Solana Price Prediction Following Roaring Kitty’s $180M GameStop Position – Impact on SOL?
The Solana price has gained by 0.5% in a day and by nearly 1% in the past hour, reaching $166.22 amid a 2% bounce for the crypto market today.
SOL is now up 15% in a week, with its lift today coming after meme-stock trader Roaring Kitty (Keith Gill) revealed he has built a position in GameStop stock worth $180 million.
This revelation has sparked excitement among traders, with GameStop stock surging this morning in pre-market trading, and with meme tokens also showing strong signs of life.
And as the blockchain of choice for meme tokens, a renewed meme-stock frenzy could be very good news for Solana, which may rally big soon.
What’s good about today’s rise is it follows a period of decline and stagnation for Solana, implying that today could be the beginning of a good rebound.
Promisingly, SOL’s relative strength index (purple) has jumped from 30 late last night to around 55 as of writing, with the RSI have struggled and seesawed over the previous week.
What’s also promising is that the alt’s 30-day moving average (orange) has begun rising in the past few hours, and looks like it could be on its way to climb over the 200-day (blue).
If this happens, the crossover could signal a breakout, which we are probably due as far as SOL is concerned.
As noted above, it seems that the main reason for today’s decent performance is the revelation that Keith Gill has been stocking up on GameStop stock, causing a mini-frenzy online.
BREAKING: GAMESTOP SHARES HIT $43 UP 87% PRE MARKET IN THE FIRST 10 MINUTES $GME #GME #GAMESTOP pic.twitter.com/BtyBZHuvR1
— WhiteRabbit741
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