Solana Price Prediction as Daily Trading Volume Shoots Past $1.7 Billion – Are Whales Buying?
The Solana price has suffered a minor 0.3% fall in the past 24 hours, slipping to $111.96 as the crypto market as a whole gains by 1.5% today.
Despite its lack of movement today, SOL remains up by 7% in the past week and 22.5% in the last 30 days, with the altcoin also having gained by 370% in the past year.
And with the coin’s trading volume rising to $1.7 billion over the past few days, it seems to be regenerating the momentum necessary for further gains.
Solana Price Prediction as Daily Trading Volume Shoots Past $1.7 Billion – Are Whales Buying?
After dipping over the past few days, it’s possible that SOL is ready to rebound a little in the first half of this week.
Its relative strength index (purple) has inched up to 60 after dropping close to 55 over the weekend, a reversal which signals that some traders are taking the opportunity to buy the coin at a relative discount.
Source: TradingView
SOL’s 30-day moving average (yellow) also continues to rise beyond its 200-day (blue), while its current price is climbing above both.
This is a clear sign that the token remains in an expansionary phase and that, even with its recent dip, its overall trajectory remains upwards in the medium- and long-term.
It does indeed seem that its volume is picking up again, with some recent signs that whales are buying the token.
449,896 #SOL (51,257,094 USD) transferred from unknown wallet to unknown wallethttps://t.co/X84gZPA4Oy
— Whale Alert (@whale_alert) February 15, 2024
At the same time, data continues to show that SOL remains the most popular altcoin among institutional funds after Ethereum (ETH), with CoinShares’ latest Digital Asset Fund Flows report indicating that the crypto funds it tracks currently have $838 million in SOL under management.
And with the wider market looking like it’s on a long-term upward trajectory (thanks largely to rising Bitcoin ETF volumes and the upcoming Bitcoin halving), there’s little doubt that, even if it’s not this week, the Solana price will continue to see gains.
Solana’s growth as a platform will also help push gains, with the blockchain network witnessing consistently rising transaction volumes amid demand for SOL-based NFTs.
It did face an outage a couple of weeks ago, but developers resolved the situation fairly quickly, and things seem to have stabilized.
As such, the SOL price may reach $150 in the next couple of months before potentially crossing $200 at some point in the summer.
Alternative High-Potential Alts
The only potential worry with SOL is that it had such a good 2023 that 2024 may be more modest and gradual.
In the face of this possibility, some traders may opt to diversify into smaller cap alts that could rally big as they list on new exchanges.
One of the most interesting examples of this is Sponge (SPONGE) is an ERC-20 cryptocurrency that rolled out the second version of its token a few weeks.
It has listed on Uniswap, where it has risen by just over 150% so far, with more gains likely as and when it lists on other platforms,
Running on Polygon, SPONGE V2 introduces a couple of new features that make it superior to its predecessor.
For one, it boasts a new staking model, offering up to triple-digit rewards depending on how many stakers there are and on how long they’ve staked tokens.
This is bullish because it incentivizes more long-term holding, which in time will boost its price.
SPONGE V2 is also the native token for an upcoming P2E Sponge-themed racing game, which will be launching in the next few months.
The game will enable players to compete against each other to see who can rank the highest on a global leaderboard.
Investors can acquire the token now by trading it at Uniswap or by going to the official Sponge website, on which users have staked just over $10.5 million in SPONGE.
Source: DEXTools/TradingView
As the chart above reveals, SPONGE’s price and market remains healthy since listing.
Yet it’s likely to gain a real boost once CEX listings start coming in.
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