In a fluctuating market, Solana (SOL), while experiencing a slight 0.4% 24-hour dip and a 15% decline over the week, it boasts a sterling 110% uptick since the year’s outset. The chart of recently rehabilitated Solana, just recovering from a year tainted with network outages, promises a potential rebound after a significant weekend selloff. With its 24-hour trading volume crossing the $300 million mark, the somewhat oversold and undervalued Solana could potentially turn the tables soon.
The altcoin, currently brushing with 30 in its relative strength index, could indeed fall further to 20. Interestingly, its 30-day moving average is gradually lowering toward its 200-day average. A plunge beneath the longer-term average might suggest SOL’s descent reaching a valley, indicating its hard bottom. As Solana maneuvers through multiple short-term obstacles and approaches the support level threshold, it’s crucial to keep an eye on how the mid- and long-term supports will withstand these jolts. However, a drop or prolonged stagnation below these supports seems unlikely, and the altcoin might finally bottom at $19 to $20 before bouncing back.
On a fundamental level, Solana’s stature remains robust, unaffected by the market’s recent downturns. In fact, the network takes pride in an impeccable uptime of 100% over the previous six months. Additionally, it has hosted several launches, expansions, and innovative features such as the authentication of users solely through their Solana addresses.
The route to $25 doesn’t seem arduous for Solana. Although the journey ahead might be gradual, SOL might touch $30 to $35 towards the end of 2023. But with this gradual progress, traders searching for short-term, higher-than-average gains might find solace elsewhere.
There is no dearth of high-potential presale tokens for adventurous traders. An eye-catching one among numerous ongoing presales is Launchpad.xyz’s native LPX token, which has accrued over $1.3 million since its presale initiated in July. LPX’s position is significantly enhanced by its robust utility and the ambitious all-in-one Web3 platform it is a part of, which, in the last quarter of this year, will offer users wallet addresses, a hub for pay-to-play games, a trading terminal, and market intelligence.
Investors should bear in mind that the world of cryptocurrency can be an unpredictable one. It’s advised to carefully ponder before diving into these high-potential yet risky crypto waters.
Source: Cryptonews
