Solana Price Prediction as 70% Gains in 30 Days Outpaces Competitors – Can SOL Keep Its Momentum?
The Solana price has dipped by 1% in the past 24 hours, falling to $55.47 in a move that also represents a 1% loss in a week.
Yet SOL remains up by an impressive 71% in the last 30 days, with the altcoin also recording a 450% increase since January 1.
This makes it the best-performing top-100 cryptocurrency over this period, and with the coin carrying largely holding onto this momentum over the past month, it’s likely that it will witness more gains in the coming weeks.
Solana Price Prediction as 70% Gains in 30 Days Outpaces Competitors – Can SOL Keep Its Momentum?
Despite recent losses, SOL continues to maintain considerable strength, with its indicators all in positions that point to incoming gains.
Its relative strength index (purple) has stopped falling after a difficult time last week, and is now nearing 60 again, potentially as a prelude to more rising.
No less encouragingly, SOL’s 30-day average (yellow) continues to rise further above its 200-day (blue), implying that it remains in the middle of an expansionary, bullish phase.
And given that the average continues to rise, it doesn’t like this phase is going to an end anytime soon.
This view receives support from the coin’s 24-hour trading volume, which remains fairly high at $1.3 billion, compared to $200 million back in September.
Indeed, SOL currently stands as the most heavily traded alt among funds, with the coin often leading even Ethereum (ETH) in terms of weekly inflows.
Crypto funds total $326 million of net inflows last week
Biggest inflow since July 2022$BTC and $SOL leading the move
— Kim (@kimtalkscrypto) October 30, 2023
Such demand ultimately stems from the fact that Solana’s fundamentals have improved considerably this year.
This is in terms of adoption, as indicated by Visa’s inclusion of Solana in its stablecoin trials, and also in terms of core updates to its network.
For instance, 2023 has seen Solana register nearly ten months in continuous uptime, after 2022 was marred by numerous unfortunate outages.
Based on such factors, the Solana price will continue rising in the foreseeable future, reaching $75 by 2024.
Other High-Potential Alts With Strong Fundamentals
As bullish as SOL looks at the moment, it may not continue rising for much longer, meaning that traders looking for the biggest gains may be better off putting their money with other tokens.
This includes presale coins, which can often rally big when they list for the first time, particularly when they’ve attracted lots of funding.
One potential example of this is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has raised over $1.9 million in its increasingly popular presale.
The #BTCETF #Token stands as more than a typical #DigitalCurrency; it's a forward-thinking initiative shaping the future of #Bitcoin ETFs. 🌟
Leveraging #Ethereum, #BitcoinETF foresees and embraces this forthcoming evolution, presenting exclusive advantages to its user base. pic.twitter.com/inReCyJ3Ax
— BTCETF_Token (@BTCETF_Token) November 28, 2023
Investors are increasingly putting their faith with Bitcoin ETF Token because of the coin’s very interesting tokenomics, which link up with Bitcoin (BTC).
That is, Bitcoin ETF Token will burn 5% of its total max supply when BTC reaches certain milestones, with the first coming when the SEC approves a spot-based Bitcoin ETF for the first time.
Other burns will come when the first ETF is finally launched and when Bitcoin itself reaches a price of $100,000, with BTCETF set to burn a total of 25% of its supply over time.
By burning such a large chunk of its supply, BTCETF is likely to become a highly deflationary cryptocurrency.
#BitcoinETF incorporates a 5% burn tax on every transaction, leading to a gradual reduction in the #Token supply as time progresses.
The plan is to burn 25% of the tokens as specific milestones are achieved aiming to alleviate selling pressure. 🚀 pic.twitter.com/odZwrPDn0D
— BTCETF_Token (@BTCETF_Token) November 27, 2023
And generally, deflationary tokenomics imply a steadily rising price over time, which explains why investors are flocking to the coin’s presale.
New investors can join by visiting the official Bitcoin ETF Token website and connecting one of their software wallets.
1 BTCETF token now costs $0.0060, yet the presale price will rise again in five days, while it could surge once it lists on exchanges, particularly when its first milestone is reached.
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.
