SOL has slid by 1.5% in the past 24 hours, with the Solana price dropping to $143.91 as the crypto market as a whole gains by a very modest 0.5% today.
This move means that SOL is basically flat in the past week, but also down by 22% in a month, amid a difficult period for the market.
Yet with the alt also sitting on a 550% gain in a year, and with the coin’s recent decline bottoming out, it’s in a position where it could recover strongly soon.
Solana Price Prediction as SOL Shows Strong Recovery Signs — Is It Time to Load Up?
While SOL’s chart and indicators currently look pretty weak, they’re also in a position where the only way is up.
Its 30-day average (orange) dropped below the 200-day average (blue) early yesterday, so it’s only a matter of time before buyers take the bait of discounted prices.
Source: TradingView
Similarly, SOL’s RSI (purple) fell to 30 on more than one occasion yesterday, yet it’s now working its way back to 50, in a sign of returning momentum.
What’s encouraging is that the coin’s trading volume is still relatively high, at just over $4 billion, providing a signal that market interest remains.
Yet at the moment whales seem to be offloading the coin, as indicated by recent data.
179,999 #SOL (26,145,120 USD) transferred from unknown wallet to #Binancehttps://t.co/mWu1TcoMFs
— Whale Alert (@whale_alert) April 25, 2024
But the flipside of this is that there are enough buyers for unwanted SOL, meaning that the coin shouldn’t dip too heavily before it returns to more consistent growth.
And according to the latest CoinShares weekly digital funds report, Solana does remain the most popular alt after ETH in terms of total holdings.
This is perhaps not surprising, given how strong Solana is in terms of its fundamentals.
Its total value locked in now stands at $3.83 billion, which represents a 170% gain since the start of the year and a 1,200% gain in the last 12 months.
Such a spike has come from rising demand for Solana-based meme coins and NFTs, which has driven traffic on its blockchain, as well as demand for SOL itself.
BREAKING: @stripe Co-founder gives a live demo accepting payments in USDC on @solana . Calls it a new crypto world due to its speed and low cost.
Appreciates the cheap transaction cost. pic.twitter.com/gt9ABuxBDW
— SolanaFloor | Powered by Step Finance (@SolanaFloor) April 25, 2024
These overriding trends will combine in the coming months with an increasingly bullish market, which will follow from rate cuts and improving macroeconomics.
As such, the Solana price could hit $200 again by Q3 2024, before breaking its ATH by the close of the year.
New High-Potential Alts
SOL is likely to remain one of the strongest alts in the market for some time to come, yet traders have considerable choice when it comes to picking high-potential alts.
That’s because there are also numerous promising new alts emerging right now, including several presale tokens that could rally strongly on the back of successful raises.
A good case study in this comes from Slothana (SLOTH), a Solana-based cryptocurrency that has raised over $10 million in its popular sale.
Are you feeling lucky, sloths? With just 3 days left in the presale, it’s time to saddle up and make your move. Are you gonna sit there, or are you gonna join the ride to the moon with Slothana? The choice is yours. Make it count. #Slothana #memecoins pic.twitter.com/lnyqisy2EB
— Slothana (@SlothanaCoin) April 25, 2024
Investors only have three more days to join the presale, with many already doing so on the back of SLOTH’s potential.
To an extent, such potential comes from the fact that demand for Solana-based meme coins remains very high, as evidenced by how tokens such as DogWifHat have posted astonishing gains over the past few months.
Yet it also comes from how Slothana has already been able to use its playful memes and clever marketing to build a community, with its official X account now boasting over 25,000 followers.
This is a highly bullish sign, since it suggests that SLOTH will have enough support to maintain gains and price increases well beyond its initial listing.
And newcomers can join its community early by going to the Slothana website, where they can buy the token at a rate of 1 SOL for 10,000 SLOTH.
They will receive their coins via airdrop once the sale ends, at which point they will be able to sell the token once it lists and potentially make some tidy profits.
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