Crypto Analyst Earns 290 SOL as Solana Prices Rise

Demonstrating the risk and reward, an investor known as topcaller.sol has made major gains trading meme cryptocurrencies, colloquially known as “meme coins.” Since April 9, topcaller.sol has invested in 5,417 meme coins, each purchase averaging 0.215 Solana (SOL).

Is it as profitable to trade #MEMEcoin as buying lottery tickets?

topcaller.sol has purchased 5,417 #MEMEcoins since April 9, investing an average of $SOL 0.215 each.

7 of the #MEMEcoins had an ROI of over 1000%, with a total profit of $290 SOL.

The winning percentage for his #MEMEcoin…

— Lookonchain (@lookonchain) May 6, 2024

This approach has produced substantial returns, with seven of these investments achieving a return on investment (ROI) of more than 1000%, culminating in a total profit of SOL 290. According to Lookonchain, the success of topcaller.sol’s trading strategy is comparable to buying lottery tickets, given the low win rate but high potential returns. The data also reveals that only 0.13% of MEMEcoin purchases resulted in the aforementioned high profits.

SOL Price Action

Despite experiencing a bearish trend over the past month, Solana (SOL) witnessed a significant rally today, May 6, injecting a wave of optimism into its market performance. This surge reflects broader bullish sentiment across the global cryptocurrency landscape, with the price of SOL rising significantly over the past 24 hours.

24-hour SOL/USD chart (Source: CoinStats)

At the time of writing, the SOL token is trading at $152.61, marking a 4.55% increase from the previous day. On top of this price increase, Solana’s market capitalization increased by 5.46% to reach $69.03 billion.

However, the trading volume tells a different story, showing a decline of 32.21% to $1.98 billion. This reduced trading activity suggests cautious approaches from investors as SOL approaches the critical $159 resistance level.

On the 4-hour chart, the SOL token is showing strong upward momentum as it approaches the $159 resistance level. If this bullish trend persists in the near term, SOL prices could not only breach this initial resistance, but also potentially rise towards the next significant resistance level at $176.12.

SOL/USD 4-hour chart (Source: Tradingview)

Conversely, if the SOL token encounters a decline and breaks above the 50% Fibonacci retracement level, prices could retest the support at $144.84 before attempting to recover towards the resistance. Failure to hold this support level could lead to further declines, potentially pushing the price towards the $135 support zone, with the risk of falling even lower.

Technically, the Moving Average Convergence Divergence (MACD) indicator reinforces this bullish outlook. Positioned at 3.20, with the MACD line above the signal line and pointing up, it suggests that the bullish momentum is gaining strength. This is further supported by the widening of the green bars on the MACD histogram, indicating a strengthening of this uptrend.

SOL/USD 4-hour chart (Source: Tradingview)

At the same time, the Chaikin Money Flow (CMF) indicator is at 0.12, signifying a strong inflow of money into the market. This indicates increased buying pressure, which could further support the price’s upward trajectory.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of using any content, products or services mentioned. Readers are advised to exercise caution before taking any action regarding the company.

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