Source: Dall•E 3
The Solana price has dipped by 6.5% today, as traders take profits following a bullish couple of weeks for the altcoin.
At $66, SOL remains up by only a modest 0.5% in the past week, yet it has still risen by 7% in a fortnight and by 12% in a month.
And with the token recording a 400% gain in the last 12 months, it remains one of the best-performing major tokens of 2023.
Such performance will likely continue into 2024, with Solana growing as a platform and the market set for a new bull rally.
Solana Price Prediction as SOL Dips 6.5% to $66 – Can SOL Regain Its All-Time High?
SOL has taken a big hit today, and its chart and indicators reflect this.
Most notably, its RSI (purple) has dropped from just over 70 a week ago to around 55 today, and its recent direction would suggest that more price declines could be coming in the shorter term.
Source: TradingView
SOL’s 30-day average (yellow) potentially backs up this fear, given that it has been much higher than the 200-day average (blue) since the end of October, implying that a correction is due.
This possibility aside, SOL’s more general position continues to look pretty good, with its support level (green) holding up very well over the past month or so.
Similarly, its trading volume still registers at the $2.4 billion, dwarfing the low levels (e.g. between $200 million and $300 million) recorded in September and early October.
As such, it’s credible to argue that SOL remains in a growth phase and that, after today’s dip, it will return to rallying.
On the one hand, crypto is likely to enter a bull market from next year, with Bitcoin ETF approvals and an increasingly dovish Federal Reserve likely to be the two main factors in price rises.
On the other hand, Solana itself has been experiencing steady growth as a platform in 2023, boosting demand for SOL.
solana has flawlessly sustained 100% uptime for almost nine consecutive months
what was once a ‘joke’ is now hardly a valid argument
those hating on $sol will find themselves left behind as it continues to dominate in the bull market pic.twitter.com/qZg8Onm3m3
— buckets | sandbar.io (@SOLbuckets) November 21, 2023
Its total value locked in has risen by more than 300% this year, while it has also recorded 100% for more than nine months, after a difficult 2022 characterized by outages.
On top of this, weekly fund inflows have often favored SOL in recent weeks more than any other token (bar Bitcoin), pointing to rising demand.
CoinShares reports that @solana continues to be the second largest asset by inflows on a YTD basis.
This Week:
– Bitcoin saw $154.7M inflows
– Solana saw $13.6M inflows
– Ethereum saw $3.3M inflows pic.twitter.com/UoOm0r4Trp
— Step Data Insights (@StepDataInsight) November 20, 2023
As such, the Solana price is ready to continue rising again in the next few weeks, potentially reaching $100 within the first few weeks of 2024.
Alternative Altcoins For Market-Beating Gains
One issue with SOL is that it’s arguable that it may have to suffer for a few weeks before growing again, given just how heavily traders have been buying it in recent weeks.
For this reason, traders looking for big gains in the shorter term may have to research alternatives, with presale tokens being one of the best sources of above-average profits in 2023.
And one of the biggest presales happening right now is Bitcoin ETF Token (BTCETF), a deflationary ERC-20 cryptocurrency that has raised $3.6 million in a matter of weeks.
Unveiling how #BTCETF not only readies for the #Bitcoin #ETF influx but also grants staking incentives, bolstering network resilience and reliability. pic.twitter.com/SpJX1QYLtT
— BTCETF_Token (@BTCETF_Token) December 8, 2023
What makes Bitcoin ETF Token interesting to investors is that it plans to burn 25% of its max supply (2.1 billion BTCETF) over time.
This will be achieved through five separate burns of 5% of its supply, with each burn set to coincide with important milestones in the development of Bitcoin ETFs and/or Bitcoin itself.
For instance, it will burn its first 5% when a Bitcoin ETF gains a trading volume of $100 million for the first time, while the last burn will come when the BTC price reaches $100,000.
On top of this, holders of the coin will also be able to stake it, thereby earning themselves a passive income.
Buyers can join the presale at the official Bitcoin ETF Token website, where the token currently costs $0.0066.
This will rise to $0.0068 by the end of the day, yet it could rise much higher once it lists on trading platforms next year.
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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