The Solana price has gained by 1.5% today, rising to $96.64 as the crypto market as a whole sees a 0.5% increase in the past 24 hours.
Despite this, SOL remains down by 5% in a week and by 17% in a fortnight, although the altcoin continues to sit on a very healthy 32% gain in a month.
And such gains come as a popular YouTube analyst, Jake Gagain, has predicted that the Solana price will push towards $750 before the end of 2024.
This is a bold claim, but with SOL still enjoying plenty of momentum and improving fundamentals, the coin is certainly due to continue rising.
Solana Price Prediction as Popular YouTuber says SOL Will Reach $750 Before 2025
SOL’s chart is gradually beginning to look more positive after a few weeks of corrections, although it may still take some time for the coin to see big bounces.
Its RSI (purple) has just scaled above the 50 level, showing a modest increase in demand and buying pressure, one which could continue for the rest of the week.
Source: TradingView
Its 30-day moving average (yellow) has also been climbing further beyond its 200-day average (blue) over the past few days, another sign that SOL remains more of a ‘buy’ right now than a ‘sell.’
Indeed, SOL’s support level (green) remains considerably strong, implying that any further losses from here on out won’t be that large.
At the same time, SOL’s 24-hour trading volume still stands at $1.8 billion, a level which indicates sustained healthy interest in the token.
Such interest is also indicated by recent transfers, with several large amounts of SOL moving between unknown wallets in recent days.
1,218,235 #SOL (115,787,762 USD) transferred from unknown wallet to unknown wallethttps://t.co/hskSFCOqaK
— Whale Alert (@whale_alert) January 15, 2024
And while the SEC’s approval of several Bitcoin ETFs has turned into a ‘sell the news’ event, it can only be positive for the crypto market in the medium- and long-term, helping to push up demand overall.
This will include demand for SOL, which some analysts expect will see its own exchange-traded funds in the next year or so.
When added to Solana’s increasingly strong fundamentals, which have witnessed a strong growth in NFT usage, it becomes increasingly likely that the Solana price will enjoy big gains this year.
It may not reach $750 by 2025, but it could surpass its current ATH of $259.
Diversification with Newer Alts
The only potential problem with SOL is that, given how strongly it rallied in the latter half of 2023, it may now have a relatively quiet 2024.
This would mean that traders will have to look for market-beating gains elsewhere, with the market currently boasting a wide range of high-potential new tokens.
Amongst such tokens, Bitcoin Minetrix (BTCMTX) currently stands as one of the most promising, with the Ethereum-based stake-to-mine platform that has raised more than $8.6 million in its presale.
With the upcoming halving in April, mining costs are projected to soar.@RiotBlockchain, @TeraWulfInc, and @CleanSpark_Inc are well-positioned, but what’s your take on how other miners will adapt?
On the other hand, #BitcoinMinetrix has also now raised over $8,400,000! pic.twitter.com/BwdYTOkrWF
— Bitcoinminetrix (@bitcoinminetrix) January 15, 2024
As a stake-to-mine platform, Bitcoin Minetrix permits users to mine BTC by staking the platform’s native token, BTCMTX.
Staking BTCMTX provides users with tokenized mining credits, which they then use to purchaser Bitcoin hashing power.
Doing this enough will earn them mined BTC, meaning that Bitcoin Minetrix promises to open up Bitcoin Mining to much bigger demographics.
Staking will also earn users newly issued BTCMTX tokens, making the platform even more profitable in theory.
And married to a very easy-to-use interface, Bitcoin Minetrix is likely to prove one of 2024’s big hits, as indicated by its sale.
While this sale will be ending soon, investors can still participate by going to the official Bitcoin Minetrix website.
1 BTCMTX tokens currently costs $0.0129 per token, yet this will rise to $0.0130 in five days, while its listing on trading platforms 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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