SOL has jumped by 15% in the past 24 hours, with the Solana price racing to $130 as Bitcoin ETF volumes continue to push the cryptocurrency market from one bullish peak to another.
Solana has now rallied by 23% in the past week and by 25% in the last 30 days, with the altcoin also posting a 480% expansion in the past year.
Its 24-hour trading volume has also rocketed past $8 billion today, as intensifying bullishness and FOMO goad investors into pumping more money into crypto.
And with Solana having some of the strongest fundamentals in the market, it could continue riding the bull market’s wave for some time to come.
Solana Price Prediction as Daily Trading Volume Blasts Past $8 Billion – Is the Supercycle Here?
SOL has pounced to its highest level since April 2022, and it shows in the coin’s chart and indicators.
Its relative strength index (purple) has catapulted to 70, showing very strong momentum while also providing some more time for further gains (before it enters overbought territory).
Source: TradingView
Similarly, its 30-day moving (yellow) has begun rising more aggressively, shooting even further above its 200-day (blue), which we can see only at the very bottom of the chart above.
With the current Solana price also shooting above the 30-day itself, it’s clear that the coin is in the middle of a marked breakout.
This is also evident in its trading volume, which has risen by roughly 700% in the past three days.
Clearly, this isn’t a typical short-lived bounce, with the entire market going through a surge in volume and price.
As noted above, the rapidly growing popularity of Bitcoin ETFs is largely responsible for the ongoing rally, and with the next Bitcoin halving (due April) also stoking excitement, things could continue ramping up for a while yet.
It’s also in the this context that Solana continues to grow healthily as a blockchain network, with its total value locked in rising to $2.5 billion today.
Star Atlas is doing 2-3M transactions per day on Solana.
Just Star Atlas does twice as many transactions per day as the entire Ethereum blockchain.
I have a feeling that certain blockchain applications won’t be possible on most chains.
— Vanessa Harris (@technologypoet) February 28, 2024
This represents a 66% increase in a month and an 860% rise in a year, with Solana enjoying increasing use as a platform-of-choice for NFTs, meme tokens and DeFi.
In view of such activity (which is only likely to increase as the market becomes more bullish), the Solana price is likely to go from strength to strength in the coming weeks and months.
It could hit $150 in a matter of days, before reaching $200 by the end of spring.
Market Filling Up with New High-Potential
As SOL’s recent gains demonstrate, now is an ideal time for diversification into alts, with market-wide bullishness likely to spark a full-blown alt seasons in due course.
Particularly promising are various newer, smaller cap tokens which, combined with strong fundamentals, could rally big in the near future as they add more exchange listings.
A great example of this comes from Smog (SMOG), a Solana- and Ethereum-based token that listed a few weeks ago on the Jupiter and Birdeye DEX aggregators.
It’s up by 21% in the past 24 hours alone, while it has also risen by over 2,500% since listing, making it one of the best-performing new coins ver the past few weeks.
Source: Birdeye/TradingView
What’s especially bullish about SMOG is that it features an innovative airdrop system.
Namely, its regular series of airdrops will provide greater rewards to investors who hold onto more SMOG tokens for longer.
It has allocated 35% of its overall supply – 1.4 billion SMOG – to such drops, with this system already incentivizing longer term holding among traders.
Also motivating long-term holding is SMOG’s staking system, with the coin offering yields of 42% APY.
Join the #SMOG community on #Zealy and increase your points for the $SMOG #Airdrop.
Complete quests for extra points!
Stay tuned for upcoming announcements. https://t.co/3EQxvQwsw3#CryptoCommunity #Altcoins #Memecoins #Binance #Crypto
— SMOG (@SMOGToken) February 21, 2024
Smog is also running a series of quests that will reward participants for completing various tasks, with participants receiving more credits for the coin’s airdrops
Traders can trade the token via Jupiter or Birdeye, while they can also buy it directly at the official Smog website.
Given its potential, upcoming exchange listings could push its price much higher.
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