The Solana price has jumped by 9.5% in the past 24 hours, rallying to $115 after rising Bitcoin ETF volumes helped push the crypto market towards a 5% gain today.
another yuge day for the ETFs
almost 500m inflow
h/t @FarsideUK for the data pic.twitter.com/8zuhZjfK2E
— #333kByJuly2025 (@CarpeNoctom) February 13, 2024
SOL has now risen by 19% in a week and by 17.5% in the last 30 days, with the altcoin also sitting on a 450% increase since this time last year.
Such is SOL’s momentum that the coin is likely to make more gains in the coming days and weeks, particularly as the wider market remains in a bullish phase.
As for whether it can reach a new all-time high this year, this will depend on whether the Solana blockchain can avoid a repeat of last week’s outage.
Solana Price Prediction as SOL Spikes Up to $115 – New All-Time High Possible?
SOL’s chart continues to indicate very strong momentum, while also leaving room for further gains in the near term before the coin firmly enters overbought territory.
Its relative strength index (purple) is about to touch 70 today, after spending a month and a half near (or even below) 50, with this improvement likely to continue at least until it reaches 80 or higher.
Source: TradingView
At the same time, SOL’s 30-day average (yellow) has begun rising at a higher angle, putting even more distance between itself and the 200-day average (blue).
This all underlines the fact that SOL (like much of the market) is in the middle of an expansionary phase, and after 2022 and early 2023, such a phase could continue for a while yet.
Indeed, SOL’s support level (green) suggests that the coin is going to maintain and consolidate its recent movements, with few signs of an incoming correction or crash.
99,999 #SOL (10,511,803 USD) transferred from unknown wallet to #Binancehttps://t.co/ja1NVXWANQ
— Whale Alert (@whale_alert) February 12, 2024
But with SOL hitting its highest level since April 2022, investors need to be wary that whales may take the opportunity to take profits in the next few days, meaning that SOL could have the occasional wobble.
The longer term picture, however, remains very positive, with the market likely to become even more bullish in the buildup to the next Bitcoin halving, which is due in and around April.
The Solana price will come along for the ride, helped along by the Solana blockchain’s recent growth, particularly in the areas of NFTs and DeFi.
The only possible headwind relates to last week’s outage, with SOL likely to take a big hit if there’s another network disruption.
But for now, the Solana price is on track to reach $200 by the end of spring.
Bullish Diversification with Small-Cap Alts
SOL isn’t the only coin in the market with high potential this week, with a wide variety of smaller cap tokens also showing the possibility of rally big very soon.
One of these coins is Sponge (SPONGE), an ERC-20 cryptocurrency that launched the second version of its token last week, listing on Uniswap and doubling in value within a day.
Running on Polygon, SPONGE V2 carries two important new features, with the first being an improved staking model that can provide yields of over 400% APY.
This yield depends on the number of tokens stakers have locked up, as well as for how long they’ve staked, with long-term holders receiving bigger rewards.
Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon!
Learn more about the token details below https://t.co/TCdxgXx40w
1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
The second key feature of SPONGE V2 is that it’s the native token for a soon-to-be-released P2E racing game set in the Sponge universe, with this game set to launch around the time SPONGE V2 lists on centralized exchanges.
The game will provide its players with the opportunity to compete to rank the highest on a worldwide leaderboard, with the most successful players winning rewards in SPONGE.
While a Sponge hasn’t yet provided a specific launch date, investors can already buy SPONGE V2 by going to Uniswap or by visiting the official Sponge website.
Source: DEXTools/TradingView
As the chart above shows, SPONGE is currently 100% up from its listing price, having gained by 7% in the past 24 hours.
And its price is likely to only increase further as more exchanges list the promising new token.
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