Neonode — Trading Ideas on TradingView

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NEON Token Soars by 2000% in 3 Months NASDAQ:NEON , a token linked to the namesake project on the Solana blockchain, has seen a phenomenal increase of 2000% from October to December 2023, reaching a high of $1.74. The asset has seen a nearly 300% increase since early December alone. NASDAQ:NEON has become one of the best-performing tokens on the Solana blockchain, making it into the top 500 in market capitalization, as ranked by CoinGecko. This piece will examine the growth drivers of NEON and assess the potential for further investment opportunities in the project. Background Neon was among the crypto projects that conducted a public token sale through Coinlist, the largest ICO platform. The token sale on June 8 saw 50 million tokens up for grabs. The Neon protocol itself is an EVM platform for crypto projects on the Solana network, enabling Solana users to deploy smart contracts in the Solidity programming language compatible with Ethereum. NASDAQ:NEON 's ICO price was set at $0.10 for investors. However, 99% of the token sale spots were reserved for a priority queue, accessed by those who joined Neon's Discord before the ICO announcement. The OTC purchase price for such an account was between $300-$600, making the real cost of each coin during the sale approximately $0.20-$0.25. What Led to NEON's Remarkable Growth? NASDAQ:NEON reached its all-time low on August 30, priced at $0.052 per token. Following this, the coin began an active ascent, further accelerated by the upward trend in Bitcoin (BTC). This uptick in BTC led to a surge in demand for popular altcoins, including Solana (SOL), which itself saw a 300% increase from October 15 to December 20. The correlation between CRYPTOCAP:SOL and its Solana-based counterpart NASDAQ:NEON propelled NASDAQ:NEON to a significant market capitalization of $90 million: Key factors that significantly influenced NEON's explosive growth include: 1. Limited availability of coins for sale. Apart from ICO participants on Coinlist, the token was scarcely held by others, as indicated by its tokenomics. Most partners and investors were subject to a lock-up period of over a year; 2. Small market capitalization; 3. Lack of similar offerings within the Solana ecosystem; 4. Overall positive trend in the cryptocurrency market. Will NASDAQ:NEON Continue Its Upward Trend? It's essential to consider both the project's fundamental aspects and technical analysis. Technically, buying NASDAQ:NEON in the spot market seems promising, particularly in the $0.7-$1.0 price range: Given the range of crypto projects in the Solana ecosystem, NASDAQ:NEON has the potential to increase its market capitalization to between $150-$200 million. However, this hinges on BTC avoiding a significant correction that could negatively impact $SOL. Monitoring the TVL of the NASDAQ:NEON network is also crucial. If locked funds and the number of projects on the network steadily increase, it could further boost NASDAQ:NEON 's upward trend. Additionally, investors should watch for tokens of projects launched on Neon, such as Moraswap, Sobal, zkUSD, among others.

Neonode inverse h&s on daily Here we see a perfect inverse head and shoulders

A crazy past as SBE causes NEONODE chart to look amazing Zoomed out like this, we can see after the 10:1 Reverse split neonode/SBE chart reflects price per share now as 32,187 ATH June 5th 2000 (Before the reverse split, ATH was 3,218.70)

Neonode hitting support from 2009/10 Basic support here from 2009/2010 here, if it falls below these levels there's no telling where it will land, however as long as we stay above this support it's still a hold. This company has a lot of prospective hype in my opinion. Their technologies can improve our lives. It's going to be an interesting 2019 holding Neonode.