In the crypto-sphere, day-to-day fluctuations are the norm and it can feel like the wild west, but amidst this turmoil, Solana (SOL) has demonstrated enticing resilience. Despite a moderate decline of 0.5% in its worth over the past day, the altcoin remains 4% up over a week and has seen an impressive gain of 16% in the last fortnight. SOL, in fact, has seen a remarkable 95% rise since the year began.
Its stellar progress springs from its tireless development and growth as a blockchain ecosystem. The turning point being its ability to bounce back following a series of high-profile outages in 2021 and 2022. With its network seamlessness for nearly nine months, it has managed to rebuild its stature effectively. Furthermore, SOL is expected to see further gains before 2024’s end, a prediction echoed by high-profile traders like Pentoshi known for having declared their intent to buy SOL ‘heavily’ this year.
SOL’s chart imprint remains hopeful, barring today’s minor setback. Indicators are primed for an upward move with its 30-day moving average steadily climbing over its 200-day. Its relative strength index, despite dwindling slightly from 70, remains above 50 indicating a potential upswing on the horizon.
With Solana’s fundamentals on the mend after a tough 2022—the network hasn’t faced any disruptions in over nine months—the debut of new apps on the platform, including Underdog Protocol, Monstrè Pay, Solarplex.xyz, and Boom Army, suggest a middling-to-long term increase in usage and subsequently, its value. Consequently, SOL’s outlook remains strong, and potentially hitting values of $30 to $40 by year-end seems feasible.
Beware, though, as Solana’s steady growth forecast does not make the case for any drastic spikes. Traders with an appetite for short-term surges might prefer scoping out new altcoins. A case in point is the Thug Life Token (THUG), a soon-to-be-listed ERC-20 meme token with an appreciably decentralized structure. Boasting a total supply of 4.20 billion with 70% allocated to presale, this meme token seems set on building a robust community.
In contrast to Solana’s steady-growth track, THUG is poised for comparatively rapid token value appreciation once it hits the exchange listings. However, the THUG presale ends in under 10 days, leaving limited time for participation.
Remember, though, new or established, experimentation with crypto assets comes with risks. Be sure to understand them before going all in.
Source: Cryptonews
