The Solana price has dipped by 2% in the past 24 hours, dropping to $95.31 on a day when the crypto market as a whole has fallen by 1%.
Despite this loss, SOL remains up by 5.5% in a week and by 29% in the last 30 days, with its gains over these periods enabling it to overtake XRP in terms of market cap.
And with the market likely to see greater longer term growth now that the SEC has approved numerous Bitcoin ETFs, the Solana price could really make sustained gains over the coming months.
Solana Price Prediction as SOL Overtakes XRP – Is $10,000 SOL Possible?
Even with last week’s momentous ETF approvals, SOL – like many other major tokens – has been unable to regain the strong momentum it saw at the close of 2023.
Its relative strength index (purple) remains at the 50 level, a halfway house that is just as consistent with further falls as it could be with incoming gains.
Source: TradingView
Additionally, SOL’s 30-day average (yellow) continues to rise at a slower pace than it had climbed in previous weeks, implying that the coin is struggling to attract buying interest at the moment.
This is perhaps not surprising, given that the aforementioned Bitcoin ETF approvals triggered a ‘sell the news’ reaction, with holders happy to take profits at the end of what was a fairly positive year for crypto.
Nonetheless, SOL’s support level (green) has held up pretty well in recent weeks, so even if it struggles in the next few days and weeks, it’s unlikely to drop in any substantial way.
And the coin’s volumes remain pretty healthy, at just over $2.6 billion today, compared to $300 million back in October.
Indeed, such is SOL’s growth over the past quarter that the coin has moved to 5th in the crypto market in terms of capitalization, overtaking XRP.
This has happened for a couple of reasons, with the first being that Solana had a very good 2023 as a platform.
Some folks think Solana is just shitcoins and saga phone, but do not realize that Solana is leading DePin, AI and actual real money payment systems (Visa, etc) USDC is an SPL native token, most large businesses that could not scale on Ethereum have rotated to Solana, Solana has…
— Johnny (@Cryptilt) January 9, 2024
It saw plenty of growth in terms of NFT volumes and app usage, while it also saw inclusion in Visa’s stablecoin pilot.
Such expansion has attracted investment from larger investors, with SOL often attracting greater weekly inflows than ETH in the final few months of 2023.
And the Solana price is likely to continue rising in 2024, potentially reaching $200 in the next few months.
Other High-Potential Altcoins
SOL may be one of the most promising major tokens in the market right now, but it isn’t the only alt with high potential.
There are also a variety of strong presale tokens available at the moment, with some of these building up very good momentum as they progress towards listing.
One of the most interesting is Meme Kombat (MK), an ERC-20 meme token that also happens to double as a kind of social betting platform.
It has raised just over $6.5 million in its presale, which is due to end in the next few weeks.
$6.5 MILLION RAISED
LFG pic.twitter.com/0zqleQLPtw
— Meme Kombat (@Meme_Kombat) January 9, 2024
When Meme Kombat’s platform launches, it will enable users to bet on AI-generated battles between meme characters, with winners earning MK tokens as their rewards.
By using AI, Meme Kombat will randomize the outcomes of battles, while its use of the Ethereum blockchain means that results will be publicly visible and transparent.
Holders of MK will also be to stake the token, earning themselves a passive income in the process, in addition to any winnings.
Major Update
The Meme Kombat Staking Dashboard is officially live and ready to be used by you!
Take a break from Kombat and visit the staking dashboard here: https://t.co/nNFEYESjPs pic.twitter.com/yswl0esb4G
— Meme Kombat (@Meme_Kombat) November 9, 2023
That Meme Kombat could be very profitable for players is one reason why its presale has done so well, while its use of viral memes and playful community-led market is also certainly helping.
And while its sale is due to end soon, investors can still join the offering by visiting the Meme Kombat official website.
MK is currently available at $0.279 per token, a price which could end up seeming very cheap once the coin lists on trading platforms a little later in 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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