Tag: Solana Price

Was Solana A Q4 2023 “Bubble” That Has Popped?

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The crypto market has recently been a roller coaster, especially in H2 2023. Solana, a high-throughput blockchain, emerged as one of the best performers in the top 10 coins by market cap.

In Q4 2023, Solana soared, reaching highs of around $125 before cooling off to spot rates. However, some think the uptrend is over, with SOL edging lower under increasing liquidation pressure.

The Solana Bubble Has Popped, Is This True?

Lido.eth, while taking to X on January 7, said Solana is a “Q4 2023 bubble” that has “already popped.” The analyst added that this formation doesn’t mean SOL is “worthless or won’t be used anymore.” However, based on Lido.eth’s assessment, the Solana “growth story has ended,” calling serious questions into the project’s immediate potential.

In H2 2023, Solana grew on renewed interest in the high-performance blockchain. Propelled by rising activity in decentralized finance (DeFi) and non-fungible token (NFT) scenes, SOL reversed losses recorded in November 2022.

Moreover, as the crypto community tracked the Securities and Exchange Commission (SEC) and whether they would approve the first spot Bitcoin ETF, altcoins, including SOL, became major beneficiaries.

Arthur Hayes, the founder of the cryptocurrency exchange BitMEX, also believes that the Solana rally is over. In December 2023, Hayes tweeted that he had rotated funds from Solana to Ethereum, citing “divine inspiration.” The BitMEX co-founder also said ETH may rally to reach $5,000 but without giving a specific timeline as to when this lofty target will be reached.

SOL Remains In An Uptrend, Back To $125?

Despite these bearish sentiments, some Solana supporters believe the platform has a “bright future.” They point to the upcoming launch of the Firedancer client.

This validator client will make the network more robust and increase efficiency. It will aim to decentralize Solana further, making it more reliant by eliminating weak points resulting from client concentration. From a price action perspective, continuing the overall crypto uptrend could also buoy SOL prices in 2024.

Looking at the Solana price chart, the uptrend remains, but sellers dominate, at least in the short term. To quantify, SOL is down 30% from the December 2023 peak when it topped at around $125.

Solana price trending upward on the daily chart | Source: SOLUSDT on Binance, TradingView

With prices trending inside the bear bar of January 3, sellers have the upper hand from an effort-versus-result perspective. For the uptrend to resume, there must be a clear, high-volume close above $100. If not, steep losses below $85 might trigger a sell-off that could price toward $60 or worse.

Feature image from Canva, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Dalmas Ngetich

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January 8, 2024
Solana Soars Above $117, Meme Coin Craze Extends Momentum
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The native cryptocurrency of Solana continued a spectacular climb that has already lasted three weeks by breaking beyond the $110 mark on Sunday morning. This is a strong demonstration of resilience.

The price of SOL has surged, reaching a level not seen since the night before Terra collapsed a year and a half ago. This coincides with a substantial uptick in meme coin activity in the cryptocurrency space, which is helping to increase the platform’s acceptance and appeal.

Solana Surges: 400% Rally Sparks Crypto Renaissance

The remarkable rise of Solana over the last six months has been nothing short of spectacular, as the cryptocurrency has seen an incredible 400% rally.

As of this writing, Coingecko data indicates that SOL is holding a fluctuating position in the $110–$117 price range, up 21% over the past seven days and sustaining a strong 60% increase over the past week.

Part of the reason for the current increase in Solana’s value is the industry’s general rebound in cryptocurrency. A considerable rise in market capitalization and a revival of market sentiment have characterized the whole digital asset space’s upward trend.
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SOL market cap currently at $48.296 billion. Chart: TradingView.com
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The market capitalization of the token as a whole has increased by an astounding 40 percent, which suggests that investors are once again feeling confident and interested in the digital asset field.

The total value of tokens locked on Solana applications also increased concurrently, reaching levels last seen in July 2022 with a rally to $1.3 billion from $400 million in November.

SOL’s year-to-date gains have reportedly increased to over 830% thanks to these factors, with the majority of the growth occurring in the last two months alone. The network’s TVL was last at this height in October 2022.
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Solana TVL. Source: DefiLlama
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Solana: On-Chain Triumph, $120 Target

The price action on Sunday brought an end to weeks of frenetic trade that had propelled the Solana blockchain to the top of the list for on-chain activity, at least momentarily. DefiLlama reports that decentralized exchanges located in Solana are getting close to Uniswap’s trading volumes, which amount to billions of dollars.

There has been a notable increase in demand for the network thus far this month. The chain’s daily count of active addresses reached a year-to-date high of 1.26 million on December 18, according to an evaluation of network activity.
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Source: Artemis
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As interest in Solana grows, attracting developers and investors alike, the blockchain’s thriving ecosystem and its function as a hub for speculation should soon boost SOL into the much-coveted $120 level.

