeks and months, yet the flipside of its relative shallowness is that a big purchase could send the Solana price flying.

And it’s possible that today’s news of the aforementioned approval could serve as a catalyst for some big buys.

This is called a side deal. Side deals are not inherently bad, but we wanna bring them in protocol.

— CANTELOPEPEEL (@CantelopePeel) May 24, 2024

As developers have explained on X and elsewhere, one of SIMD-0096’s main functions is to reduce the incentive to process side deals and transactions, off the main Solana network.

The proposal helps to achieve this by providing validators with 100% of any priority fee, as opposed to 50%.

Other updates will be needed to build on this, but the ultimate effect will be to make the Solana network more efficient over time.

And combined with an increasingly bullish market, we could see the Solana price reach $200 in the next few weeks.

High-Potential Presale Tokens Offer Big Returns

While Solana remains one of the biggest tokens in the market after BTC and ETH, it isn’t the only option for traders searching for above-average returns.

One potentially quicker way of making a profit is to look at one of the new meme tokens currently holding their presales and attracting investors.

A great example of this is Sealana (SEAL), a Solana-based meme token that has raised over $3.1 million in its popular sale.

#Sealana ain’t slowing down anytime soon! With his companions he’s out here finishing what @realDonaldTrump started!
Send $SOL to clean out the swamp and make #Memecoins great again.
Once the swamp’s clear, it’s Lambos , Massive Gains and Freedom all the way!!!… pic.twitter.com/vFMEaRZWKW

— Sealana (@Sealana_Token) May 27, 2024

Aiming to become the next WIF or BONK, Sealana has adopted a Trump-voting, all-American seal as its meme.

So far, this meme seems to be doing a good job in attracting attention and investors, and in helping Sealana to assemble a sizeable online community.

One sign of this comes from its official X account, which presently reaches over 6,500 followers.

Given that Sealana first emerged only a few weeks ago, this is strong growth, and suggests the coin could do very well once it lists.

Also helping it will be the fact that it has also launched an Ethereum version of its token, thereby making it multi-chain and widening its pool of potential users and investors.

While the sale will end in a few weeks, latecomers can still join by visiting the official Sealana website.

They can buy Sealana at a conversion rate of 1 SOL for 6,900 SEAL, which currently translates to about $0.025.

Such a price may prove a bargain once Sealana lists, and potentially becomes the next big Solana-based meme coin.

Buy SEAL Today

The post Solana Price Prediction as Validators Approve Major ‘SIMD-0096’ Proposal – What Does it Do? appeared first on Cryptonews.

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *