Solana Price Prediction as $2 Billion Volume Comes In – Are Whales Buying?
The Solana price has climbed by 1.5% in the past 24 hours, reaching $115 as the crypto market posts a 2.5% gain today.
SOL’s move today comes as the market continues to ride the wave of rising Bitcoin ETF volumes, with the altcoin now up by 20% in a week and in the past month.
SOL is also sitting on a 430% gain in the last 12 months, making it one of the best-performing top-100 coins over this period.
And with whales and other larger traders pushing its volume up to $2 billion today, it’s very likely that the Solana price will continue rising in the near future.
Solana Price Prediction as $2 Billion Volume Comes In – Are Whales Buying?
SOL’s chart remains highly positive, showing both strong momentum and the fact that it still hasn’t become overbought.
Its RSI (purple) has just touched 70 today, up from 50 a week ago and 40 on January 22.
This is a reflection of the strength of its recent price movements relative to previous changes, with 70 indicating that SOL still has space to rally further.
Meanwhile, the coin’s 30-day average (yellow) continues to leave its 200-day (blue) behind, another sign that momentum is with the token’s buyers at the moment.
And at the moment, its trading volume – currently at $2 billion – would indicate that buyers remain very much interested in the token.
🚨 107,008 #SOL (11,842,858 USD) transferred from unknown wallet to #Binancehttps://t.co/E0wtfJe94f
— Whale Alert (@whale_alert) February 13, 2024
While it does seem that some whales are using recent gains as an opportunity to take profits, CoinShares weekly inflow reports continue to show that Solana remains very popular among funds.
As such, the Solana price will generally rise over the medium- and long-term, even if it might witness a few minor corrections here and there in the coming weeks.
Not only will this be on the back of a market-wide rally, but SOL’s gains will also follow with the continued expansion of Solana as a blockchain.
Its transaction volume continues to mount as more users turn to it for NFT sales, while its total value locked in has risen to nearly $2 billion in recent days, up from $210 million at the start of 2023.
This all points to a rising Solana price over time, and while holders should be wary of any future outages, the coin is on track to reach $200 by the summer.
Diversify with High-Potential Small-Cap Tokens
For traders who don’t want to lock up all of their portfolio with a highly established coin such as Solana, there are numerous promising small-cap tokens to investigate.
While most small-cap coins end up falling by the wayside, some manage to post sustained gains as they list on additional exchanges, supported by strong fundamentals and/or tokenomics.
One coin like this is Smog (SMOG), a Solana-based meme token that listed on the Jupiter and Birdeye DEX aggregators last week
Up by 48% in the past 24 hours, SMOG has also gained by more than 2,000% since listing, outperforming most other recent listers.
SMOG has already achieved greater longevity than many other Solana-based meme tokens, and one of the reasons for this is that it boasts bullish tokenomics.
In particular, its airdrop system rewards participants in proportion to how many SMOG tokens they already hold, as well as for how long they’ve held them.
This is bullish because it has already begun motivating more long-term holding of the coin, with Smog set to conduct a series of airdrops over time.
As an ERC-20 coin, Smog will also enable staking, meaning that a significant proportion of its supply will exit circulation.
This is likely to boost its price over time, and when combined with its viral memes and marketing – the Smog X account already has 24,000 followers – it could become one of the most popular SOL-based meme tokens of 2024.
Investors can buy SMOG now by going to its official website, or by trading it on Jupiter.
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.
