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Solana Price Prediction as Accumulation Continues at $20 Level – Can SOL Reach $1,000 in the Next Bull Run?

Simon Chandler
Last updated: | 3 min read
Source: TradingView

The Solana price has swung strongly today, reaching a 24-hour high of $20.48 before retreating in the past few hours to $19.59.

This latest price represents a 2% drop in the past day, yet SOL is also up by 4% in a week, while being down by 6.5% in the last 30 days.

But with the altcoin also having risen strongly since the beginning of the year (up by 96%), it maintains the kind of medium-term momentum that will help it recover quickly from today’s volatility.

Solana Price Prediction as Accumulation Continues at $20 Level – Can SOL Reach $1,000 in the Next Bull Run?

SOL’s indicators have moved into a position where it looks as though the altcoin is about to begin a concerted rally, one which is now probably overdue.

Source: TradingView

Its relative strength index (purple) has risen to 50 in the past few days, indicating an increase of momentum that has plenty of space to continue before the altcoin will be overbought.

In parallel, SOL’s 30-day moving average (yellow) has flattened out after falling below its 200-day average (blue), signalling that buyers may be tempted to buy the coinnow that it’s selling at a discount.

And even with today’s little dip, the coin’s support level (green) has been rising recently, meaning that it’s unlikely to fall below recent lows.

As such, now is a good time to buy SOL, which is still selling at a discount but which has shown the first signs of renewed momentum.

In terms of fundamentals, there has been no major news in the past few days, yet the overall picture remains largely positive for Solana.

<oembed url="https://twitter.com/solana/status/1704498905054863746[/embed]

It continues to attract adoption, with a growing number of projects and platforms building on its blockchain network.

This most notably includes Visa, which expanded its stablecoin settlement pilot in the past few weeks to include Solana, something which stands as a major vote of confidence in the network.

It’s also worth remembering that Solana is the fifth-biggest layer-one blockchain in terms of total value locked in, behind only Ethereum, Tron, BNB Chain and Avalanche.

And it’s likely that Solana will only move further up the TVL rankings, given that it has plenty of lost ground to make up for after its difficult 2022, when it suffered a series of damaging outages.

Yet it continues to market months and months of unbroken uptime, a sign that its protocol has been updated sufficiently and that it’s now robust against all potential scaling issues.

<oembed url="https://twitter.com/StepDataInsight/status/1693631542042546279[/embed]

As such, SOL can be expected to pass $20 again in the next few days, with the altcoin likely to hit $25 in the next few weeks and $35 by the end of the year.

Alternative High-Return Altcoins

As good as Solana looks right now, it isn’t the only high-potential altcoin in the market, with a number of presale tokens also providing plenty of opportunity for market-beating gains in the near future.

One of the fastest-growing presales right now is being held by Bitcoin BSC (BTCBSC), a BNB Chain-based cryptocurrency that has impressively raised more than $4 million since opening its sale only a few weeks ago.

<oembed url="https://twitter.com/Bitcoinbsctoken/status/1704799670118039638[/embed]

As its name suggests, Bitcoin BSC offers a BNB-based version of Bitcoin, with the coin having the same hard cap (21 million BTCBSC) and the same deflationary tokenomics.

Yet where it differs from the original cryptocurrency is that it offers holders the opportunity to earn a passive income from staking the token, in addition to any price rises.

What has also helped Bitcoin BSC attract investors is that its presale is making it available at $0.99, a price Bitcoin itself last saw in 2011.

As such, it’s offering investors a chance to get involved in a potentially very valuable cryptocurrency at the very earliest stage.

Its presale will make 6.125 million Bitcoin BSC available, with the rest being reserved for staking rewards.

Given that there has been no specific allocation for team members, BTCBSC is therefore a highly decentralized token, something which again improves its attractiveness to investors.

New buyers can buy the token early by visiting the official Bitcoin BSC website and connecting their software wallets.

Once the presale ends, BTCBSC will list on BNB Smart Chain DEX, with other exchanges likely to follow suit soon after.

Visit Bitcoin BSC 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.