The combination of increased activity in the Solana ecosystem and increased speculative interest in the cryptocurrency market provides a convincing story for the continuous increase in SOL’s value.

Featured image from Shutterstock

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Christian Encila

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December 23, 2023
Solana Dominates Ethereum In Daily Active Wallets, SOL Back To $140?

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Solana (SOL), the fourth-generation blockchain, has staged a remarkable comeback, looking at on-chain metrics. Citing Artemis data, Step Data Insights on X noted that Solana’s daily active wallets flipped Ethereum’s, the pioneer smart contract platform. This development is when SOL prices have been ripping past resistance levels in the past few months.

Solana’s Resurgence Continues, Daily Active Wallets Flips Ethereum

According to Step Data Insights, Solana’s daily active wallets currently hover at around 400,000, slightly edging past Ethereum’s. This spike in activity suggests that Solana is attracting a growing user base, and more people are keen to explore its ecosystems, comprising DeFi, NFTs, and other protocols.

Solana daily active wallets | Source: Artemis via Step Data Insights

Additional data from Artemis shows that Solana also eclipses Ethereum in the number of daily transactions. Although Ethereum leads in DeFi total value locked (TVL), Solana’s low fee and scalable environment could explain why users opt for this high-performance network.

Overall, the Solana recovery could triggered by recent favorable price action in Q4 2023. To quantify, Step Data Insights notes that SOL has risen by over 210% in the past three months. During this time, ETH’s gains have capped.

The analytic platform states that the coin only rose by 39%. To illustrate, in the last three months, SOL rose from around $17 to peak at approximately $70. Meanwhile, ETH expanded from roughly $1,500 to peak at about $2,300, recorded on December 6.

This recovery points to increasing investor confidence. However, time will tell whether SOL will extend gains in the sessions. From the daily chart, prices have been moving horizontally for the better part of H2 November to early December 2023.

Solana price trending upward on the daily chart | Source: SOLUSDT on Binance, TradingView

The immediate resistance line is at $70. With the SOL moving inside a bull flag, any upswing above November 2023 highs will be the building block for a possible leg-up that will lift SOL to April 2022 highs of $140.

Spot Bitcoin ETF Hopes, Firedancer Lifting Solana

Altcoins, including Solana, have been racing higher as the crypto market recovers. Following a court ruling, SOL is relatively firm despite the FTX estate being permitted to liquidate the coin in the secondary markets to repay creditors.

Hopes of the Securities and Exchange Commission (SEC) approving the first Bitcoin ETF have also benefited Solana. However, the recent release of Firedancer, a validator client developed by Jump Crypto, on testnet has supported SOL.

The client will make the network more resilient and performant. Firedancer will go live in the H1 2024. Once it goes live, the new client is expected to improve Solana’s reliability.

Feature image from Canva, chart from TradingView

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Dalmas Ngetich

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December 6, 2023
Crypto Analyst Reveals 10 Top Altcoins To Watch This Week

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The altcoins market has recently witnessed a resurgence of interest and confidence, primarily driven by the largest cryptocurrency, Bitcoin (BTC). This renewed enthusiasm has resulted in a bull uptrend, with most of the top 100 cryptocurrencies benefiting from Bitcoin’s resurgence.

However, the market is currently experiencing a correction as Bitcoin and Ethereum (ETH) face pullbacks after failed attempts to breach upper resistance lines. Despite this correction, crypto analyst Miles Deutscher shares insights and highlights several altcoins with potentially significant gains.

SOL Emerges As Safe Haven In Crypto Market Correction

Solana has exhibited remarkable growth, even as the broader market experiences a correction. With a 0.5% gain in the past 24 hours, SOL’s potential for further upside cannot be ignored.

Deutscher suggests that SOL may continue to benefit from the ongoing rotation of investments from other Layer-1 solutions like Avalanche (AVAX) and Fantom (FTM).

SOL’s resilience during market correction on the daily chart. Source: SOLUSDT on TradingView.com

Thorchain (RUNE) has been on an impressive upward trajectory, prompting investors to consider buying on deep corrections and wicks. The primary decentralized exchange (DEX) on Thorchain, THOR, has also shown positive movement, further bolstering the growth potential.

Polygon (MATIC) has recently shown signs of strength and has generated whispers within the crypto community about a potential zero-knowledge (ZK) narrative. If this narrative materializes, MATIC, a leader in the space, could attract significant positive flows.

Within the ZK narrative, altcoins like Dusk Network (DUSK), Loopring (LRC), and Mina Protocol (MINA) are poised to benefit. Deutscher believes that each altcoin offers unique strengths and value propositions, and their performance will depend on the strength of the emerging ZK narrative.

