Solana Price Prediction as SOL Hits $110 – When Will SOL Reach $500?
SOL has dipped by 1% in the past 24 hours, with the Solana price reducing to $110 as the still-bullish crypto market jumps by another 3% today.
Despite its little wobble, SOL has gained by 5% in the past week and is also up by 14% in the last 30 days.
Its 400% increase in the past year has also made it one of the best-performing major tokens in recent times, and with its momentum remain strong it could easily continue rising in the next few months.
Solana Price Prediction as SOL Hits $110 – When Will SOL Reach $500?
SOL’s momentum is growing again after a disappointing few days last week, with its indicators all pointing to further incoming gains.
Its relative strength index (purple) has risen from 45 nearly a week ago to almost 60 today, with its direction still looking very positive.
SOL’s 30-day moving average (yellow) has also begun rising again, signalling incoming gains after a fairly short-lived dip.
What’s also encouraging is that Solana’s 24-hour trading volume has risen to $3 billion in the past 24 hours, a sign that the market is coming back to it in a substantial way.
That said, traders and investors should be mindful that some whales may take last night’s rise as an opportunity to cash out, with transfer data showing a few big movements to exchanges recently.
🚨 120,000 #SOL (12,885,872 USD) transferred from unknown wallet to #Binancehttps://t.co/hBdUO9X2kS
— Whale Alert (@whale_alert) February 27, 2024
Yet overall, Solana looks especially healthy, with the token continuing to be the most popular alt among funds after Ethereum (in terms of total assets under management), according to recent CoinShares reports.
Not only is it popular, but it benefits from some very strong fundamentals, with Solana as a blockchain continuing to grow from strength to strength.
The latter has seen its total value locked in rise by 736% in the past year, on the back of growing NFT use, not to mention the use of the Solana blockchain for launching meme coins.
While Solana did suffer its first outage in around a year earlier this month, it seems to have recovered quickly from this misstep, which is unlikely to repeat.
Sam Bankman-Fried is giving financial advice in jail.
He's telling guards to invest in Solana, per NYT. pic.twitter.com/j9BnGtWqrr
— Milk Road (@MilkRoadDaily) February 27, 2024
As such, the increasingly bullish crypto market – driven by rising Bitcoin ETF volumes – is likely to help push the Solana price even higher in the next few weeks and months.
It could hit $150 by the spring, before topping $200 in the second half of 2024.
Other Rising Alts with Strong Potential
As good as SOL continues to look, it isn’t the only promising altcoin in the market, with several newer, low-cap tokens also looking especially strong.
While most newer coins fall by the wayside soon after launch, those with solid enough fundamentals can rally big as they add new listings and accumulate more followers.
One prime candidate for doing this is Smog (SMOG), a Solana- and Ethereum-based token that listed a few weeks ago on the Jupiter and Birdeye DEX aggregators.
It has risen by over 2,500% since listing, and what’s especially bullish about this is that SMOG has held onto most of its initial gains, unlike many other recent meme tokens.
The main reasons for SMOG’s strength beyond its initial launch is that it features an interesting airdrop system, one which motivates longer term holding.
It has allocated 35% of its overall supply – 1.4 billion SMOG – to a series of regular drops, which will begin in the second quarter of the year.
These will distribute greater quantities of the token to investors with bigger SMOG holdings, a setup which rewards loyalty and long-termism.
It’s also notable that SMOG enables staking, with its protocol currently offering yields of 42% APY.
Combined with the airdrop system, such staking will ensure a healthy level of holding.
Have a few minutes to spare? ⏳
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🚀 Fly into #SMOG Quests on #Zealy! ⬇️https://t.co/3EQxvQwsw3#Crypto #Memecoins #Altcoins #Web3 #Binance #Sol
— SMOG (@SMOGToken) February 25, 2024
On top of this, Smog is running a series of quests that will reward participants for pro-community behavior, with the token’s X account now boasting 30,000 followers partly because of these quests.
Traders can buy the token now at the official Smog website or by trading it on Jupiter or Birdeye, with its listing on exchanges likely to push it further soon.
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.
