Over the last 24 hours, the Solana price has registered a mild 2% uptick, placing it at $23.60 as a cushioning wave ripples through the bumpy crypto market. A plunge saw SOL tumble by 10% over the past week, however relative to 30 days ago, it’s still climbing with a robust 39% appreciation. This growth in its market cap potential places it in the top ten contenders.
Salient in Solana’s performance is over a 130% surge since the year commenced. Our resilience in overcoming prior year’s outages has galvanized the network towards a robust path. Evidence of SOL’s strong momentum is obvious, despite the hiccups encountered in its journey.
A definitive rally may be on the cards with the coin’s relative strength index navigating upwards post nearing the 50 mark. Analysts might point out that SOL’s 30-day moving average recently made a ‘golden cross’ with its 200-day average, often a harbinger of a solid breakout.
Solana has an ace up its sleeve that may explain its favorable market maneuvers, courtesy of its new Solang; a compiler permitting developers to create Solana smart contracts in Ethereum’s Solidity language. The ripple effect being, magnetizing denser development on Solana and amplifying SOL’s utility token’s demand.
Even excluding Solang, Solana’s healthy development work index, showcased by its fourth rank for Github commits, cannot be ignored. A redeeming factor that has repaired Solana’s blemished image as a reliable blockchain network, following a series of outages which placed question marks on its credibility.
Thanks to these strategic efforts and the platform’s impressive 100% uptime in Q2 2023, SOL can be forecasted to show steady progress. An optimistic prediction from its current $23 level is to strike the $30 benchmark in the coming weeks, with the potential of closing the year at $50 or higher, determined by the market’s upbeat rhythm.
While SOL’s potential is impressive, its growth trajectory might suggest a gradual pace, pushing investors to scout for fresher altcoins for speedier gains. The presale tokens of 2023 have witnessed enviable rallies upon their listing on exchanges.
One such coin on the radar is BTC20, a newborn ERC-20 coin providing an Ethereum-flavored version of Bitcoin with the added advantage of staking rewards. Its presale phase has already accumulated over $2 million, pointing to investors’ optimism in its future growth.
BTC20’s supply plan bears resemblance to Bitcoin, with a maximum supply of 21 million tokens and a presale price fixed at $1, mirroring Bitcoin’s 2011 value. This presents a unique investment opportunity to prospective investors at a reasonable price, with the added bonus of deflationary potentials akin to Bitcoin. The distribution of BTC20’s supply over 120 years adds another layer of constraint on inflation, which could further buoy its price. Prospective investors can enter the sale through the official BTC20 website and link their crypto wallets.
A word to the wise – Crypto investments come with high risk, ensuring you do your due diligence should be top priority.
Source: Cryptonews
