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Should You Invest in Solana Now? Latest Price Analysis

Altcoins Price Prediction SOL

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Simon Chandler

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Simon Chandler

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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Last updated:

August 8, 2024

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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.

Should You Invest in Solana Now? Latest Price Analysis.

The price of Solana has held to $154 today, representing a 0.5% increase in the past 24 hours as the market consolidates its recent recovery.

SOL remains down by 8.5% in the past week, but is up by 8% in a month and by 560% in the past year.

It has outperformed most other major tokens over this timeframe, giving it the momentum to continue climbing as the wider market strengths its recovery for Monday’s selloff.

Based on its indicators, and based on its stellar fundamentals, now does seem to be a good time to buy SOL, given its undervalued position.

Should You Invest in Solana Now? Latest Price Analysis

Solana has gone most of the way towards recovering from this week’s losses, with its indicators showing some good short-term momentum.

Its relative strength index (purple) currently sits at 60 and is rising, signalling an increase in buying pressure that has space to intensify.

Solana price chart and indicators. — Source: TradingView

Not only that, but SOL’s 30-period moving average (orange) is about to climb over its 200-period average (blue), meaning it will form a ‘golden cross’ that can often signal a breakout.

Indeed, Solana should be on the cusp of a breakout breakout since it remains down on its highs for 2024.

Yet the latest data would suggest that, in the very near term, whales are likelier to sell SOL than buy additional quantities of the alt.

🚨 136,340 #SOL (21,008,201 USD) transferred from unknown wallet to #Binance https://t.co/dyN64ZM1aB

— Whale Alert (@whale_alert) August 8, 2024

We may therefore expect it to seesaw a little in the next few days, although its medium- and long-term outlook remains very positive.

This is for two main reasons, with the first being that many analysts expect a rate cut from the Federal Reserve to arrive in September.

And as the fifth-biggest coin in the market by cap, Solana will be one of the chief beneficiaries of the confidence boost that will come with a rate cut.

This is largely because its fundamentals remain so strong, with its blockchain the third-biggest in terms of total value locked in.

Its network traffic has stemmed mostly from meme token activity, with Solana now the platform of choice for meme coin launches.

🚨 BREAKING: On August 4th, @Solana surpassed all other Layer-1 chains combined in daily non-voting transactions. pic.twitter.com/7cxWHH5q1n

— SolanaFloor (@SolanaFloor) August 6, 2024

Given its scalability and improved reliability, this status isn’t likely to change any time soon.

Based on this, it remains credible to suggest that the current Solana price is distinctly below where it should be.

It could return to $200 in the next few weeks, and hit $500 by the end of the year.

Alternative High-Potential Alts

Solana remains very promising, but some traders may also see the benefit of diversifying into smaller alts.

That’s because small-cap coins can often rally exponentially, particularly when listing for the first time.

One promising coin in this vein is the layer-two project Pepe Unchained (PEPU), which has raised over $7.5 million in its highly successful presale.

The Breaker of Chains did it again!

$7.5M raised! 🐸⛓️ pic.twitter.com/ygR2ivQhtl

— Pepe Unchained (@pepe_unchained) August 7, 2024

Pepe Unchained will launch a layer-two network for Ethereum, with its network set to provide all-but instant transactions and competitively low fees.

It’s aiming to become an ecosystem for meme tokens, potentially stealing traffic and adoption away from Solana and other L2s.

Another bullish feature of Pepe Unchained is that, because of its scalability, it will be able to offer double the usual staking rewards.

This will provide greater incentive to hold PEPU over the long term, along with the simple fact that it will serve to pay transaction fees.

The coin will have a max supply of 8 billion PEPU, with its protocol allocating 30% to staking and 20% to its presale.

Also, the coin’s X account now has over 9,000 followers, a sign of its growing and future popularity.

Read More: Pepe Unchained Price Prediction

Investors can get involved in PEPU’s sale at the coin’s official website, where they can buy PEPU using either ETH, BNB, USDT or fiat currency.

It’s currently available at a price of $0.0089461 per token, although this will rise with each new stage of its sale.

And then when this sale finishes, it will list on trading platforms, where it could rocket.

Buy PEPU 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.