Source: Bing Image Creator
Solana (SOL) bulls are fighting back, with the token holding to the north of the key psychologically important $100 level on Friday, despite choppy and unpredictable trading conditions across the broader crypto market thanks to massive end-of-year option expiries.
Despite having pulled back 16% from Monday multi-year highs in the $125 area, SOL continues to trade higher 75% on the month and 375% since the end of September.
SOL’s stunning rally in the last three months has seen the cryptocurrency jump in the rankings to become the fifth largest by market cap, behind only Bitcoin (BTC), Ether (ETH), USDT (USDT) and BNB (BNB), with a market cap of last around $44.4 billion given its current price at just above $103.
The explosion in the SOL market comes as the network marks itself out as a serious competitor for Ethereum.
As per data presented by DeFi Llama, Decentralized Exchange (DEX) trading volumes on Solana are close to overtaking volumes on Ethereum, at more than $5 billion so far this week versus just over $6 billion on Ethereum.
With Solana-based DEX volumes last at around $26 billion so far for the month, that’s a more than 26x increase versus September’s volumes.
The surge in DEX activity on Solana comes amid rising meme coin speculation on the chain and a surge in trade related to airdrop hunting.
Retail investors are increasingly looking towards Solana as the ecosystem offering the biggest opportunities, thanks in part to its near-instant transactions and low fees.
That much is evident when examining data presented by Google Trends, which indicates that search interest for Solana has vaulted to more than double search interest for Ethereum.
Clearly, investors are shifting their interest to SOL.
Price Prediction – Where Next for Solana (SOL)?
The unpredictability of year-end flows means it hard to say whether SOL will finish the year above or below $100.
The risk of a pullback to the key long-term $75-80 area remains on the cards, given this level wasn’t previously retested on the way up.
But the strong uptrend that has been in play since October remains very much in play.
Dips remain subject to being bought, assuming the broader crypto bull market remains in full swing.
SOL remains odds on to test its April 2022 highs in the $140s in early 2024.
Solana (SOL) Price Chart / Source: Investing.com
SOL Alternative to Consider – Meme Kombat ($MK)
While Solana (SOL) could offer good upside prospects for the months ahead, traders should always look to diversify their crypto holdings.
For those with a strong risk tolerance, investing in promising up-and-coming web3 project by buying into their token presales is one good way to generate potential quick exponential gains.
Cryptonews.com spends a lot of time analyzing which presales have potential, and one such project that they are big fans of is an exciting new project called Meme Kombat.
Meme Kombat blends together the world of crypto gaming and gambling with its exciting platform where users are able to bet on the outcomes of exciting battles between characters based on some of the crypto world’s most popular meme coins.
Early $MK investors can also benefit from generous staking rewards, which are currently more than 100% annually.
The project has already raised close to $5.25 million, despite launching just weeks ago.
Visit Meme Kombat Here
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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