Soteria (SEI) has gained attention as it enters the top 10 for volume traded by pairs on Upbit. Considered a “new coin,” SEI exhibits fundamentals similar to the next altcoin on the watchlist.

Tidal Finance (TIA) is a relatively new token similar to the early days of Aptos (APT). The market tends to favor new and innovative tokens, and although TIA’s rally may have started to cool off, it still holds explosive potential. With a current market capitalization of $700 million, TIA remains an intriguing opportunity for investors.

DEX And Gaming Altcoins Poised To Thrive

In addition to altcoins, perp decentralized exchange (DEX) tokens like GMX, DYDX, and Gnosis (GNS) are positioned to benefit from market volatility.

According to Deutscher, these tokens have shown a correlation between price movements and fundamental factors. If volatility persists, these tokens could present favorable medium-term investment opportunities.

YGG’s significant 61% uptrend on the daily chart over the past 30 days. Source: YGGUSDT on TradingView.com

Yield Guild Games (YGG) and Gamestarter (GMT), gaming tokens with initial upward movements, are expected to continue outperforming the broader market. These gaming tokens could witness sustained growth with the YGG conference scheduled for November 18.

While the current correction in the cryptocurrency market has led to pullbacks in Bitcoin and Ethereum, the altcoin landscape still offers potential opportunities for investors.

Solana’s continued uptrend, along with the prospects of altcoins like Thorchain, Polygon, and those associated with the ZK narrative, suggest possible avenues for growth. Additionally, emerging tokens like Soteria and Tidal Finance, perp DEX tokens, and gaming tokens may also provide favorable investment prospects.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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November 14, 2023
Solana Price Could Reach $3,211 By 2030, VanEck Forecasts
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SOL, the native token of the Solana blockchain, has been one of the biggest winners in the crypto market lately, delivering another positive price performance over the past week. This impressive price action reflects the increased interest in the altcoin and the recent shift in the climate of the general crypto market.

Interestingly, asset management firm VanEck is amongst the latest entities showing interest in the Solana token and the altcoin’s prospects.

VanEck Predicts Potential 10,000% Rally For Solana

In a report published on Friday, October 27, prominent asset management company VanEck created different valuation scenarios for the SOL token. This price projection revolved around the current capability and potential of the Solana blockchain.

Our Solana Valuation by 2030: Base, Bear, Bull Case piece dropped in time for @SolanaConf. 🔗https://t.co/5jijxItZip

— VanEck (@vaneck_us) October 27, 2023

In a base case, VanEck believes that Solana can hold a 30% share in the smart contract market, a significant increase from the network’s current market share. Using this valuation framework, the asset manager projects SOL price to reach $335 by 2030.

Comparatively, Ethereum can achieve a 70% market share of value transmitted across open-source blockchains, according to the report. This projection makes $11,800 a possible destination for ETH’s price by 2030.

Nevertheless, VanEck presented a bull case for SOL in its analysis, putting forward a $3,211 price target for the altcoin in the best possible scenario. The asset management firm said:

Were Solana to avoid Ethereum’s event horizon and achieve Ethereum-like dominance, our bull case reveals $51.8B in revenues and a $3,211 price target in 2030.

It would take the Solana token a massive 10,000% price rally to reach $3,211 from the current price point. Now, it is worth mentioning that there was also a pessimistic scenario for SOL in the VanEck report, with the token projected to trade below $10 in a bearish case.

VanEck, one of the world’s largest asset management firms, has been an active participant in the cryptocurrency space over the past few years. The financial behemoth is one of the few companies looking to launch a Bitcoin spot exchange-traded fund in the United States.

SOL Price Overview

As earlier inferred, Solana has been on an upward trajectory over the past few weeks. Since initial concerns of a significant sell-off by FTX have subsided and the general market sentiment has improved, the altcoin’s price performance has been positive.

As of this writing, the SOL token is valued at $32.19, reflecting a 2% in the last 24 hours. However, the cryptocurrency has maintained most of its recent profits on the weekly timeframe, with a 14% price jump in the past seven days.
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Solana price continues ascent on the daily timeframe | Source: SOLUSDT chart on TradingView
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Featured image from Dreamstime/Aivaras Sakurovas, chart from TradingView
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Opeyemi Sule

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October 28, 2023
Solana Price Surge: Analysts Predict Target Zones Of $69 – $123 In Coming Months

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Solana price (SOL) has recently showcased an impressive performance, setting new records as it regains its bullish momentum.

After experiencing a significant decline since July 14, SOL has emerged as one of the top-performing cryptocurrencies, trailing only behind Pepecoin (PEPE) and Chainlink (LINK) in terms of gains in the past 24 hours.

With sustained upward movement, SOL has surged by 8.9% in the past day, 39% in the past week, a remarkable 51% in the last two weeks, and 68% in just 30 days.

