Source: TradingView
The Solana price has gained by 1% in the past 24 hours, rising to $40.70 on a day when the cryptocurrency market has dipped by 0.5%.
SOL is now up by an impressive 11% in a week and by an even more impressive 73% in the last 30 days, with the altcoin also having gained by just over 300% since the beginning of the year.
Such a performance has enabled SOL to overtake Cardano (ADA) in terms of market cap, and with the Solana blockchain continuing to grow steadily this year, the altcoin could see more gains in the near future.
Solana Price Prediction as SOL Overtakes Cardano – 10x Potential From Here?
Even though the market has slowed in the past couple of days, Solana continues to show good momentum.
In particular, its 30-day average (yellow) is racing beyond its 200-day average (blue) as the coin experiences greater buying pressure, as also indicated by its trading volume.
Source: TradingView
And even though SOL’s relative strength index (purple) has dipped a little in the past few days, it remains at 70, which is also indicative of ongoing momentum.
Likewise, the coin’s medium-term support level (green) has been rising steadily in recent weeks, while shorter term supports having climbed dramatically.
So even if SOL dips a little along with the market today, it’s not likely to fall too far.
Yet evidence suggests that a dip could be coming, with transfer data revealing that at least one whale has moved considerable amounts of SOL to exchanges in the past few hours.
453,344 #SOL (18,768,952 USD) transferred from unknown wallet to #Krakenhttps://t.co/P41XXKZOjB
— Whale Alert (@whale_alert) November 7, 2023
In the longer term, SOL holders may also have to watch out for FTX, with the failed exchange receiving permission in September to liquidate its remaining cryptocurrency assets, worth over $3 billion.
This includes more than $1 billion in Solana, although it should be noted that much of this supply is vested for well over a year.
FTX INFORMATION
– FTX estate can sell up to $100M USD worth of tokens per week and that can be increased up to $200M/week.
– Selling tokens (on the open market) must respect any associated vesting/unlock schedule —> FTX can still do an OTC deal but the buyer must then abide…
— Whale (@WhaleChart) September 13, 2023
As such, SOL should be safe from any major shocks for a while yet, while its fundamentals would point to a steadily rising price over time.
Indeed, Solana has had a good 2023, clocking up around eight months of uptime, after a 2022 marred by outages.
It has also enjoyed some significant adoption news, with Visa adding its blockchain to its stablecoin pilot in September.
Based on such factors, the Solana price will continue rising in the near future, potentially hitting $50 by the end of the year.
New Altcoins With Strong Fundamentals
SOL may be one of the best-performing major tokens of the year, but it isn’t the only alt with high-return potential right now.
There are also various new tokens in the market, with several presale coins having the potential to rally big once they list on exchanges.
The strongest candidate to do this is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that has raised over $3.6 million since its presale opened around a month ago.
Delving into $BTC mining alongside #BitcoinMinetrix! #Cloudmining opens the door to the world of #Crypto:
Simple start for novices.
Economical without hardware costs.
No concerns about space, noise, or overheating.
Hassle-free upgrades. pic.twitter.com/N3zwTDRYjq
— Bitcoinminetrix (@bitcoinminetrix) November 7, 2023
What’s interesting about Bitcoin Minetrix is that its platform enables its users to stake its native BTCMTX token in order to indirectly mine actual Bitcoin.
This works by providing BTCMTX stakers with tokenized mining credits in proportion to the amount they stake, which users able to spend such credits to purchase mining time.
If they spend enough credits, they will receive mined BTC in return, while stakers of BTCMTX will also receive new BTCMTX tokens.
Bitcoin Minetrix could therefore become highly profitable for its users, a possibility which accounts for the runaway success of its presale.
New buyers can join this sale by going to official Bitcoin Minetrix website, where 1 BTCMTX costs $0.01150.
This will rise to $0.01190 by the tenth and final stage of the sale, at which point Bitcoin Minetrix will launch and BTCMTX will list on trading platforms.
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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