SOL has fallen by 12% today, with the Solana price dropping to $177 as the wider crypto market loses 8% in the past 24 hours.
Despite this loss, SOL’s recent good fortunes mean that it’s still up by 17.5% in the past week and by 59% in the past month, with the altcoin also sitting on a 720% gain in the past year.
Such increases provide it with enough medium-term momentum to recover from its current dip, which provides a good opportunity to buy it at a discount.
It still remains 32% down from its all-time high of $259.96, meaning that it could still make some serious gains as the market continues to heat up over the next few months.
Solana Price Prediction as SOL Drops 12% in 24 Hours – What’s Going On?
SOL’s chart suggests that the coin is ready to bounce back after the market’s round of profit-taking over the weekend.
In particular, Solana’s RSI (purple) has begun rising towards 40 today after falling below 30 over the weekend, a sign that the market had oversold it relative to recent movements.
Source: TradingView
Given how sharply the Solana price fell over the past few days, it’s entirely arguable that it will rebound quite aggressively in the coming days or weeks.
One interesting feature of SOL’s chart is that its price has already bounced off the 200-day average (blue), a possible sign that it has already bottomed out.
It’s also arguable that SOL’s healthy volume – at $12 billion – will prevent its price from falling too far, with the coin not struggling to find buyers for all the investors who have been looking to take profits over the past few days.
159,802 #SOL (28,418,548 USD) transferred from unknown wallet to #Binancehttps://t.co/8RGDA3n7GD
— Whale Alert (@whale_alert) March 19, 2024
It seems that more investors – including whales – will take profits in the near term, at least judging by recent transfer data.
However, the medium- and long-term outlook for the Solana price remains excellent, both in terms of the wider market and in terms of SOL itself.
For one, many analysts contend that the market has entered a bull phase, which would imply further gains across the board, particularly as we approach the next Bitcoin halving.
Secondly, SOL is one of the strongest alts in terms of its fundamentals, with the Solana network now accounting for a total value locked in of $3.77 billion, as it gains usage via NFTs and meme coins.
For such reasons, the Solana price should reach $200 again in the next few weeks, before hitting $250 by the summer.
Meme Token Alternatives for Big Gains
SOL remains one of the likeliest major tokens to post big gains this year, yet it’s possible that future rises may not be that dramatic, since it had such a strong 2023 and early 2024.
Because of this, many traders may also choose to increase their upside exposure by diversifying into smaller cap tokens, including presale coins.
A great example of this is Dogecoin20 (DOGE20), an ERC-20 token that takes the fun memes of the original Dogecoin but adds stronger fundamentals.
Boom!!!
Another milestone in the bag for #DOGE20!
We have just raised over $2,000,000!
The excitement never ends with #Dogecoin20, stay tuned for more! #Memecoins #Altcoins #Crypto #Web3 pic.twitter.com/28AWvdtrGZ
— Dogecoin20 (@DOGE_COIN20) March 18, 2024
It launched its presale last week and has already raised more than $2 million, with the latest count showing a total of $2.9 million.
Its use of the Ethereum blockchain makes it more environmentally friendly than Dogecoin, which is still a more energy-intensive proof-of-work coin.
Its status as an ERC-20 token also means that DOGE20 offers staking, with the coin providing greater rewards to holders who stake earlier and for longer periods.
Staking should help reduce its circulating supply and thereby push up its price, especially when DOGE20 features a hard-capped supply of 140 billion tokens.
Another bullish feature is that Dogecoin20 will support charitable causes and community projects, with a portion of its treasury (which is 25% of its total supply) going to worthy recipients.
Such support should help Dogecoin20 cultivate a large and healthy community of supporters, which in turn should recruit investors and boost the coin’s price.
How is #Dogecoin20 different from #Dogecoin?
$DOGE20 is part of the #DOGE family of #Memecoins but it adds more utility and value for holders by introducing staking on #Ethereum for passive rewards.
The ’20’ in Dogecoin20 stands for ‘ERC-20’. pic.twitter.com/UV6WOXXTj3
— Dogecoin20 (@DOGE_COIN20) March 15, 2024
Investors can join the coin’s presale at its official website, where they can buy 1 DOGE20 coin for $0.0002.
Once the sale ends, DOGE20 will list on Uniswap, where it could rally strongly, at least judging by the early success of its sale.
The post Solana Price Prediction as SOL Drops 12% in 24 Hours – What’s Going On? appeared first on Cryptonews.