/ Solana grows and launches airdrop smog

Since the beginning of January 2023, Solana has become one of the most profitable cryptocurrencies in the top 20 by market capitalization with a cumulative gain of over +775%.

Although $SOL has been hit hard during the cryptozyme, current fundamentals seem to support a continued strong recovery for the stock.

Impact of $BONK on Solana's Revaluation

One of the elements that had the biggest impact on $SOL's recovery was the emergence of Bonk Coin, the first memcoin created within the Solana ecosystem, which has experienced growth in just over a year, at times reaching +600%.

The excitement surrounding the acquisition of $BONK, a cryptocurrency that eclipsed such classics of the genre as Pepe Coin or Dogecoin, led to an increase not only in network activity, but also in the demand for $SOL tokens with the intention of later exchanging them for Bonk Coin. This can be clearly seen if we overlay the trajectories of the two cryptocurrencies since October.

Short-term outlook for $SOL

Solana's technical indicators allow us to make a bullish short-term forecast. We can see that the token has outperformed its 50-, 100-, and 200-session moving averages by a fairly wide margin. It also managed to establish an important support at $83, from where it rallied to new yearly highs.

On the other hand, the RSI, which shows the strength of the asset's movement, is in a positive range but has not yet exceeded the overbought level. This means that we can expect the uptrend to continue without expecting major corrections along the way.

Applying the Fibonacci extension model, we have the first resistance at $130. If it is broken, which is quite realistic given Solan's current strength, the next target will be at $158. This would be a moderate 12-month scenario, in a frankly optimistic outlook we would be thinking around $198, though of course additional catalysts would be needed.

Airdrop Smog

Given that the release of Bonk Coin was a huge success for the Solana community, contributing to the growth that $SOL experienced, especially towards the end of the year, analysts are looking for a possible parallel with the Smog token.

We are talking about a new memcoin that is also built on the Solana network, in fact it is openly advertised as "the largest airdrop in the history of the SOL network", although in this case the form of its distribution will depend on the merits accumulated by each investor.

The proposed system is as follows: there is a small portion of $SMOG tokens that have been released to the market as a stealth launch (in particular, they appeared in Jupiter, DEX of the Solana network), the investor must first purchase these tokens and thus become eligible to participate in the system. He must then join the Smog community created on Zealy and begin his adventure.