SOL is down 1% in the last 24 hours, with the Solana price falling to $110, as the still bullish crypto market jumps another 3% today.
Despite its small swing, SOL is up 5% in the past week and has also risen 14% in the past 30 days.
Its 400% increase in the past year has also made it one of the best performing major tokens in recent times, and with its momentum remaining strong, it could easily continue to rise in the next few months.
Solana Price Forecast If SOL Reaches $110 – When Will SOL Reach $500?
SOL’s momentum is building again after a disappointing few days last week, with its indicators all pointing to further incoming gains.
Its relative strength index (press) has risen from 45 nearly a week ago to nearly 60 today, with its direction still looking very positive.
SOL’s 30-day moving average (yellow) has also started to rise again, indicating incoming profits after a rather short-lived decline.
Also encouraging is that Solana’s 24-hour trading volume rose to $3 billion in the past 24 hours, a sign that the market is coming back in a big way.
That said, traders and investors should be aware that some whales may use last night’s rally as an opportunity to cash out, with transfer data showing some big moves on exchanges recently.
🚨 120,000 #SOL (12,885,872 USD) transferred from unknown wallet to #Binancehttps://t.co/hBdUO9X2kS
— Whale Alert (@whale_alert) February 27, 2024
Still, Solana looks particularly healthy overall, with the token still the most popular alt among funds after Ethereum (in terms of total assets under management), according to recent CoinShares reports.
Not only is it popular, but it benefits from some very strong fundamentals, with Solana being a blockchain that continues to grow from strength to strength.
The latter has seen its total value increase by 736% in the past year, due to growing NFT use, not to mention the use of the Solana blockchain for the launch of meme coins.
While Solana suffered its first outage in about a year earlier this month, it appears to have recovered quickly from this misstep, which is unlikely to happen again.
Sam Bankman-Fried gives financial advice in prison.
He tells guards to invest in Solana, according to NYT. pic.twitter.com/j9BnGtWqrr
— Milk Road (@MilkRoadDaily) February 27, 2024
As such, the increasingly bullish crypto market – fueled by rising Bitcoin ETF volumes – is likely to help push the Solana price even higher in the next few weeks and months.
It could reach $150 by spring, before reaching $200 in the second half of 2024.
Other rising alts with strong potential
As good as SOL continues to look, it is not the only promising altcoin in the market, with several newer, low-cap tokens also looking particularly strong.
While most newer coins fall by the wayside soon after launch, those with solid fundamentals can pick up big as they add new listings and build more followers.
One prime candidate to do so is Smog (SMOG), a Solana- and Ethereum-based token that was listed on the Jupiter and Birdeye DEX aggregators a few weeks ago.
It has risen more than 2,500% since listing, and what is particularly positive about this is that SMOG has retained most of its initial gains, unlike many other recent meme tokens.
The main reasons for SMOG’s strength beyond its initial launch is that it has an interesting airdrop system, one that motivates longer-term attitude.
It allocated 35% of its total supply – 1.4 billion SMOG – to a range of regulars dropswhich will start in the second quarter of the year.
It will distribute larger amounts of the token to investors with larger SMOG holdings, a setup that rewards loyalty and long-termism.
It is also worth noting that SMOG allows staking, with its protocol currently offering returns of 42% APY.
Combined with the airdrop system, such strike will ensure a healthy level of grip.
Do you have a few minutes to spare? ⏳
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🚀 Fly in #SMOG Quests on #Zealy! ⬇️https://t.co/3EQxvQwsw3#Crypto #Memecoins #Altcoins #Web3 #Binance #Sol
— SMOG (@SMOGToken) February 25, 2024
Additionally, Smog is running a series of tasks that will reward participants for pro-community behavior, with the token’s X account now boasting 30,000 followers due in part to these tasks.
Traders can buy the token now from the official Smog website or by trading it on Jupiter or Birdeye, with its listing on exchanges likely to push it further soon.
Buy SMOG here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and is not investment advice. You can lose all your capital.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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