The Solana price has recorded a 1% gain in the past 24 hours, in line with a similar return for the market as a whole today.
At $58.32, SOL has now risen by just over 6% in the past week, with the altcoin also posting an 18% gain in a fortnight and a very impressive 81% jump in the last 30 days.
This makes SOL the best-performing top-20 token across these periods, with available data suggesting that institutions and funds are becoming more interested in the token.
As such, it’s likely to continue rising over the next weeks, possibly seeing out the year with a strong bull rally.
Solana Price Prediction as SOL Gains 6.65% in Third Week of November – Will the Bullish Momentum Continue?
Based on an examination of SOL’s indicators and chart, the altcoin continues to find itself in good form, with its momentum continuing.
Its 30-day average (yellow) is still rising further above its 200-day (blue), a sign that its ongoing growth spurt still isn’t likely to come to an end very soon.
Source: TradingView
Additionally, SOL’s RSI has one again climbed above 60, another indicator of good buying pressure that has space left to intensify.
Other positive signals include its trading volume, which remains at around $1 billion, way above the $150 million levels it registered in August and September.
Such volumes highlight the fact that interest in SOL continues to be strong, with a whale alert today revealing that a large trader has transferred around $25 million in SOL away from Kraken.
435,132 #SOL (25,213,536 USD) transferred from #Kraken to unknown wallethttps://t.co/bL4fjP0t8F
— Whale Alert (@whale_alert) November 24, 2023
This is a bullish sign, insofar as it indicates that the token remains in an accumulation phase, with more price increases on the cards.
Indeed, as we’ve written before, SOL is currently the most popular altcoin in terms of fund inflows, even outperforming Ethereum (ETH).
It therefore makes sense to suggest that further market-wide rallies will continue to be led by Solana, which has had an excellent 2023.
This is evident in its rising total value locked in, as well as in the 100% continuous uptime it has had since the start of the year.
As such, the Solana price will continue rising in the coming weeks, potentially reaching $80 by 2024.
New High-Potential Altcoins
The only issue with SOL is that it’s so hot at the moment that it’s in danger of becoming too hot, meaning that it may slow down from here on out.
Traders wary of this possibility may be inclined to invest in newer alts, especially younger alts which still have their first breakout rallies to look forwards to.
This includes such a token as Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has raised over $1.5 million in its increasingly successful presale.
Embracing the future of #Crypto with #BTCETF!
As an ERC-20 token on #Ethereum, #BitcoinETF anticipates the imminent #Bitcoin ETFs.
Positioned to leverage their approval, this visionary project offers a gateway to the evolving crypto world. pic.twitter.com/eiMUbIfXeD
— BTCETF_Token (@BTCETF_Token) November 23, 2023
Bitcoin ETF Token has been winning over investors by virtue of its novel tokenomics, which are linked to Bitcoin and the progress of Bitcoin ETFs.
It will burn 25% of its total max supply over time, destroying a 5% tranche whenever Bitcoin reaches a certain milestone.
The cryptocurrency will burn its first 5% when the SEC approves a spot-based Bitcoin ETF for the first ever time.
This burn tax will further reduce its supply, with the final 5% block set for burning when BTC reaches a price of $100,000.
All of this makes Bitcoin ETF Token one of the most aggressively deflationary tokens in the market, which perhaps explains why investors are flocking to its sale.
New investors can join the sale at the official Bitcoin ETF Token website, where they can buy BTCETF by connecting their crypto wallets and using either ETH, USDT. BNB or fiat currency..
Its presale price is currently $0.0058, yet this will rise in just under four days, while it could rally massively once it lists on exchanges after the sale ends.
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.
The post Solana Price Prediction as SOL Gains 6.65% in Third Week of November – Will the Bullish Momentum Continue? appeared first on Cryptonews.
