Solana’s price has seen a notable fluctuation, reaching a 24-hour high of $20.48 before dipping down to $19.59. Although this represents a 2% drop in the past day, SOL has still managed to mark a 4% gain over the week, despite a minor setback of a 6.5% drop in the last 30 days. Considering SOL’s impressive 96% gain since the beginning of the year, the altcoin maintains robust medium-term momentum, primed for quick recovery from minor volatility.
Key indicators suggest a rallying point for the altcoin, with its relative strength index elevating to 50 in recent days, hinting an uptick in momentum with enough breathing space before the altcoin begins to be overbought. Concurrently, SOL’s 30-day moving average has settled after falling under its 200-day average, prodding potential buyers to grab this opportunity of discounted prices.
Even while witnessing a dip, the support level of the coin has been steadily elevating, lessening the chances of falling back to recent lows. This momentum along with the discount invites opportunities for investors to bag SOL.
Fundamentally, Solana‘s overall outlook appears largely positive, with sustained adoption and rapid expansion of projects building on its blockchain network. A commendable leap forward has been the inclusion of Solana in Visa’s stablecoin settlement pilot, acting as a significant vote of confidence in the network.
In the realm of total value locked in, Solana ranks fifth among layer-one blockchains, trailing behind Ethereum, Tron, BNB Chain and Avalanche. Considering the setbacks caused by multiple outages in 2022, the potential for Solana to escalate up the TVL rankings is promising. Its protocol has demonstrated resilience against potential scaling issues through several months of uninterrupted uptime. If the trend continues, a price prediction of $25 in upcoming weeks and $35 by the end of the year is plausible.
Diversifying the attention, Bitcoin BSC (BTCBSC), a BNB chain-based cryptocurrency, is also making waves and providing market-beating gains. With a cap that mirrors Bitcoin’s (21 million BTCBSC) and identical deflationary tokenomics, this altcoin introduces the opportunity for passive income via staking. Offering presale prices of $0.99, BTCBSC presents investors with the chance to get involved with a potentially valuable cryptocurrency at an early stage.
No allocation for team members signals a highly decentralized token, an aspect adding to its appeal among investors. Upon the conclusion of the presale, BTCBSC will list on BNB Smart Chain DEX, with likely listings on other exchanges soon after.
However, a word of caution: Cryptocurrency investment carries high risk. Ensure you carefully evaluate the relative risk and potential return of an investment before jumping in.
Source: Cryptonews
