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Solana (SOL) price declined to $17.6, following rejection at $32. As a result, investors may need to monitor the price closely to determine the best time to invest in the coin.

As of 5:12 a.m. EST, SOL is trading at $21.33, showing a 0.5% decrease in the past 24 hours. Despite this drop, investors continue to show strong interest, with the token’s daily trading volume increasing by 4% to reach $299 million.

Will Solana’s (SOL) Bullish Momentum Continue?

SOLUSD Price Chart by Tradingview.com

Solana’s (SOL) price has recovered from the $17.6 support level, with bulls driving it towards the $25.61 supply zone. However, they encountered rejection that allowed bears to push the price lower.

The bulls have shown resilience, establishing a solid support level at $17.60 and maintaining their position to recover their losses. However, the formidable resistance level is leading to the formation of a double-top pattern, showing the potential for a bearish reversal.

Furthermore, the price is above the 50-day and 200-day simple moving averages, reinforcing bullish sentiment. These moving averages can also serve as immediate price support, potentially driving prices higher.

Conversely, the relative strength index (RSI) is trending downward at 49, signifying a neutral price position. The price could bounce back into the overbought region. Alternatively, the RSI could continue its decline towards the 30-level mark.

Solana’s (SOL) overall trend remains bullish. Nonetheless, the double-top pattern allows bears to drive the price down to the $17.61 support zone, where bulls may regroup and recover their losses. A candlestick open below this level may lead to a further decline to the $14.24 support zone.

If the 50-day and 200-day moving averages maintain momentum, buyers could capitalize on this opportunity to drive the price, aiming for $25 and $32, respectively. Thus, traders should monitor these moving averages for further market movement.

By remaining vigilant and monitoring these moving averages, traders can better understand the market’s current direction and make more informed decisions. Meanwhile, become an MK warrior and earn rewards.

Join MK Warriors and Earn Rewards

Meme Kombat MK is an innovative gaming platform that offers users multiple avenues to earn rewards through MK tokens.

It provides diverse forms of entertainment, including watching popular memes engage in battles, betting on outcomes, and engaging in direct competitions against other stakers.

I know we’re in kombat, but can I get a gm today? ☀️#MemeKombat pic.twitter.com/aUchjLImNI
— Meme Kombat (@Meme_Kombat) October 11, 2023

To achieve its goals, Meme Kombat will implement seasonal structures familiar to traditional gamers. The first battle season (Season 1) was launched shortly after the platform’s launch.

This season features 11 popular crypto memes, such as DOGE, SHIB, and PEPE, and includes leaderboards and more. This fosters ongoing gameplay, attracts players, and enhances community engagement. Stakers can watch and wager on their favorite memes as they compete.

Meme Kombat plans to release Season 2 in December 2023. This will introduce new battles, rewards, and opportunities to establish its presence in the blockchain gaming industry.

Is Meme Kombat Pre-Sale Getting Close to $1 Million?

The Meme Kombat (MK) pre-sale has raised $481,401, approaching its $1 million fundraising target. This shows a high investor interest in the presale token, considering they launched it a few weeks back.

During the presale, out of the 120 million tokens in circulation, approximately 50% are allocated for the pre-sale, while 30% are set aside for staking and battle rewards.

Another 10% is designated for community rewards, and the remaining 10% is reserved for decentralized exchange liquidity. Interested users can buy Meme Kombat tokens ($MK) for $1.667 per token.

Invest, Bet, and Make Passive Income with $MK

MK Platform offers automatic staking benefits during the presale, provides various betting options, and implements a well-planned tokenomics structure for sustainable growth.

Meme Kombat’s staking-to-earn and play-to-earn features offer attractive opportunities for investors.

Your thoughts on the $MK tokenomics updates?
We’re just gearing up for kombat ⚔️ pic.twitter.com/tDJ8NgcEVV
— Meme Kombat (@Meme_Kombat) October 11, 2023

By staking their tokens, users can earn an impressive Annual Percentage Yield (APY) of 112%, thanks to allocating 30% of the token supply for staking and battle rewards.

Jacob Crypto Bury, a popular YouTube personality with 22.7K subscribers, explains how Meme Kombat functions and how to use its staking feature.