By Source: Dall•E 3
The Solana price has dropped by 6% in the past 24 hours, falling to $68.30 on a day when the cryptocurrency market as a whole has declined by 2%.
Despite this loss, SOL remains up by 6% in the past fortnight and by 20.5% in the last 30 days, with the altcoin also having gained by 448% in the past year.
Such gains have provided SOL with considerable medium- and long-term momentum, so even if it has corrected today, it’s likely to continue climbing soon enough.
And with its 24-hour trading volume remaining high at $1.8 million, it could bounce back as strongly as it has fallen.
Solana Price Prediction as Daily Trading Volume Surges to $1.8 Billion – Can SOL Overtake XRP?
It’s arguable that SOL is in a position where it should correct for at least a few days before rallying again, with its indicators having been in ‘overbought’ positions for a while now.
Its relative strength index (purple) is now falling towards 50, after having spent several weeks closer to 70, with the decline suggesting that it’s losing momentum.
Source: TradingView
At the same time, its 30-day average (yellow) remains very high above its 200-day average (blue), and while it’s showing no signs of decline just yet, its position alone would imply that a fall is due.
Yet there are a couple of factors which do not support such skepticism, with the first being SOL’s support level (green).
The latter has held up very well in the past couple of months, with only a few brief dips interrupting Solana’s overall growth.
On top of this, SOL’s trading volume remains healthy, suggesting ongoing interest in the altcoin.
402,999 #SOL (27,665,190 USD) transferred from #Kraken to unknown wallethttps://t.co/7di2ZzXBtX
— Whale Alert (@whale_alert) December 18, 2023
Indeed, recent transfer data suggests that some whales are using today’s dip as an opportunity to buy SOL at a relative discount.
This would therefore imply that the Solana price will rise again quite soon, also helped along by the market’s prospects as a whole.
And as far as SOL’s own fundamentals go, the coin has had an excellent 2023, largely as a result of Solana’s resurgence and renewed growth as a blockchain platform.
BREAKING:
113,000 new NFTs minted on solana over the past 24 hours. pic.twitter.com/uDUJ2ptQSb
— SolanaFloor | Powered by Step Finance (@SolanaFloor) December 15, 2023
A big factor in Solana’s renaissance has been the growth of NFTs on its network, with new issuances rising strongly this month.
As such, the Solana price could easily hit $80 in the next few weeks, before topping $100 by the end of January.
New High-Potential Altcoins for Big Gains
Solana certainly remains one of the strongest major tokens in the market right now, but it isn’t the only coin with good prospects for rallies in the near and more distant future.
There are also several presale tokens that look promising at the moment, with some of these raising significant sums of money and building impressive momentum.
One of these is Bitcoin ETF Token (BTCETF), a deflationary ERC-20 cryptocurrency that has raised more than $4.5 million in its sale.
#BitcoinETF includes a 5% burn levy on each transaction, gradually decreasing the #Token supply over time.
The strategy involves burning 25% of the tokens at key milestones to ease selling pressure. pic.twitter.com/BCpsB9pnIV
— BTCETF_Token (@BTCETF_Token) December 18, 2023
Such is the runaway success of Bitcoin ETF Token’s presale that it’s actually close to selling out, with the offering having a target of $5 million.
And the reason why investors are so enthusiastic about it is that it comes with highly deflationary tokenomics.
It will burn 25% of its max supply – of 2.1 billion BTCETF – over time, with 5% being burned whenever Bitcoin ETFs or Bitcoin reaches one of five milestones.
Such burning will take a quarter of the BTCETF supply out of circulation, yet the coin will also be open to staking.
This should reduce its circulating supply even further, boosting its price over time.
And while the presale is likely to sell out soon, investors can still buy some BTCETF at a discount by going to the official Bitcoin ETF Token website.
It’s currently available $0.0068 per token, with the coin set to list in the New Year, when it may rally big.
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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