By The Solana price has gained by 0.5% in the past 24 hours, creeping up to $97.79 as the crypto market as a whole rises by the same percentage today.
SOL has now increased by 12% in a fortnight and by 3% in a month, with the altcoin also sitting on an impressive 300% increase in the last 12 months.
And while Solana’s volume has dipped in recent days, it still holds onto considerable medium-term momentum, which could pick up again very soon.
Solana Price Prediction as SOL Holds Steady Despite $2.5 Billion Trading Volume Dip – Bulls Eyeing $120 Retest?
SOL’s chart is in a pretty good spot for the recovery of some momentum, with its indicators beginning to pick up after a brief pause.
Its relative strength index (purple), for example, has bounced off the 50 level and looks set to continue to rising again, bringing further price gains with it.
Source: TradingView
At the same time, its current price is just about to lift away from its 30-day average (yellow), which after a brief lull over the weekend may also rise further beyond the longer term 200-day average (blue).
This indicators come with a very healthy support level (green), which in recent weeks and months has resisted any significant dip back to much earlier levels.
And while SOL’s volume has taken a relative dip in the past week or so, it still remains at about $1.5 billion, which signals ongoing interest in the token.
119,597 #SOL (11,436,478 USD) transferred from #Coinbase to unknown new wallethttps://t.co/k4ScR62UYh
— Whale Alert (@whale_alert) February 5, 2024
Indeed, data continues to show that whales are still buying and accumulating SOL in significant quantities, presumably under the expectation that the alt will show steady growth in the next few months (if not for much longer).
And there’s certainly plenty of reason to expect that SOL will do will, given the coin’s fundamentals and the expectation that April’s Bitcoin halving may help instigate a bull market.
At the same time, Solana is only going from strength to strength as a blockchain platform, with its network’s total value locked in having increased by 530% in the past year.
There’s every chance that its TVL will continue expanding, given the recent growth in NFTs and Web3 on its network.
And with it the Solana price will continue climbing, perhaps reaching $150 in the next few months.
Alternative Alts with High Potential
It’s possible that, while SOL will do well this year, it won’t rise especially strongly, seeing as how aggressively it rose last year.
Either way, it’s always a good idea to maintain diversified portfolios with some allocation to lower cap coins, especially those that look ready to rally big.
One example of this is Sponge (SPONGE), an ERC-20 cryptocurrency that first hit exchanges in April 2023, when it rallied by more than 150%.
It’s about to launch the second version of its token, SPONGE V2, with the current version being discontinued today.
Sponge V2 will not only feature an improved staking model, but it will also serve as the native token of a play-to-earn racing game.
Important information
Our V1 Snapshot will be taken on the 5th of February at 11pm UTC, $SPONGE V1 will then immediately be discontinued.
Follow this thread to migrate your Decentralised and Centralised tokens to V2 before it’s too late!
1/4 pic.twitter.com/qPSTIX6dNT
— $SPONGE (@spongeoneth) February 2, 2024
Currently under development, the new P2E game will see players competing with each other to rank the highest on an international leaderboard, with the highest-ranking players earning SPONGE V2 tokens.
And once they hold SPONGE V2 tokens, they will be able to stake them, with the new token currently yielding an annual rate of 245% APY, which can rise even further depending on numbers and length of stake.
Anyone holding the first version of the token has until 11pm UTC today to claim the new token, which they can do by going to the official Sponge website and staking SPONGE V1.
Investors without SPONGE V1 can also simply by SPONGE V2 outright by visiting the same website, with the new token set to be launched soon.
Important Information
The exchanges are getting ready to transition from $SPONGE V1 to V2!
Check out these articles below!
1⃣ @bitgetglobal
https://t.co/by2YqzvyUp
2⃣ @Mex
https://t.co/dMbCUvVuG7#SpongeV2 #Crypto #Web3 #Altcoins #MemeCoin pic.twitter.com/hHSWtAurPJ
— $SPONGE (@spongeoneth) February 5, 2024
And once it launches, SPONGE’s pre-existing community of followers should help the new token rally big.
The post Solana Price Prediction as SOL Holds Steady Despite $2.5 Billion Trading Volume Dip – Bulls Eyeing $120 Retest? appeared first on Cryptonews.
