The Solana price has jumped by 6% in the past 24 hours, with the altcoin gaining by 5% in the past hour alone.
This puts SOL at $49.56, marking a 28% gain in a week and a 121% increase in the last 30 days, while the altcoin has also increased by nearly 400% since January.
This makes SOL one of the best-performing major tokens of 2023, yet with its price still 80% below its record high (of $260), it still has plenty of space to rise even further.
Solana Price Prediction as Price Hits $47: Is a Steady Climb Ahead?
There’s little doubt that SOL is in the middle of a strong upswing at the moment, with its indicators all in bullish positions.
Its 30-day average (yellow) continues to rise strongly above its 200-day (blue), while its price is surging beyond both, signalling a big breakout.
Source: TradingView
At the same time, its relative strength index (purple) has risen above 80, and while this could mean that it’s entering overbought territory, it could remain above 70 for quite some time yet.
Other bullish signs include its support level (green), which has increased consistently since the end of September and which is really ramping up now.
What this means is that, even if SOL dips a little in between surges in the next few weeks, it’s probably not going to dip very far.
It’s also important that SOL’s trading volume has risen so much, from barely above $150 million in mid-October to $3 billion now.
This would indicate that whales may have begun buying up the token in large quantities, although this can work both ways whenever larger traders want to take profits.
237,660 #SOL (10,253,888 USD) transferred from unknown wallet to #Krakenhttps://t.co/53PLfRBh7v
— Whale Alert (@whale_alert) November 8, 2023
Yet SOL’s volume is now such that it can probably absorb some offloading, with the direction increasingly looking upwards for the next few weeks.
The main reason for this is that investor sentiment is rising strongly in the face of positive news about Bitcoin ETFs and, more recently, Ethereum ETFs.
If accepted, an Ethereum ETF could ultimately be hugely significant for alts such as Solana, since in time it could lead to SOL-based exchange-traded funds.
Combined with Solana’s steady development as a blockchain, such developments point to a steadily rising Solana price over time.
So from nearly $50 today, it could start 2024 closer to $100.
Other Altcoins With Strong Potential Upside
SOL may be primed to rise further in the next few weeks, yet most traders would do well to maintain a diversified portfolio, including some newer alts that also have big potential upside.
This includes presale tokens, with the best of these often rallying strongly when they list on trading platforms for the first time.
One of the newest and most promising examples of such a coin is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has linked its tokenomics with Bitcoin and approvals for Bitcoin ETFs.
The SEC’s closing approval window prompts a 90% chance by Jan 10, 2024, per #Bloomberg.
As #BTC nears $36K, the #CryptoCommunity anticipates a potential game-changer.
In addition to that #BitcoinETF has also hit another milestone, raising over $200K! pic.twitter.com/KWoDWm5pF1
— BTCETF_Token (@BTCETF_Token) November 10, 2023
It opened its presale only a few days ago, but has quickly gone on to raise in excess of $200,000.
This is a clear sign of the interest in the project, which plans to burn 25% of its overall supply – of 2,100,000,000 BTCETF – over time.
In particular, it will burn a 5% tranche of its total supply whenever certain milestones are reached, with the first coming when the SEC approves its first Bitcoin ETF.
This landmark will also see its transaction tax, which starts at 5%, lowered to 4%.
Its final milestone will come when Bitcoin (BTC) hits $100,000, at which point it will burn the final 5% of its supply burned and also lower its tax to 0%.
Uncovering the secrets behind #BTCETF, as it not only readies itself for the #Bitcoin #ETF surge but also introduces staking incentives, fostering network resilience and steadfastness. pic.twitter.com/9UDNGsOOud
— BTCETF_Token (@BTCETF_Token) November 10, 2023
Another reason for its appeal is that, as an ERC-20 token, it will enable holders to earn a passive income via staking.
Such features help account for the rapid acceleration of its presale, with new buyers able to participate by going to the official Bitcoin ETF Token website.
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.
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