Solana Price Prediction as SOL Bounces 11% From Recent Bottom – Is The Sell-Off Over?
SOL has gained by 9% in the past 24 hours, with the Solana price reaching $189 on a day when the crypto market as a whole has recovered by 6.5%.
The altcoin is now up by 11% in relation to its seven-day low, while also remaining up by 71% in a month and by 730% in a year.
Such gains underline how SOL retains plenty of medium- and long-term momentum, which is still strong enough to push its price further in the coming days and weeks.
And when combined with the possibility of an increasingly bullish market, SOL could reach new highs in later months.
Solana Price Prediction as SOL Bounces 11% From Recent Bottom – Is The Sell-Off Over?
SOL’s chart would suggest that the recent short-term selloff has already run its course, with its indicators showing a resurgence in momentum.
From just under 30 a few days ago to 60 today, SOL’s relative strength index (purple) is signalling an increase in buying pressure, once which could carry the coin’s price further in the next few days.
Source: TradingView
Likewise, Solana’s 30-day average (yellow) has risen back above the 200-day (blue) after briefly falling below the latter yesterday, a sign that it may have entered a new bullish phase.
It’s particularly encouraging in this regard that SOL’s 24-hour trading volume has risen above $8 billion, a figure which is nearly 200% up from where it was a month ago.
Transfer data suggests that whales are still moving SOL to exchanges, so the price could dip again in the near term before stabilizing.
124,661 #SOL (23,318,336 USD) transferred from unknown wallet to #Coinbasehttps://t.co/xz559mC98Z
— Whale Alert (@whale_alert) March 21, 2024
Yet it is likely to return to growth sooner or later, given that SOL remains one of the in-demand alts right now.
Indeed, CoinShares data puts it as the second-biggest altcoin (behind ETH) in the market in terms of assets held by funds, suggesting strong demand from larger investors and whales.
This is a trend which is only likely to deepen with the market’s growth this year, with the upcoming Bitcoin halving – and rate cuts – potentially helping to ignite an unfettered bull market.
On top of this, Solana has witnessed considerable growth over the past few months, with its blockchain attracting more usage as a platform for NFTs and meme coins.
So based on the prevailing context and on the coin’s fundamentals, the Solana price could reach $250 by the summer.
New Altcoins with High Potential
As strong as SOL looks, it isn’t the only promising alt in the market, with several newer, smaller cap tokens also showing good potential.
One of the most exciting is Green Bitcoin (GBTC), an ERC-20 token that has raised over $7 million in its hugely successful presale.
Only $400K away from the Green Bitcoin Presale BEING FILLED!
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— GreenBitcoin (@GreenBTCtoken) March 20, 2024
Green Bitcoin is interesting because it provides an environmentally friendly version of Bitcoin (BTC).
It combines a hard cap of 21 million tokens with a more environmentally friendly network, given that it runs on the proof-of-stake Ethereum blockchain.
Also bullish is the fact that GBTC introduces an innovative predict-to-earn staking model.
This model delivers greater rewards to stakers who correctly predict future Bitcoin prices, while it also rewards longer term staking.
When added to its hard cap, such staking could result in GBTC seeing a supply squeeze, thereby pushing up its price.
Introducing Green Bitcoin: A Revolutionary Predict-To-Earn Token.
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— GreenBitcoin (@GreenBTCtoken) December 3, 2023
Its sale is close to ending, but new investors can still join at the official Green Bitcoin website.
They can buy GBTC in exchange for USDT, ETH or fiat currency, with 1 GBTC costing $1.1062.
And given how popular its sale has been, there’s every chance that this price could moon once the token lists.
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