Solana Price Prediction as SOL Bounces 6.7% – New Rally Starting?
SOL has jumped by over 6% in the past 24 hours, with the Solana price rising to $186 on a day when the market as a whole has recovered by 3%.
Today’s lift means that SOL is still down by 7.5% in a week, yet it sits on a 25% gain in a fortnight and an 83% increase in the last 30 days.
The coin has also ballooned by 800% in the past year, making it the best-performing top-20 coin of this period.
And with the market looking as though it’s about to bounce back after a short-term correction, the Solana price could rally considerably in the coming weeks and months.
Solana Price Prediction as SOL Bounces 6.7% – New Rally Starting?
SOL’s chart has reached a point where the token is ready for a recovery breakout, with its indicators moving in positive directions.
Its 30-day average (yellow) flipped its 200-day average (blue) this morning, forming a golden cross that often signals stroke rallies to new levels.
Source: TradingView
It’s in this context that SOL’s relative strength index (purple) is also suggesting bullish things, with its level rising from 30 at the end of last week to nearly 70 today.
This suggests strong buying pressure, with a level of 70 allowing for further gains before the coin enters decidedly overbought territory.
What’s also interesting is that Solana’s trading volume has risen from $2.5 billion to $3.5 billion in just under 24 hours.
This is potentially a signal that big volume is about to return to the token, with the past few days witnessing several big SOL transfers.
1,000,000 #SOL (184,925,857 USD) transferred from unknown wallet to unknown new wallethttps://t.co/sYJP8ufpmz
— Whale Alert (@whale_alert) March 24, 2024
SOL undoubtedly remains one of the most in-demand alts in the market, which will help the coin push to new heights as it regains its momentum from earlier in the month and from February.
There are a number of factors that could help boost the market and, by extension, the Solana price.
These include an improving macroeconomic picture (in particular a softening Federal Reserve), hopes of Ethereum ETFs, and the upcoming Bitcoin halving.
Solana will benefit more than many other alts during any market surge, given its strong fundamental position.
Solana meme coins are unbelievable!
My life getting crazy tbh pic.twitter.com/WxLjJBrbZf
— Gordon (@AltcoinGordon) March 20, 2024
Its TVL now stands at $4.4 billion, with its 1,500% increase in the past year following from spikes in NFT and meme coin usage on its network.
Its price could therefore continue to rise steadily in the near future, potentially reaching $200 in a couple of weeks and $250 by the summer.
Diversification into New Low-Cap Alts
SOL is undoubtedly one of the major altcoins to watch this year, yet traders can widen their exposure to upside by diversifying their portfolios into smaller cap alts as well as bigger tokens.
There are numerous highly promising new tokens in the market right now, with several presale coins looking particularly good as they prepare to list.
For example, Green Bitcoin (GBTC) is an ERC-20 token that has raised over $8 million in its sale, which is entering its final stretch.
With Decentralized and Centralized exchange listings not far away, the momentum Green Bitcoin is generating is getting intense.
We love the movement! pic.twitter.com/QeOhyUA35f
— GreenBitcoin (@GreenBTCtoken) March 23, 2024
Styled as an environmentally friendly version of Bitcoin (BTC), Green Bitcoin has the same hard cap of 21 million tokens that has helped to make BTC the biggest cryptocurrency.
Yet it adds an environmentally friendly twist on this deflationary formula, in that it operates on the proof-of-stake Ethereum blockchain, which is much less energy intensive.
It also enables staking, meaning that the coin may become even more deflationary than BTC itself, since holders will be locking their tokens up for long periods.
What’s interesting about Green Bitcoin’s staking model is that it offers a unique predict-to-earn form of staking, which invites stakers to predict future BTC price movements.
If they predict correctly they receive greater rewards, something which should incentivize more staking.
Nothing can stop the GREEN REVOLUTION!
Join the Green Bitcoin presale TODAY pic.twitter.com/YgwUk11Ay8
— GreenBitcoin (@GreenBTCtoken) March 11, 2024
So because of the hard cap and strong staking incentives, the GBTC price could rally substantially and sustainably once it lists.
Investors can buy it as part of the its presale by visiting the official Green Bitcoin website, where 1 GBTC costs $1.1062.
This the final price before the sale ends, so interested traders are advised to act quickly, otherwise they may miss out on one of the biggest launches of 2024.
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