SOL , PYTH and BONK are ready

$SOL comes back to life

oracle of oracles

meme coin wars

After the red candle of the past few days, altcoins may be ready to start resurrecting. The Solana ecosystem has some prime candidates to take the lead.

$SOL comes back to life

Solana (SOL) made a strong comeback in late 2022 from the depths of despair. Dropping to a low of $8 in late December of that year, many called for the failure of the $SOL token, as well as the entire network.

However, this was indeed the bottom and $SOL traded sideways all year long before really starting to rise towards the end of September.

Source: Trading Views

Since then, fortunes have taken a rather astonishing turn. $SOL surged 260% over the next few months, hitting a local high of $68 on November 16. After two pullbacks to $51, forming a double bottom, it now appears that $SOL may be one of the first altcoins to break free of the bear market shackles of the past few days.

Price looks to have formed a higher low, falling to the bottom of the golden pocket between the 0.618 and 0.786 Fibonacci levels.

oracle of oracles

Pyth Network (PYTH) is an oracle built on the Solana blockchain, but has more than 380 data sources across more than 40 blockchains (in comparison, Chainlink (LINK) can only span 5 blockchains use).

$PYTH has staged a nice, healthy 30% reversal from local highs of $0.55. This puts it in perfect contact with the 0.618 Fibonacci level at $0.38, where the price is currently trying to break out of the bull flag.

The flag targets a price close to $0.65, where PYTH launched on the exchange. With the fundamentals it possesses, it certainly wouldn’t be surprising to see $PYTH reach and surpass these heights.

meme coin wars

$BONK could be the Solana equivalent memecoin of Ethereum’s $PEPE. However, being a newcomer on the meme block may have the advantage of the hype that comes with it.

At the end of the day, meme coins are table stakes at the casino table, and traders should be very aware of this. Risk management, including stop losses, should be used and trading should be done with caution.