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The Solana Name Service price skyrocketed 59% in the last 24 hours to trade at $0.3792 as of 5 a.m. EST on trading volume that soared 8,811% to $435.2 million.
The project’s token, FIDA, saw its price blow up after Binance, the world’s largest crypto exchange by volume, launched a USD-margined FIDAUSDT perpetual contract. The exchange enabled trades with 75x leverage.
Binance’s announcement was made yesterday, September 19, and the token’s price skyrocketed immediately after that. Following the announcement, Solana Name Service announced their support for Solana’s latest reveal of Seeker, a new Web3 mobile phone.
Love to see it @solanamobile & happy to be supporting Solana Seeker 🆔 https://t.co/mbnWTgzJIp
— sns.sol | Breakpoint 🇸🇬 (@sns) September 19, 2024
The token’s price reacted to positive developments quickly, seeing a massive surge, initially of over 60%, which allowed it to reach the price of $0.4337. However, its price has seen a slight correction since, as the resistance at $0.4 is one of the strongest ones that the token has faced in recent years.
Solana Name Service Price Prediction
In the last 24 hours, the FIDA price went from $0.2384 to the high point of $0.4337, as mentioned. This was followed by a correction to $0.35, only for it to return to the resistance at $0.40.
As of the time of writing, however, technical indicators suggest that another correction is to be expected. FIDA has seen a sharp narrowing of its Bollinger bands, and while the price has been trying to push the upper band further up, it has since started to drop toward the more neutral ground between the two bands.
If the bears manage to take over, however, the price could slip down to the lower band and start pushing it down.
In addition to the bands, the project has also seen a sharp drop in its Relative Strength Index (RSI) value. The RSI was deep in the overbought territory during the price surge, nearly reaching the value of 100, stopping just short of it at 97.35. Since then, it dropped to the oversold zone, only for the opportunity seekers to push it back up to the neutral area when they started buying the dip.
The token’s RSI has seen slight fluctuations but it mostly remained in the neutral zone, suggesting that the bulls and the bears were in a delicate balance. For the moment, this is still true, and the fluctuations continue, but the RSI is still in the neutral area.
But, considering the sharp surge seen yesterday, and the bearish signal coming from the bands, it is not impossible for a sell-off to take place if the market turns bearish over the weekend. For the moment, the wider crypto market seems to be trading in the green, with Solana itself being the best performer among the top 10 largest cryptos by market cap, suggesting that its ecosystem is thriving.
If this continues, FIDA could also see its price go back to the resistance at $0.40, assuming that the bulls get encouraged enough to risk a return.
Promising Alternative To Solana Name Service
Speaking of the thriving Solana ecosystem, it is soon to see the launch of a highly ambitious GameFi token known as Mega Dice (DICE).
The project aims to become the #1 GameFi token on SOL, taking on sector titan Rollbit Coin. Experts such as crypto YouTuber ClayBro, who has over 130k subscribers, believe that it has a decent chance of pulling it off.
The DICE token is to become the native cryptocurrency of the Mega Dice Casino — a popular and well-known crypto casino that has been operating since last year.
It enables users to play over 4,000 games, bet on sports, and do all that through crypto wagers. However, while it supported a variety of cryptos, it did not have its native token — until now.
Holding the DICE token has plenty of benefits, including an early bird bonus for presale buyers, access to limited-edition NFTs, and daily rewards that all holders will receive, which are based on the casino’s performance.
The project’s presale, which has raised $1.87 million, has only 9 days left. But it’s not too late to buy and join Mega Dice’s 10,000 monthly active users who bet more than $50 million every month.
WARNING: Time’s Almost Up to Grab $DICE at the Lowest Price! 🚨
The $DICE presale is about to close its doors, with the last price increase happening this Tuesday! This is your absolute final chance to get in on the best #GameFi token on #Solana before the price skyrockets! ⏳… pic.twitter.com/vzF1t77DsA
— Mega Dice Casino (@megadice) August 30, 2024
DICE tokens sell for $0.116056 each and can be bought with SOL, ETH, or BNB.
Buy DICE tokens here.
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