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After recently setting fresh 2023 highs, Solana ($SOL) is down by a steep 10% this week as traders leave the project to head toward alternative projects that provide brighter horizons.
The price for the number ten-ranked asset has slid from a high above $32 ten days ago to reach the current $23.40 level – representing a 30% price plummet over the period.
Despite the incredible downturn, $SOL is doing well to hold support at a .5 Fib Retracement level.
Meanwhile, as $SOL continues its downturn, traders are starting to hedge a small portion of their Solana by investing in emerging projects that can provide exceptional returns.
In particular, Wall Street Memes ($WSM), Evil Pepe ($EVILPEPE), and yPredict ($YPRED) are starting to gain significant traction during the Solana price drop.
Solana Slides 10% With Bears On the Move
It seems the bears are on the move in Solana, causing the price to fall by a steep 10% over the past week.
In fact, $SOL is now down by 30% over the past ten days as it falls into the .5 Fib Retracement level support.
The cryptocurrency had set a fresh 2023 high earlier in the month above $32 but was unable to overcome resistance at $28, causing it to reverse and head to the current $23.40 level;
The current support is provided by a .5 Fib Retracement level, measured from the June lows to the 2023 high.
A break beneath this level would see $SOL heading into support at $22.20, $21.00 (.618 Fib), $20, and $17.60.
On the other side, resistance for $SOL now lies at $24.50 (July 2021 lows), $26, $28.30, $30, and $32.
Above this added resistance lies at $35 (Aug 2021 lows), $37.30 (1.272 Fib Extension), and $40.10 (July 2021 resistance).
Where are the Bears Heading Instead?
As the price of Solana starts to see a downturn, traders are beginning to hedge their positions by diversifying a small amount of their holdings into alternative projects.
They aim to keep their portfolios healthy by investing in projects that could provide short-term gains while $SOL finds an ideal location to rebound.
In particular, Wall Street Memes ($WSM), Evil Pepe ($EVILPEPE), and yPredict ($YPRED) are starting to turn ahead for Solana investors as they’re captivated by their unique appeal and long-term prospects.
Wall Street Memes Raises Over $17 Million as Elon Musk Takes Notice.
Wall Street Memes is quickly becoming one of the hottest projects in the meme coin sector after crossing the $17 million fundraising milestone.
Raising $17 million in just 60 days is a testament to the hype and FOMO behind this project as investors rush to be a part of the next meme coin sensation capable of providing 50x returns to early adopters.
Investors are captivated by the long-term prospects of $WSM due to its colossal community, hilarious meme-based culture, and attention from influencers and billionaires like Elon Musk.
The project has managed to amass a cult-like community of over one million followers due to the hilarious memes on its social media platform.
The idea behind the project is to mock the greedy capitalists on Wall Street, and they’re becoming incredibly popular as they generate over 40 million monthly impressions.
The popularity of the memes is quickly making the Wall Street Memes Twitter profile the go-to location for daily trading and finance-related memes.
Even Elon Musk has been paying attention after commenting on the truthful meaning behind the memes on several occasions;
🤣
— Elon Musk (@elonmusk) April 22, 2023
The interest from Elon Musk sparked increased interest in the presale, helping it to sell past the $17 million milestone.
In addition, the humongous following behind the project puts the $WSM token in a guaranteed position to be listed on major exchanges as soon as it launches.
Analysts believe that major tier-1 exchanges like Binance and OKX would rush to list the token to cash in on the huge trading volumes it expected to generate.
Furthermore, prominent influencers are expecting $WSM to provide over 50x gains as it’s set to become the leader of the meme coin sector in the next bull run;
Overall, Wall Street Memes has created the perfect fusion of internet culture, meme-based humor, and decentralized finance to set the foundation to become the next meme coin sensation on the market.
However, with less than 30% of the presale allocation remaining in this community-driven project, prospective investors will need to position themselves quickly or face paying higher prices when the token starts to trend across the industry.
Evil Pepe Putting the Dark Side of Meme Coin Trading Into the Spotlight
A smaller meme coin is also starting to turn heads as it gains traction in its presale.
Evil Pepe is gaining attention due to its unique appeal of being the dark alter-ego of Pepe – a meme coin that made millionaires and hit mainstream news in May 2023.
Evil Pepe allows traders to embrace their dark sides through the $EVILPEPE token.
It’s on a mission to replicate the price performance of other Pepe derivatives through a wide-scale marketing campaign.
The project represents the mischievous side of the meme coin game, with Evil Pepe being the voice that drives degen traders’ shitcoin trading decisions.
When a trader hesitates to invest in the next rug-pull project, Evil Pepe whispers tales of riches, causing degens to ape in.
Now, Evil Pepe is releasing his own coin and is up to his usual tricks as he convinces you to buy in the presale instead of waiting for $EVILPEPE to trend on DexTools and surge in price.
Although he’s naturally evil, Evil Pepe isn’t a scammer and wants to create an unapologetic community through the universal experience of giving into FOMO.
Therefore, he’s selling 90% of his total token supply in the presale at a single price point of $0.000033.
In addition, Evil Pepe is removing his ability to pull the rug on his community by locking the remaining 10% of $EVILPEPE into the liquidity pool through Team Finance.
Finally, the presale is gaining traction after investors learn that there’s a $2 million hard cap. This means the project will launch with exceptional growth potential.
For example, it would only need to reach $20 million to provide 10x returns for investors, an achievable market cap for popular meme coins like $EVILPEPE.
Overall, Evil Pepe seeks to end the Pepe clone trend by becoming the last Pepe derivative to hit a $100 million market cap.
However, with almost half of the presale allocation already snapped up and just a week left in the presale, investors will have to act quickly to get positioned at the presale prices before $EVILPEPE starts to trend on DexTools.
yPredict Making Traders Become Consistently Profitable Through Artificial Intelligence
The final project SOL traders are diversifying into is $YPRED, the native token behind an analytics and insight trading platform to help traders become consistently profitable.
yPredict has created an artificial intelligence ecosystem that expertly integrates the $YPRED token into each product, providing it with insane utility over the long term.
The idea is to provide traders with the right research and analysis tools to give them data-driven insights to help them make better trading decisions.
One of its featured products is the yPredict Analytics section, which helps traders gain an edge in the financial market.
This product provides a new breed of trading tools entirely powered by AI capable of pattern recognition, sentiment analysis, and transaction analysis.
The AI will alert traders about imminent breakouts and newly forming trends while giving them a confidence score on its likelihood to play out.
Users will need to own $YPRED tokens to access this feature.
The flagship product for the ecosystem is the yPredict Marketplace, which creates a unique results-as-a-service economy.
On the marketplace, financial developers can list their price prediction models for traders to subscribe to on a monthly basis.
Traders can browse the highest-performing models and use $YPRED tokens to pay their subscription fees.
yPredict also incorporates a Professional-grade Trading Terminal, an affordable AI-powered content solution editor, and an SEO backlink calculator – all of which require the $YPRED token for access.
Overall, even if you aren’t going to use the yPredict ecosystem, the token has enough utility to help it surge by over 20x once the platform starts to gain adoption.
The project has already raised well over $3 million in its presale, showing the increasing level of interest in the project.
With most of the presale already gone, traders will need to be quick to get involved at presale prices – likely the lowest available.
