On-chain activity on the Solana network has increased significantly and according to Staking Rewards data, users have staked over 76% of Solana tokens worth $84 billion in exchange for high-yield interest payments.
Meanwhile, HUH Token has surged over 2000% since its launch on Monday, December 6, and looks set for another 160% rally.
Solana (Sol)
Solana is preparing for a resurgence above $200. Increased staking on the Solana network has resulted in a decrease in the amount of SOL in circulation. Historically, a scarcity of an asset’s tokens has fueled a bullish narrative about the asset’s price. SOL’s price could recover from its recent decline below $200 and make a comeback within the next week.
On Thursday, the Solana network experienced network congestion, and the cryptocurrency community chastised the “Ethereum killer’s” lack of centralization and transparency. The Solana network has yet to identify the cause of the congestion following an 18-hour outage.
On-chain activity in Solana has increased as developers and users from the Ethereum network transfer capital to SOL in exchange for lower transaction fees.
Sol is currently in a downtrend, trading around $180. However, if the bulls continue to support SOL at current levels then the price could rise back up to retest its December 3 resistance level at $234.
Both the stochastic and stochastic RSI indicators have breached their lower band and entered the buy zone on the daily chart.
However, if SOL closes below its support floor at $175.5 on the daily chart then this would nullify the bullish outlook. Traders should use tight stop losses to mitigate risk on the downside.
HUH Token (HUH)
HUH Token is currently trading in a narrow band between its all time high and a support level at $0.0001344. HUH’s stochastic and stochastic RSI have both broken their bottom band indicating that an upswing is on the way and the price looks set to test the all-time high at $0.0001430.
If the bulls can take the price over this resistance level then HUH could surge to the 78.6% Fibonacci extension level.
With no barriers standing in its way HUH could then continue to climb to the next Fibonacci extension levels at 161.8% and 200%.
However, if HUH’s price falls below $0.0001344 then it could consolidate further to support levels at $0.0001100 and $0.0001000, presenting bulls with more buying opportunities.
Investors should keep in mind that if the price falls below the support floor at $0.0001000 then this would nullify the short-term bullish forecast.
HUH Token has seen a meteoric rise of over 2000% this week, after launching on Monday December 6, which could be attributed to the new cryptocurrency going viral this week.
HUH has rocketed into the top 20 on PancakeSwap peaking investor interest. As a result, HUH has seen its market cap rise to over $126 million.
The new cryptocurrency dubbed a “utimeme,” aims to compete with other meme tokens by offering enhanced features and utilities.
HUH Token utilizes an innovative referral system. A holder of HUH Token can refer others using the code provided at the time of purchase. The holder is then compensated 10% of the new person’s first HUH purchase.
HUH Token is designed to increase in a holder’s wallet incrementally over time using transaction fees, which means that the more tokens a person holds onto, the more tokens they continue receive.
Additionally, investors may be enticed by HUH Token’s announcement of $1 million in liquidity, which will be locked in for at least two years to promote stability and security.
Story by Alex Mark
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