Cryptocurrencies performed relatively well this week as Bitcoin recovered to nearly $60,000. Toncoin traded at $7.23, just below its highest level this year, while Solana climbed to $146 from this month’s low of $121.
These gains occurred as investors bought the dip amid ongoing developments involving the German government and Mt. Gox wallets. Prices also rebounded after the United States released a positive inflation report showing consumer prices had decreased.
Another bullish development was Solciety, an upcoming Solana meme coin, which raised more than $863,000 from investors in under two weeks. You can purchase the SLCTY token here.
Solana price outlook
Solana hit a low of $122.10, the lowest level it has seen since May this year. It has since recovered, trading around $140 on Thursday evening.
On the daily chart, the token formed a double-bottom pattern with a neckline near $188.73. In price-action analysis, a double bottom is considered one of the more bullish chart patterns.
It also formed a smaller double-bottom pattern with a $154 neckline. At the same time, the token has found notable support at the 200-day exponential moving average (EMA), which is a strong bullish signal.
Both the MACD and the Relative Strength Index (RSI) have also shown rising divergences. Therefore, the most likely scenario is that Solana will continue its uptrend in the near term.
If that happens, the next key level to watch is resistance around $155. Sustained trading above that level would likely push the price toward the next psychological target of $160.
Toncoin price outlook
Toncoin has been one of the best-performing cryptocurrencies this year as the TON ecosystem continues to show strength. TON fell to $6.36 last Friday amid broader market weakness, a notable level that broke below an ascending trendline.
Signs indicate TON’s price may be poised for a bearish breakout. It has formed a rising wedge pattern, a commonly bearish formation. Unlike Solana, both the MACD and the RSI have shown bearish divergences.
As the rising wedge approaches its apex, it is likely that TON could decline in the coming weeks.
Solciety price analysis
Unlike Toncoin and Solana, Solciety — a politically neutral crypto project — is not yet publicly tradable. It is currently in a presale phase. Launched earlier this month, the presale has raised over $870,000 and the trend is accelerating.
Solciety aims to sit at the intersection of non-fungible tokens (NFTs), meme culture, and Solana-based meme coins. Recently, the Solana ecosystem has produced notable meme coins such as Book of Meme (BOME) and Dogwifhat.
The project also seeks to become a leading platform for political meme coins while remaining unaffiliated with any political party. With upcoming U.S. elections, investors who prefer a neutral stance may feel comfortable backing the SLCTY token.
A central feature of Solciety is its meme generator, which allows users to create political memes using more than 200 assets, backgrounds, and fonts. Users can earn SLCTY tokens by creating and sharing these meme coins.
As the network grows, developers plan to roll out augmented reality features that will let users view meme coins in the real world. You can read more about Solciety and its tokenomics here.