Solana Price Potential Unveiled

The recent surge in Solana price has caught the attention of crypto enthusiasts and analysts alike. The 8.9% increase in the past 24 hours has propelled SOL to outperform most other cryptocurrencies in the top 100 list.

On this matter, renowned crypto analyst “Titan of Crypto” has shed light on the anticipated target zones for Solana in the months ahead.

According to the Titan of Crypto’s in-depth analysis, SOL has the potential to achieve a price range between $69 and $123. These projections reflect the optimistic outlook surrounding Solana’s future performance and market prospects.

However, despite recently attaining a new yearly high for 2023 and surpassing its monthly resistance level, Solana’s price faces several obstacles that could impact the realization of these projections in the upcoming months.

It is important to note that Solana’s price has reached levels not witnessed since the collapse of the FTX crypto exchange back in November 2022. These factors contribute to the existing resistance that Solana needs to overcome for the anticipated scenario to materialize.

SOL’s Next Resistance Level Presents 9% Upside Potential

What is particularly encouraging for Solana bulls is the potential for further growth in the near term, despite the upcoming challenges that may lie ahead for the cryptocurrency’s price.

Currently, the next significant resistance level stands at $36.86. If the current bullish momentum continues, there is a possibility for another leg-up of approximately 9% once this resistance is breached.

Should Solana successfully surpass this hurdle, the subsequent obstacles for SOL are positioned at $37, $39, $43, and $46 in the months to come. However, for the token to solidify the breakout of its monthly resistance and sustain the upward trend, it is crucial to achieve a monthly close above the $32 mark.

This emphasis on a monthly close above $32 serves as a key metric to confirm the bullish momentum and support the ongoing upward trajectory of Solana. Market participants will be closely monitoring these developments to assess the token’s ability to maintain its positive momentum and overcome potential challenges in the future.

SOL’s sustained bull run on the daily chart. Source: SOLUSDT on TradingView.com

According to CoinGecko data, the current Solana price stands at $33.00. The trading volume for the past 24 hours amounts to $1,668,696,328.50. With a total supply of 420 million SOL tokens, Solana’s market capitalization is valued at $13,631,609,298.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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October 25, 2023
CEO Is Super Bullish On Solana, Predicts SOL To 2X If This Pattern Is Confirmed

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Raoul Pal, the founder of Real Vision and one of crypto frequent commentators, thinks SOL, the native currency of Solana, a smart contract platform, has “been extremely bullish all year.” In Pal’s assessment, the coin will likely double in the next few sessions, especially if there is a welcomed breakout above the immediate liquidation level.

Taking to X on October 20, the founder noted that SOL has rallied by 171% in 2023 alone. At the same time, looking at technical candlestick arrangements, the immediate resistance level that traders should watch out for is $30. This line, Pal thinks, marks a critical liquidation level per the “big inverse head and shoulders” pattern evident in the daily chart.

Solana inverted head and shoulder formation| Source: Raoul Pal on X

In technical analysis, this pattern signals that bear momentum is slowing, and the uptrend could be around the corner. Often, it forms when prices make three lows, with the middle low (the head) being lower than the other two lows (the shoulders).

Pal Is Bullish On Solana, Will SOL 2x?

Even so, as Pal notes, the uptrend will be valid once there is a high volume bullish breakout above the “neckline.” In the Solana price chart in the daily chart, the neckline is at $30, a psychological level buyers have failed to break since it was registered in July 2023. This level also marks Solana’s highest price this year.

Solana price on October 20| Source: SOLUSDT on Binance, TradingView

While Solana struggles to overcome the strong resistance by USDT (and technically USD bulls), SOL bulls have been easing past resistance levels versus Ethereum (ETH) and Bitcoin (BTC). As of October 2023, SOL bulls appear to be reversing losses posted in 2022 versus the two top coins by market cap.

To highlight this development, SOL is trading at new 2023 highs versus Ethereum, reversing losses and edging higher as bulls flock. SOL bulls have broken two critical liquidation zones at spot levels versus Ethereum registered in January and July. Still, Ethereum remains solid from a top-down preview, up 70% versus SOL reading from the SOLETH daily chart.

SOL breakout versus ETH| Source: Raoul Pal on X

Will SOL Rally Trigger “Crypto Summer” In 2024?

While SOL bulls double down, the Real Vision CEO thinks the coin could lead the market to a “Crypto Summer” in 2024. The uptrend could be fanned by several developments, especially on partnerships struck in the recent past.

In early September, Visa, a global payment processor, introduced USDC settlement on Solana, citing the network’s high throughput. Through this extension, Visa hopes to “improve the speed of cross-border settlement and provide a modern option for our clients to easily send or receive funds from Visa’s treasury.”

Feature image from Canva, chart from TradingView

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Dalmas Ngetich

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October 20, 2023