The Solana price has dropped by 9% in the past 24 hours, sinking down to $98.69 after fears over another Bitcoin ETF delay pulled the wider market down yesterday.
Even with the sharp pullback, SOL remains up by 14% in a fortnight and by 64% in the last 30 days, with the altcoin also sitting on an impressive 611% increase in the past year.
And now that it seems as though things have stabilized, SOL may begin regaining its former momentum yet again, with the coin already up by 5% from its 24-hour low.
Solana Price Prediction as SOL Falls 9% Overnight – Are Investors Regaining Confidence?
SOL’s chart leaves space for further falls before the coin corrects itself more decisively, given that its indicators had been in overbought positions for several weeks prior to yesterday’s tumble.
For instance, its RSI (purple) remains below 60 after peaking at around 85 on Christmas Day, with the indicator showing little sign of a clear improvement at the moment.
Source: TradingView
Meanwhile, SOL’s 30-day average (yellow) has remained substantially above its 200-day (blue) for a couple of months now, implying that a correction downwards is in order.
This could mean that yesterday’s pain will reoccur, and that the Solana price may wobble some more in the near term.
Having said that, the coin’s 24-hour trading volume remains high at around $5 billion, which is still well above the levels it witnessed even a month ago (between $2 billion and $3 billion).
Plus, its support level (green) has resisted significant falls in the past few weeks, so even if SOL drops in the short-term, it probably isn’t going to drop too far.
Its medium- and long-term prospects also look good, with the possibility of Bitcoin ETF approvals likely to send SOL flying even further, along with the market.
It took over ten years, but we’re finally on the verge of having spot bitcoin ETFs approved in the USA.
(Yes, we are.)
Many deserve credit for this milestone, but chiefly @Grayscale and its lawyers, who had the guts to fight this out in court and won.
Let’s fight more in 2024.
— Jake Chervinsky (@jchervinsky) January 4, 2024
Not only that, but Solana itself will have plenty of reasons to appreciate in value, with its blockchain witnessing its total value locked in steadily rise.
Indeed, it has gained by about 555% since the beginning of 2023, with Solana now the fourth-biggest layer-one network by TVL.
Thanks to such fundamentals, which includes the growth of NFT usage on Solana, the Solana price is likely to continue rising well into 2024.
Assuming a fully fledged bull market, it could reach $200 by the summer.
New Meme Tokens for New Market-Beating Rallies
Because BONK could be potentially in the middle of a longer term decline, many traders may prefer to consider newer meme tokens, especially those which are still looking forward to their initial growth spurts.
A very good example of such a coin is Meme Kombat (MK), an ERC-20 cryptocurrency that has raised more than $3.7 million in its increasingly popular presale.
We’re closing in on $4 million raised
Already passed $3.7 million! $MK pic.twitter.com/qRZbWYwfaK
— Meme Kombat (@Meme_Kombat) December 18, 2023
What sets Meme Kombat apart from most other meme tokens is that it offers some real utility, with its platform enabling users to bet on AI-generated meme battles.
Such battles have randomized outcomes, with results processed on-chain, ensuring 100% transparency and fairness.
In addition, Meme Kombat will visualize the battles in real-time for users to watch, providing an entertaining backdrop for their bets.
They can bet against each other or against the platform itself, with Meme Kombat paying out winnings in the form of MK tokens.
It gets better, because MK holders can also stake the token for a passive income, with the coin having a max supply of 120 million.
The sale is aiming to raise $5 million, with investors able to join by visiting the Meme Kombat official website.
1 MK token currently costs $0.246, although this will rise to $0.257 in just under week.
Yet given just how popular Meme Kombat has become, its price is li
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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