The SOL price has dumped by 11% this morning, on a bad day for the cryptocurrency market as a whole, which is down by 3%.
Yet at $57.84, SOL remains up by 17% in the past week and by a huge 140% in the last 30 days, with the altcoin also having gained by 480% across the year to date.
This makes it one of the best-performing major tokens of 2023, with further market pushes likely to benefit it more than many other similar coins.
However, its losses today raises the possibility that it may have peaked for the year, with other altcoins potentially a better bet right now, including presales tokens such as the increasingly popular Bitcoin Minetrix.
Is Solana Going to Zero? SOL Price Slashes 10%
SOL has lost some short-term momentum as a result of today’s drama, yet its medium-term momentum remains very promising.
For example, its relative strength index (purple) has dipped a little bit, but only to 68, where it has flattened and looks like it could rise again.
Source: TradingView
Its 30-day moving average (yellow) also continues to ascend steadily above its 200-day average (blue), a clear market that the coin remains in the middle of a bullish, expansionary phase.
Importantly, SOL’s support level (green) continues to hold up in the face of losses, suggesting that the altcoin isn’t going to drop much further before rising again.
Its 24-hour trading volume also remains relatively bullish, at nearly $4 billion compared to $400 million a month ago.
That said, it’s clear that whales taking profits are the primary cause of today’s pain, with data showing a number of big transfers to exchanges in the past day or so.
303,515 #SOL (17,992,289 USD) transferred from unknown wallet to #Binancehttps://t.co/8MCyIU2d7G
— Whale Alert (@whale_alert) November 16, 2023
For this reason, traders may be advised to hold off a little before returning to SOL, at least until whales finish dumping.
As for the longer term, SOL’s prognosis remains very good, with the coin and its native platform having a solid 2023.
It has enjoyed encouraging levels of adoption (e.g. Visa adding Solana to its stablecoin trials) and has also marked 100% uptime for over eight months, after a 2022 wracked by outages.
As such, the SOL price may return to $70 in the next few weeks, conditions permitting.
Fresh Altcoin Bags $4 Million
Assuming that SOL is overcooked and may have to suffer a little more before it returns to growth, many traders may feel more comfortable putting their money in coins with stronger prospects for returns in the near term.
They may therefore be interested in checking out certain presale tokens, which can rally strongly when listing, particularly if they’ve had big sales.
One project that fits this bill is Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised more than $4 million in its offering.
Big news! #BitcoinMinetrix proudly announces a colossal accomplishment, more than $4,000,000 raised! pic.twitter.com/neW7VEgkjJ
— Bitcoinminetrix (@bitcoinminetrix) November 16, 2023
The reason why Bitcoin Minetrix has been so successful is that it offers something no other platform does, namely a highly accessible way of mining Bitcoin.
By staking native token BTCMTX, users will receive mining credits, which they can then spend to have Bitcoin mining executed on their behalf.
This can earn them mined BTC in return, while they will also receive more BTCMTX for staking, making the coin potentially very profitable.
As a token, BTCMTX will come with a max supply of four billion tokens, with the presale receiving 1.4 billion of this.
#BitcoinMinetrix Offerings:
Accessible entryways!
Financial effectiveness!
Compact, silent setup!
No concerns about reselling! pic.twitter.com/jqdVNmI39g
— Bitcoinminetrix (@bitcoinminetrix) November 16, 2023
Investors can buy some early at the official Bitcoin Minetrix website, where 1 BTCMTX currently costs $0.0117.
This will reach $0.01190 by the sale’s final stage, yet Bitcoin Minetrix’s launch and the token’s listing could push it much, much higher.
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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