Solana Price Prediction as SOL Approaches $80 – $100 Incoming?
The Solana price has risen by 8% in the past 24 hours, with the altcoin’s climb to $78.64 coming as the cryptocurrency market as a whole moves by only 0.4% today.
Today’s jump means that SOL has now gained by 10% in a week and by 33% in the last 30 days, with the token also sitting on a highly impressive 450% increase in the last 12 months.
And with its trading volume remaining high at $3 billion, and with most analysts expecting a bull market next year, SOL could see further gains in the coming weeks and months.
Solana Price Prediction as SOL Approaches $80 – $100 Incoming?
SOL’s chart looks very bullish at the moment, with its indicators pointing to further gains in the short term.
For instance, its RSI (purple) has risen back up to 70 after a few days spent closer to 60, a sign that buying pressure and demand remains strong with SOL.
Perhaps even more bullishly, SOL’s 30-day average (yellow) continues to rise even higher above its 200-day (blue), providing a clear sign that the token remains in a growth phase, with more gains likely.
Other bullish signs come from SOL’s support level (green), which has risen consistently and decisively over the past few weeks, as well as from its 24-hour trading volume.
The latter is currently close to $3 billion, well above the levels it recorded a month ago (around $1.3 billion) and massively above those from 90 days ago ($115 million).
This is a definite indicator of sustained interest in SOL, which continues to attract whales more than any other coins except Bitcoin (BTC) and Ethereum (ETH).
That said, a few supporters of other tokens have begun claiming that SOL will dump in the not-too distant future, given that the FTX Estate is sitting on just over $1 billion in Solana.
Probably some of you are not aware, but Novogratz will eventually dump the FTX SOL holdings
Also, is highly likely he's involved in this SOL price push-up to grab liquidity
Do you think he cares? https://t.co/vCPh802k5Y pic.twitter.com/u8xlZpa8yL
— $Air _ ADAbreathes (@ADAbreathes) December 8, 2023
While it’s certainly likely that FTX’s estate will sell its SOL, observers have pointed that much of the defunct exchange’s SOL holdings are locked until 2025 or later, so won’t all be sold at once.
As such, the Solana price should continue to see growth in the longer term, with the token’s prospects boosted by Solana’s growth as an NFT and DeFi platform.
Solana's DEX volume is at an ATH right now.
With smooth trading, high speeds & low fees, it's grabbing a massive chunk of Ethereum's volumes.
Although this activity is likely driven by users FOMOing to Solana to farm airdrops. pic.twitter.com/kYZYisvHOz
— Lark Davis (@TheCryptoLark) December 11, 2023
It should reach $100 in the next few weeks, potentially before 2023 says goodbye.
Diversification With New High-Potential Alts
Solana certainly remains one of the strongest major tokens in the market right now, but it isn’t the only coin with good prospects for rallies in the near and more distant future.
There are also several presale tokens that look promising at the moment, with some of these raising significant sums of money and building impressive momentum.
One of these is Bitcoin ETF Token (BTCETF), a deflationary ERC-20 cryptocurrency that has raised just over $4 million in its token offering.
#SEC sets new "Cash Redemption Model" for #Bitcoin Spot #ETF applicants, impacting approval criteria.@InvescoEMEA adopts it initially whilst @BlackRock introduces "Prepay" for easier Wall Street participation.
How might these models reshape ETF accessibility?#BitcoinETF has… pic.twitter.com/NN4nnfEJ2M
— BTCETF_Token (@BTCETF_Token) December 14, 2023
This is an impressive figure for such a new token, yet the reason why Bitcoin ETF Token is attracting interest is that it features some very deflationary tokenomics.
Indeed, it will burn 25% of its max supply – of 2.1 billion BTCETF – over time, with 5% being burned whenever Bitcoin ETFs or Bitcoin reaches one of five milestones.
Not only that, but Bitcoin ETF Token will feature a staking mechanism, which will earn holders a passive income.
Such staking will remove even more BTCETF from circulation, which in turn should boost its price considerably.
Mapping the #BitcoinETF journey 🌐
The $BTCETF #Token path mirrors actual #Bitcoin occurrences.
With each Bitcoin #ETF milestone, #BTCETF tokens are burned, boosting staking rewards. 📊🔥 pic.twitter.com/I2hd5lYp53
— BTCETF_Token (@BTCETF_Token) December 15, 2023
All of this makes BTCETF one of the most bullish new coins of the year, with investors able to join its sale by going to the official Bitcoin ETF Token website.
As of writing, investors can buy BTCETF at a price of $0.0068 per token, with the coin’s presale now in its final stage.
This leaves investors with little time to buy Bitcoin ETF Token at a discounted price, before it lists on exchanges and potentially rallies big.
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.
