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The Solana price soared 6% to trade at $170.37 as of 06:50 a.m. EST time.
The surge saw SOL’s market capitalization hit an all-time high above $81 billion on Friday during the morning hours of the Asian session, when it surpassed its previous high of $77.4 billion in November 2021.
Bitcoin took a tumble, dragging most of the crypto market down with it.
However, #Solana remains unfazed by the broader market correction.
In fact, its market capitalization has soared to a new all-time high amidst the turbulence. #Bitcoin #Solana #CryptoMarket
— AltcoinView (@AltcoinView) March 15, 2024
Trading volume is up 80% as the cryptocurrency market dumps, following the lead of the Bitcoin (BTC) price.
Currently #Btc On Correction Its Normal 15-20% Correction Happens In Bull trend 7-8% Down In Just Hours #Altcoins Are Also Correcting After Correction Alt Market Will Pick More Pace Most Alts Hasn’t Even Started Will Keep Buying On Dips https://t.co/3UJ7dvPl39 pic.twitter.com/pWOccS3TA9
— World Of Charts (@WorldOfCharts1) March 15, 2024
Solana Price Outlook From A Technical Perspective
For starters, SOL continues to hold above the 78.6% Fibonacci retracement level at $163.99, with the bulls maintaining a strong presence in the SOL market. This is well represented by the large volumes of green histogram bars of the Awesome Oscillator (AO), which continue to hold in positive territory.
Also, while the Relative Strength Index is dropping, it is yet to execute a sell signal. Notably, Welles Wilder, the wits behind multiple technical indicators, says that an asset is only ripe for selling when the RSI crosses below 70.
With this, the bulls could still recover the market, with the Solana price capable of reclaiming the $186.77 range high. In a highly bullish case, the Layer 1 (L1) token’s price could clear this local top to record a higher high, potentially at the $200.00 psychological level. Such a move would constitute a 17% upswing above current levels.
To support the bullish outlook, the Parabolic Stop and Reverse (SAR) indicator is trailing the Solana price from below. As long as this price-tracking indicator follows the price from underneath, the odds will favor the upside.
Also, with the Solana price holding above the centerline neither of the Bollinger indicator at $136.68, and below its upper band at $175.23, the asset in neither overbought nor in the hands of the bears.
TradingView: SOL/USDT 1-day chart
Converse Case
On the other hand, with momentum dropping, signified by the falling RSI, the bears could take over the market if the bulls show weakness. A slip below the 78.6% Fibonacci retracement level of $163.99 could see the altcoin roll over to the most important Fibonacci level of 618% at $145.90.
In a dire case, the load-shedding exercise could send the Solana price below the 50% Fibonacci placeholder at $133.20. A break and close below this level would invalidate the bullish outlook.
While SOL is doing nicely for now, investors looking for more upside potential might want to consider new presale 5th Scape, which has just shattered the $1 million mark in presale funding. It says it is the “world’s first AR & VR ecosystem that connects the smartest minds together.”
Promising Alternative To Solana
5th Scape is a new player in the VR and AR spaces, introducing a new age for this technology by leveraging the currently-in-development Cage Conquest MMA game model to deliver this revolution.
🥊 Step into the octagon with 5th Scape’s MMA Cage Conquest! Experience hyper-realistic VR gameplay like never before. 💥 Over $200K raised in presale funds!
🎮 Check out our recent PR for more exciting updates!https://t.co/FPGX2dGqyd
🚀 Join the Discord for exclusive updates… pic.twitter.com/mbLx0j1W7m
— 5th Scape (@5th_scape) February 16, 2024
It provides an ideal portfolio diversification alternative, with investors encouraged to consider unlocking the limitless potential of the virtual realm with 5thScape. With this project, you get to enjoy an immersive experience that’s poised to redefine boundaries and shape the future of entertainment and education.
We are excited to reveal the first look of the characters of our upcoming VR game, Cage Conquest! Meet the fighters who will challenge you in the ultimate UFC experience. Which one is your favorite? #CageConquest #5scape #Crypto #Bybit $NVDA #Ethereum $SYS pic.twitter.com/PUUdsbWWIi
— 5th Scape (@5th_scape) February 21, 2024
The hallmark of the project is VR games, although other forms of VR and AR content such as educational experiences, social applications, and creative tools are also in the works.
🔥 Unleash your fighting spirit in the electrifying world of MMA Cage Conquest! with #5scape
🎮 Get a first look at the official trailer and experience the adrenaline of virtual reality combat.
Are you ready to rise as the ultimate champion? Watch now: https://t.co/bHLiYMurCa… pic.twitter.com/K0CZkFWgws
— 5th Scape (@5th_scape) February 13, 2024
The ticker for the 5th Scape project is 5SCAPE, a utility token within the ecosystem. Token holders have unlimited access to premium VR content, voting rights, and potential staking opportunities.
Step into new worlds of imagination. 🕹️🚀@5thScape is building a next-gen #VR and #metaverse ecosystem to redefine virtual reality.
Collect rare digital assets. The possibilities are endless!
Join the community – https://t.co/ewBcsEeltG#gaming #innovation #blockchain pic.twitter.com/hUe3cDDYnT
— 5th Scape (@5th_scape) February 11, 2024
The 5SCAPE has multiple use cases and utilities. First, it provides access to premium VR content. This means holders get exclusive access to games, experiences, and features within the platform.
Secondly, 5SCAPE is a Play-to-Earn (P2E) token that incentivizes players with native tokens that can be traded upon listing. Third, it has staking functionality, with users being able to lock up tokens for a period to earn rewards.
5th Scape Project Tokenomics
FifthScape’s tokenomics are aligned with this vision. With a total token supply of 5.21 billion, the 5th Scape presale aims to sell 80% of the whole 5SCAPE token supply, with a fundraising goal of up to $15 million.
The presale happens in 12 stages, with the current stage 1 price being $0.00187 and ending at $0.0087 in the 12th stage. The listing price is fixed at $0.01. So far, it has collected over $1.183 million. The $0.00187 price will only hold for a little more than two days so act fast if you are interested to buy.
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