Solana price prediction as Bonk, Solend, Raydium tokens surge

November 14, 2023 10:00 PM PST | By Invezz

Solana price prediction as Bonk, Solend, Raydium tokens surge — Image source: Invezz

Bonk and Solend tokens jump

Solana price has jumped sharply, helped by the strong performance of its ecosystem. For example, Bonk, a meme coin that came to prominence in January has suddenly woken up. It jumped to a high of $0.0000030, the highest point since February. It has soared by over 1,373% from the lowest point this year.

Bonk’s performance is likely because of the change of tune by investors as US consumer inflation retreated and labor market softened. Data published earlier this month showed that the Non-Farm Payrolls (NFP) jumped to 150k in October while the unemployment rate rose to 3.9%.

On Tuesday, data revealed that the American inflation moved downwards in October. The headline CPI dropped to 3.2% while core inflation fell to 4.0%. Similarly, in the UK, inflation dropped to a multi-month low of 4.6%.

All these factors, together with the application of a spot Bitcoin ETF by Blackrock, Fidelity, and Franklin Templeton have pushed the fear and greed index higher. It now stands at the greed zone of 75. As a result, other meme coins like Floki Inu and Shiba Inu have also bounced back.

Solana price also jumped as the Solend (SLEND) token popped to the highest point in months. It roared to a high of $1.50 and then erased most of those gains to the current $0.90. Solend is a DeFi protocol that makes it easier for people to lend and borrow in Solana’s ecosystem. It has a total value locked (TVL) of over $128 million.

Other tokens in the Solana ecosystem have jumped sharply in the past few days. Raydium (RAY) token surged to $0.50 while Marinade Finance (MND) soared to $0.25. Tokens like Lido DAO (LDO) and Orca also soared.

Watch here: https://www.youtube.com/embed/kj95_DAc-Ao?feature=oembed

Solana price forecast

SOL chart by TradingView

Turning to the daily chart, we see that the SOL price has been in a strong bullish trend in the past few months. It has jumped from last year’s low of $8.20 to a high of $64. This surge makes it one of the best-performing cryptocurrencies in the world.

SOL token has also risen above the important psychological level of $50 and the 50-day and 100-day Exponential Moving Averages (EMA). Additionally, oscillators like the Relative Strength Index (RSI) and the Stochastic are pointing upwards, signaling that there is a strong momentum.

Therefore, the outlook for the Solana price is extremely bullish, with the next level to watch being at $70. In the long term, the coin could surge to $100 by the time the Bitcoin halving happens in April.

The post Solana price prediction as Bonk, Solend, Raydium tokens surge appeared first on Invezz

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