Source: Dall•E 3
The Solana price has jumped by 14% in the past 24 hours, with its surge to $71.24 coming on a day when the crypto market as a whole has gained by 1%.
This makes SOL one of the best-performing top-100 coins of the day, with the alt also having risen by 17% in a week and by 63% in the last 30 days.
Solana has made such gains on the basis of consistent growth in usage, with several of its DeFi platforms and NFT marketplaces witnessing an uptick in adoption in recent weeks.
And with the wider market heading for a bull phase for next year, SOL could easily make further gains in the next few weeks and months.
Solana Price Prediction as SOL Surges 14% to $71 – What’s Driving This Impressive Rally?
After a week or so of see-sawing, it looks like SOL has resumed rising more decisively, with its indicators pointing to increasing buying pressure.
Its RSI (purple) has just passed 70 once again, a clear sign of rising momentum, as well as a level that allows for further gains before the coin enters overbought territory.
Source: TradingView
Just as encouragingly, SOL’s 30-day average (SOL) continues to rise substantially beyond its 200-day (blue), which again is another sign that the alt is in the middle of an expansionary phase.
Other signs of this include the coin’s consistently rising support level (green), as well as still-high trading volumes.
Indeed, SOL’s 24-hour trading volume currently sits at $4.1 billion, up from $1.2 billion 14 days ago and from $120 million 90 days ago.
This reveals a massive surge of interest in Solana, which has succeeded in attracting investors all over again for a couple of reasons.
On the one hand, the market had severely oversold and undervalued SOL in recent months, with the coin’s price well below what many observers would regard as a ‘fair’ value for the asset.
On the other hand, Solana has seen lots of organic growth over the current period, with its total value locked in rising and with many of its apps seeing user growth.
These inflows into the solana eco probably increase by an order of magnitude over the next few months
degens and VCs alike foaming at the mouth after seeing the JTO airdrop returns
every asset on SOL is going to reprice much higher over the coming weeks/months
– go through… https://t.co/ZYsrUSmY1Q
— jay (@0xjaypeg) December 8, 2023
For instance, Solana-based NFT marketplaces have recorded spikes in trading volumes, with Magic Eden now fourth out of all such marketplaces on all chains.
Given such improvements, demand for SOL is only like to continue increasing, which in turn means a rising Solana price.
It could reach $100 by the start of 2024, with a bull market potentially pushing it to $200 by the middle of the year.
Newer High-Potential Altcoins
SOL may be one of the market’s hottest major tokens right now, but it isn’t the only alt potentially on the cusp of big rallies.
There are also several newer alts in the market right now that have positioned themselves for significant gains, with some of these holding presales at the moment that have helped them gather plenty of momentum.
One of the best examples of this is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has now raised just over $3 million in its token offering.
Insights from @Fidelity Jurrien Timmer shed light on a potential #BitcoinETF approval.
Will it trigger a ‘sell-the-news’ reaction or attract a new wave of stakeholders?
What impact do you think the #SEC‘s decision on a #Bitcoin #ETF will have on the market sentiment?
A… pic.twitter.com/ZrUzEwYW2J
— BTCETF_Token (@BTCETF_Token) December 8, 2023
This figure suggests that investors are becoming increasingly confident in Bitcoin ETF Token, which will launch with bullishly deflationary tokenomics.
In particular, it will burn 5% of its overall supply on five separate occasions, with each occasion linked to Bitcoin ETFs or Bitcoin itself reaching a certain milestone.
The first 5% will come when an SEC-approved Bitcoin ETF reaches a trading volume of $100 million, while the final 5% will come once Bitcoin itself reaches a price of $100,000.
By burning 25% of its overall supply over time, Bitcoin ETF Token will increase relative demand for its token, thereby boosting its price.
This setup has clearly won over numerous traders, as has the fact that holders can also stake the token for a passive income.
New investors can join its sale at the official Bitcoin ETF Token website.
Unveiling how #BTCETF not only readies for the #Bitcoin #ETF influx but also grants staking incentives, bolstering network resilience and reliability. pic.twitter.com/SpJX1QYLtT
— BTCETF_Token (@BTCETF_Token) December 8, 2023
BTCETF is currently selling at $0.0064 per token, yet this price will rise to $0.0066 in a couple of days.
And once the token lists, it could easily rise much higher, especially when it begins burning its supply.
Visit Bitcoin ETF Token Now
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 Surges 14% to $71 – What’s Driving This Impressive Rally? appeared first on Cryptonews.
