Source: Dall•E 3
The Solana price has dipped by 1% in the past 24 hours, with its fall to $58.69 paring down some of the huge gains the altcoin has made in the past few weeks.
Yet despite today’s slip, SOL remains up by a market-leading 46% in a week and by a whopping 165% in the last 30 days, making it the best-performing top-100 coin over this latter period.
And given that it has recovered by more than 480% since the start of the year, SOL certainly has enough momentum to push further gains in the coming weeks.
Solana Price Prediction as SOL Gains 150% in 30 Days – Time for a Pullback?
Technically, Solana has been in overbought territory for a couple of weeks now, yet it seems to have enough staying power and momentum to post further gains.
Its relative strength index (purple) is nearing 90, having been above 70 mid-to-late October, showing how it has the ability to sustain buying pressure.
Source: TradingView
Likewise, SOL’s 30-day average (yellow) continues to rise higher above its 200-day average (blue), having overtaken the latter around the middle of October, when it began to break out.
And while it may be tempting to fear that the Solana price is due to correct downwards soon, its 24-hour trading volume remains very high.
From about $175 million a month ago to $2.4 billion today, it’s clear that the coin is attracting high levels of demand.
999,990 #SOL (57,524,610 USD) transferred from unknown wallet to unknown new wallethttps://t.co/wL8RwH4PhZ
— Whale Alert (@whale_alert) November 12, 2023
While some whales appear to have sent SOL to exchanges in the past few days, such movements don’t seem to have had a negative effect on the coin’s price.
Such is Solana’s momentum right now, with the coin more than making up for a bad 2022.
On the one hand, Solana has ridden good news related to Bitcoin (and Ethereum) ETFs over the past couple of weeks, with the market as a whole seeing a big comeback.
On the other hand, Solana itself has enjoyed considerable growth this year, helping to restore demand for SOL.
For example, its total value locked in has risen to $551 million, up from $210 million in January.
It has also enjoyed more than eight months of continuous uptime, with Solana’s blockchain becoming more reliable after last year was witness to numerous outages.
As such, Solana’s revival is likely to feed into further gains for the Solana price, which could conceivably hit $100 by the end of the year.
Other Altcoins With Good Rally Potential
Given the possibility that SOL may be close to overbought territory, some traders may also prefer to diversify into newer alts.
The advantage of newer coins is that many haven’t yet had their initial phase of growth and price appreciation, meaning that traders who buy early could book significant profits.
And one of the most promising coins in this respect right now is Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised in excess of $3.9 million in its presale.
Who’s ready for the next #BitcoinHalving in April 2024?
Block rewards will be dropping from 6.25 BTC to 3.125 BTC.
What are your thoughts on this upcoming event? #BitcoinMinetrix is also celebrating another crucial achievement, exceeding the $3,800,000 milestone. pic.twitter.com/au2SXuZSyY
— Bitcoinminetrix (@bitcoinminetrix) November 13, 2023
As a stake-to-mine platform, Bitcoin Minetrix will enable users to stake the platform’s native BTCMTX token in order to mine actual Bitcoin (BTC).
Such staking provides users with tokenized mining credits, which they can then spend to purchase Bitcoin hash power.
Doing this enough will earn them newly mined BTC, while staking will also earn users BTCMTX.
As such, Bitcoin Minetrix could end up being a very profitable platform for users, with investors able to join its presale at the official Bitcoin Minetrix website.
Exploring the opportunities of mining $BTC with #BitcoinMinetrix!
Cloud mining provides a simple entry point to #Crypto:
Easy entry for beginners.
Cost-effective without hardware expenses.
No worries about space, noise, or heat.
Hassle-free upgrades. pic.twitter.com/L31IRx0309
— Bitcoinminetrix (@bitcoinminetrix) November 13, 2023
1 BTCMTX currently costs $0.01160, yet this is will rise to $0.01170 in just under three days.
And while the presale will end with the token at a price of $0.01190, it could easily rise much higher once it lists on exchanges towards the end of the year.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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