The Solana price has dropped by 3% today, slipping to $98.76 as the cryptocurrency market as a whole suffers a 1% loss.
But while SOL is also down by 5% in a week, it remains up by a very healthy 32% in the last 30 days, not to mention its 340% gain in the past year.
Such movements come after major US investment firm Franklin Templeton posted a tweet in which it reported admiration for Solana and its development over the past few months.
Its remarks highlight the possibility of institutions taking a substantial interest in SOL in the near and more distant, something which can only be good for the token’s price.
Solana Price Prediction as Franklin Templeton with $1.5 Trillion AUM Indicates Interest in Solana – $1,000 SOL Incoming?
SOL has been up and down over the past week or so, and its indicators reflect this inconsistency.
Its relative strength index (purple) has begun slipping downwards again after climbing modestly to 55 yesterday, a sign that it’s struggling to regain real momentum after falling from highs in late December.
Source: TradingView
On the other hand, SOL’s 30-day average (yellow) continues to rise gradually, a sign that it may remain in an expansionary phase, even if it has been correcting a little in the past couple of weeks.
Its support level (green) bolsters this view, in that it continues to rise healthily despite a few dips, with the coin seemingly insulated against dramatic drops.
It’s also encouraging that its trading volume remains above $3 billion, indicating that interest in SOL certainly hasn’t dried up.
575,000 #SOL (55,794,217 USD) transferred from unknown wallet to unknown wallethttps://t.co/7EXn0RD9Zl
— Whale Alert (@whale_alert) January 16, 2024
A number of recent transfers also highlight such interest, with whales still largely holding onto their SOL, even if it has also suffered from the post-Bitcoin ETF approval selloff.
And it’s possible that more whales and institutions will be coming to SOL soon enough, given the aforementioned comments from Franklin Templeton.
Publishing a series of posts on X on digital assets, the firm – which manages close to $1.5 trillion in assets – described SOL as having “massive potential” in one tweet, while also noting how it’s impressed by recent Solana activity involving NFTs, DeFi, meme tokens and DePIN (decentralized physical infrastructure networks).
On Solana, we see Anatoly’s vision of a single atomic state machine as a powerful use case of decentralized blockchains, lowering information asymmetry. And we are impressed by all the activity seen on Solana in Q4 2023
-DePIN
-DeFi
-Meme coins
-NFT innovation
-Firedancer
— Franklin Templeton (@FTI_US) January 17, 2024
Such remarks could end up being early signs of Templeton opening a SOL-based ETF and/or investing in SOL itself.
If so, it’s clear that the long-term trajectory of the Solana price is only upwards.
And with the market likely to become more bullish in the next few months, SOL could hit $200 before long.
Newer High-Potential Alts
Because SOL is already a well-established coin that had a very big 2023, there’s a chance it may not gain so aggressively in 2024.
If so, traders may be inclined to look towards newer alts, especially coins at the start of their lifecycles and which have therefore not had their initial growth spurts yet.
This includes presale tokens, which can often rally big when they list for the first time, given that their sales help them accumulate momentum.
And one new coin generating big momentum right now is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised just over $8.7 million in its token offering.
Big accomplishment for #BitcoinMinetrix!
Surpassing the $8,600,000 milestone! pic.twitter.com/r3i9wdtSbg
— Bitcoinminetrix (@bitcoinminetrix) January 17, 2024
Set to launch in the next few weeks, Bitcoin Minetrix will enable users to mine BTC by staking the platform’s native token, BTCMTX.
By doing this, users receive tokenized mining credits, which they then use to purchase Bitcoin hashing power.
In turning, Bitcoin hashing power will provide them with a share in newly mined Bitcoin (BTC).
They’ll also earn a passive staking income in the form of BTCMTX tokens, making Bitcoin Minetrix potentially very advantageous.
The sale is currently in its 20th stage, with investors able to join it at the official Bitcoin Minetrix website.
They can buy BTCMTX at a cost of $0.0129 per token, with this price set to rise to $0.0130 in a couple of days.
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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