Solana Price Prediction as SOL Becomes Top 10 Most Traded Coin – Time to Buy?
Solana (SOL)’s recovery from its June post-SEC FUD lows continued on Thursday, aided by continued high trading volumes.
SOL/USD was last trading above $22 per token with nearly $500 million in trading volumes having come in over the past 24 hours as per CoinGecko.
That means Solana is in the top 10 cryptocurrencies for trading volume over the past 24 hours.
Meanwhile, SOL is the second best-performing crypto in the top 20 by market cap over the past 30 days, up nearly 50%.
Versus the June lows in the low $13s, SOL is up an even more staggering 70%.
Solana’s Miraculous Recovery
Solana’s recovery from its June lows has been miraculous.
The cryptocurrency is trading above its June highs, despite having been labeled as a security by the SEC in its lawsuits against Coinbase and Binance last month, and subsequently being delisted from the likes of Robinhood, eToro, Revolut and Bakkt.
Supporting the recovery has been the resilience of Solana’s Decentralized Finance (DeFi) ecosystem.
Trade Value Locked (TVL) within DeFi app smart contracts on the Solana blockchain was last close to $1.1 billion, its highest since November 2022, as per DeFi Llama.
As the Solana price continues to push higher, price predictions are becoming increasingly bullish.
Price Prediction – Where Next for Solana (SOL)?
Solana’s run of gains could just be starting, thanks to a few key bullish technical developments.
Firstly, SOL’s recent run higher has seen it break back to the north of all of its major moving averages.
Secondly, SOL has also pushed to the north of a downtrend that had been in play going all the way back to last summer.
The breakout above this downtrend was confirmed earlier this week when SOL bounced at the retest.
Bulls are now targeting a near-term rally to the key long-term support-turned-resistance zone around $26.50.
If this is broken, Solana stands a good chance of testing the next major resistance zones at $39 and $48.
Solana’s technical setup certainly suggests that now might be a good time to buy.
Solana (SOL) Alternative to Consider
Though its outlook has improved in the last month, Solana remains a high-risk play.
Crypto degens with a high-risk tolerance who are looking for a trade that could give a better chance of exponential gains should consider investing in small-cap meme coins.
Here is one project that analysts at Cryptonews.com think could deliver solid upside.
Wall Street Memes (WSM)
Wall Street Memes, one of the internet’s hottest retail investing communities, rose to prominence in the meme stock craze of 2021 and has recently been expanding its relevance in the cryptocurrency space with the presale of its new $WSM token.
The success of the $WSM presale, which has raised $14.5 million in just over one month, isn’t surprising given the size of Wall Street Memes’ community.
Not only are there 523k hyper-engaged community members on its wallstbets Instagram account, there are another 214k on Twitter and more than 100k across its two other Instagram channels, wallstgonewild and wallstbullsnft.
All told, Wall Street Memes has a 1 million-strong social community of degens, which analysts think all but guarantees that the $WSM token will be listed on tier 1 crypto exchanges like Binance.
With 30% of the token supply being held back for community rewards, it can reasonably be expected that airdrops to holders will be a big part of the ecosystem.
Indeed, the first $WSM airdrop is open now.
Analysts are already predicting big things for Wall Street Memes when it lists on exchanges and you can be a part of it.
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.