Source: Bing Image Creator
The Solana price has gained by 1.5% in the past hour, with the altcoin moving by 0% in the last 24 hours.
At $60.70, SOL has now risen by 5% in the past week and by 65% in the last 30 days, with its recent rise making it the fifth most-traded cryptocurrency in the market in terms of volume.
Much of SOLs gains have come from traders returning to the token after it had a very bad 2022, yet it’s also clear that rising use and adoption of the Solana blockchain is playing a key role.
This means that SOL should witness further gains in the coming weeks and months, particularly if the market enters a full-on bull phase next year.
Solana Price Prediction as SOL Becomes 5th Most-Traded Crypto in the World – Adoption Rising?
Solana’s chart and indicators continue to look very good, with the coin maintaining enough momentum for more rising in the near future.
Its 30-day average (yellow) has now risen well beyond its 200-day, suggesting that SOL’s recent rallies haven’t run out of steam yet and are likely to continue.
Source: TradingView
Similarly, the coin’s RSI (purple) has risen over 60 and looks like it’s on its way back to 70, if not higher.
This would imply further price gains, and with SOL’s 24-hour trading volume now touching $2 billion, there’s certainly enough interest in the coin to sustain further increases.
Indeed, such volumes make SOL the fifth most-traded coin in the market, behind only Tether (USDT), Bitcoin (BTC), Ethereum (ETH) and USDC.
However, at the moment it seems that whales are leaning more towards selling the coin, as opposed to accumulating more of it.
219,919 #SOL (12,963,711 USD) transferred from unknown wallet to #Binancehttps://t.co/GtOtt1PYL4
— Whale Alert (@whale_alert) November 30, 2023
Such bearishness would be in line with the rest of the market, and would imply that SOL may wobble a little more before it sees sustained rises again.
Nonetheless, it has been one of the main beneficiaries of recent market-wide rallying, with its disproportionate gains largely stemming from disproportionate falls last year.
On top of this, the Solana blockchain has welcomed plenty of good news in recent months, including its inclusion in Visa’s stablecoin trials.
It has also seen its total value locked in rise, while it has celebrated around nine months of continuous uptime recently.
This points to good things for 2024, with the Solana price likely to follow.
Indeed, it could reach $100 within the first few months of the new year.
Presale Tokens For Quick Market-Beating Gains
While SOL remains probably the strongest major altcoin in the market right now, it isn’t the only alt likely to see big gains in the near future.
There are also a number of new alts currently holding their presales, which are providing them with plenty of momentum and attention before they list.
A good example of such a coin is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has raised an impressive $2 million in its token offering.
Switzerland’s @PandoAsset enters the US spot #Bitcoin #ETF race among a surge of applicants, including @BlackRock and @Fidelity, hinting at a potential shift in the #Crypto landscape. #BitcoinETF also achieves a groundbreaking milestone, raising more than $2 Million! pic.twitter.com/NyGzDQIMkf
— BTCETF_Token (@BTCETF_Token) November 30, 2023
Bitcoin ETF Token is one of the most interesting and exciting new tokens to have emerged this year, and the reason for this lies with its deflationary tokenomics.
It plans to burn 25% of its total max supply over time, with the platform burning in 5% instalments in parallel with the progress of Bitcoin ETFs.
For instance, it will burn its first 5% when the first approved Bitcoin ETF reaches a trading volume of $100 million.
It’s hoped that such tokenomics will boost the price of the token, which holders can also use to stake for a passive income.
Investors can join its presale by heading over to the official Bitcoin ETF Token website, where 1 BTCETF token now costs $0.0060.
Given that BTCETF has a max supply of only, and given that it will be aggressively burning this supply, its price is likely to rise much higher than this once it lists on exchanges.
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.
The post Solana Price Prediction as SOL Becomes 5th Most-Traded Crypto in the World – Adoption Rising? appeared first on Cryptonews.