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Solana Activity Grows Amid JUP Airdrop
01/31/2024

Solana Activity Grows Amid JUP Airdrop

01/31/2024
4,3

Over the past 7 days, SOL is up 25% over the $100 mark amid continued token airdrops and other network achievements.

Ahead of the launch of the Solana-based JUP token, the price of SOL has crossed the $100 mark. Traders are optimistic towards the network's native token, noting other achievements in the entire ecosystem.

About 1 million wallets are preparing to receive free JUP tokens, which is likely to be the biggest airdrop in the ecosystem this year. 20% of the tokens will be distributed evenly among all wallets, while another 70% will be distributed among users based on a "score-based distribution" that depends on protocol usage. The last 10% will go to community members and developers. Several more rounds of token airdrop are planned, but the timing is still unknown.

Solana-based tokens continue to rise, attracting more activity to the ecosystem. The GME meme coin has risen more than 330% in the last 24 hours. The price spike was fueled by the news that GameStop has completely dropped its cryptocurrency plans, shutting down its NFT marketplace. Still, the high-profile exit served as a boost to GME's growth. It's also worth noting that meme coin has nothing to do with the company beyond the common name.

Meanwhile, the recently launched Solana-based token, WEN, has overtaken the king of meme coins, SHIB, in terms of trading volume. According to SolanaFloor, WEN's trading volume rose to $115.08 million, while SHIB's trading volume was $88.60 million.

Solana also boasts the achievement of becoming the leading blockchain for stablecoin transactions. The network has overtaken Ethereum and Tron in this metric. In January, the Solana network processed stablecoin transactions totaling $497 million. And the total volume of transactions in the network for the same period exceeded $1 trillion, which is a multi-year maximum. Experts point to the steady growth of the ecosystem, backed by low fees compared to Ethereum, as the reason for the increased activity.

Over the past 24 hours, SOL has risen 2% to $106, but the token has bounced back to $99.45 at the time of writing.

Source and Copyright © TradingView

At the moment, the price is fluctuating between two important indicators, the 10-day Simple Moving Average and the 200-day Simple Moving Average, indicating a strong struggle between the bears and the bulls. The RSI index is at 34.73, hinting at a possible reversal. The nearest resistance level is at $103.95 and the next level is at $111.93, breaking them, the asset may start a steady rise to $150. Otherwise, SOL could fall to support levels of $83.47 and $70.96.

This is not a one hundred percent statement. The cryptocurrency market is very volatile and unpredictable. Do your own research.


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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


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