The Solana price has jumped by an impressive 11% in the past 24 hours, surging to $105.60 as the wider crypto market responds to the SEC approving several Bitcoin ETFs yesterday.
SOL has now risen by 49% in the last 30 days and by a whopping 566% in the past year, making it one of the best-performing major tokens of 2023.
Yet 2024 could be even better for SOL, which remains 58% down from its all-time high, and which continues to accumulate momentum in parallel with the growth of the Solana network.
Solana Price Prediction as Bulls Push SOL Above $100 – Can SOL Reach $1,000?
SOL’s chart and indicators are beginning to pick up again after a difficult start to week, which saw investors lose confidence that the SEC would approve Bitcoin ETFs.
After dipping below 50 during the weekend, SOL is now touching 60 once again, signalling rising momentum that is likely to increase over the next few days.
Source: TradingView
Indeed, SOL’s 30-day average (yellow) continues to push well beyond its 200-day (blue), offering a sign that the alt remains in the middle of a strong growth phase.
It’s also encouraging that SOL’s 24-hour trading volume has risen just beyond $4.6 billion, which is indicative of strong buying interest in the token.
144,907 #SOL (14,711,533 USD) transferred from unknown wallet to #Coinbasehttps://t.co/ReOQVqj5I7
— Whale Alert (@whale_alert) January 11, 2024
However, as the tweet above makes clear, some large holders will use the current surge to take profits, so it may not all be plaining sailing from here on out.
Still, SOL’s support level (green) has climbed steadily in the past few months, showing how any incoming dips are likely to be minor.
And SOL has benefitted from considerable fund inflows in recent weeks, often surpassing ETH in terms of weekly volumes.
Part of the reason for this is that Solana has grown and improved considerably as a blockchain in the past 12 months, enjoying continuous uptime (after a damaging 2022) and seeing growth in NFT volumes.
Solana has had 100% uptime for almost 10 months
Here’s the progress, status and risks of the network’s stability:
1/
— Step Data Insights (@StepDataInsight) October 23, 2023
It also beats Ethereum on several metrics, including active wallet addresses.
This all suggests that Solana will continue having a strong 2024, and with the market becoming more bullish, the Solana price is likely to move upwards as a result.
It could even reach $200 in the next few months.
Other High-Return Alts to Consider
While SOL continues to look strong, it’s usually advisable for most traders to keep a diversified portfolio, which will include smaller cap coins as well as larger tokens.
And there’s quite a strong selection of new small-cap coins to choose from right now, including several bullish presale tokens that have gained plenty of momentum as they prepare to list.
One of the most popular right now is Sponge (SPONGE), an ERC-20 token that first listed in April 2023, rallying by over 150%.
It’s about to launch a second version of its token, one which will not only replace the first version, but will also be used for a new play-to-earn game.
Daily Staking Update!
We’ve reached 4,600,326,590 $SPONGE tokens staked, currently valued at $3,963,388.83 with an impressive current 351% APY.
Join our thriving #SpongeV2 community today and grow with us! #AltSeason #CryptoStaking #Web3 pic.twitter.com/TV6JOfQssa
— $SPONGE (@spongeoneth) January 11, 2024
While more details about the game will emerge soon, it will enable players to compete against each other and potentially rank on global leaderboards.
Another big feature of Sponge V2 is that it comes with an improved staking mechanism, with holders receiving a larger APY in relation to how long they stake their coins.
The new version of the coin will also benefit from Sponge’s strong online presence and following, with the coin now boasting more than 28,000 followers on Twitter.
This easily beats many other new meme coins, providing Sponge with a strong foundation on which to move forwards.
Holders of Sponge V1 can obtain V2 of the coin by going to the official Sponge website and staking their tokens.
They will receive SPONGE V2 at a ratio of 1:1, on top of any staking rewards they earn.
Stake $SPONGE staked receive an equivalent amount of #SpongeV2! plus staking rewards!
V2 tokens can be viewed on the Staking V2 dashboard, and can be claimed once SPONGE V2 launches! #Bullish #AltSeason #MemeCoin pic.twitter.com/iykmHiMwid
— $SPONGE (@spongeoneth) January 5, 2024
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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