Cryptocurrencies posted relatively strong performance this week, with Bitcoin bouncing back to nearly $60,000. Toncoin traded at $7.23, just below its high for the year, while Solana’s price rose to $146, recovering from this month’s low of $121.
These tokens gained as investors bought the dip and in response to the effects of ongoing liquidations by the German government and distributions from Mt. Gox wallets. They also rallied after the United States released a favorable inflation report showing a slowdown in consumer prices.
Another positive development was Solciety, an upcoming Solana-based meme token, which raised more than $863,000 from investors in under two weeks. You can purchase the SLCTY token here.
Solana Price Forecast
Solana’s price found a floor at $122.10 and has not fallen below that level since May of this year. From there it rebounded and was trading around $140 on Thursday evening.
On the daily chart, the token formed a double bottom with a neckline at $188.73. In technical analysis, a double bottom is one of the more bullish chart patterns.
It also formed a smaller double-bottom pattern with a neckline at $154. Meanwhile, the token found solid support at the 200-day exponential moving average (EMA), a widely watched bullish signal.
The MACD and Relative Strength Index (RSI) indicators also showed bullish divergence patterns. As a result, the most likely scenario is that Solana will resume a short-term uptrend.
If that occurs, the next key level to watch will be the resistance near $155. A breakout above that level could push the price toward the next psychological target of $160.
Toncoin Price Forecast
Toncoin has been one of the best-performing cryptocurrencies this year as the TON ecosystem continues to show strength. The token dipped to $6.36 last Friday while other cryptocurrencies fell, a notable level that coincided with the lower boundary of its ascending channel.
There are signs that Toncoin could be vulnerable to a downside break. It has formed a rising wedge pattern, a commonly recognized bearish formation. Unlike Solana, the MACD and RSI for Toncoin are showing bearish divergence.
Therefore, as the rising wedge approaches a point of confluence, it is likely that the $TON token could experience a bearish breakout in the coming weeks.
Solciety Analysis
Unlike Toncoin and Solana, Solciety is not yet listed on exchanges; it is politically neutral and currently in pre-sale. Launched earlier this month, the sale has raised more than $870,000 and momentum is accelerating.
Solciety aims to sit at the intersection of non-fungible tokens (NFTs), meme culture, and Solana-based meme coins. Recently, Solana’s ecosystem has produced notable meme tokens such as Book of Meme (BOME) and Dogwifhat.
The project also seeks to become a leading political meme token while remaining unaffiliated with any political side. Unlike politically aligned tokens tied to specific personalities, Solciety positions itself as neutral so supporters of different candidates may feel comfortable participating as the U.S. election season approaches.
A core feature of Solciety is its meme generator, which will allow users to create political memes using more than 200 traits, backgrounds, and fonts. Users can earn SLCTY tokens by creating and sharing those meme assets.
As the network grows, developers plan to introduce augmented reality features to help users visualize their meme creations more effectively. You can learn more about Solciety and its tokenomics here.