The Solana price fell 3% today to $98.76 as the cryptocurrency market as a whole suffered a 1% loss.
But while SOL is also down 5% in a week, it remains up a very healthy 32% in the past 30 days, not to mention its 340% gain in the past year.
Such moves come after major US investment firm Franklin Templeton posted a tweet expressing admiration for Solana and his development over the past few months.
His comments highlight the possibility of institutions taking a significant interest in SOL in the near and more distant future, something that can only be good for the token’s price.
Solana Price Forecast as Franklin Templeton with $1.5 Trillion AUM Signals Interest in Solana – $1,000 SOL Income?
SOL has been up and down over the past week or so, and its indicators reflect this inconsistency.
Its relative strength index (purple) has started to slide downward again after climbing modestly to 55 yesterday, a sign that it is struggling to regain real momentum after falling from highs in late December.
On the other hand, SOL’s 30-day average (yellow) continues to rise steadily, a sign that it may remain in an expansion phase, even if it has corrected a bit in the past few weeks.
Its support level (green) reinforces this view, as it continues to rise healthily despite some dips, with the coin seemingly insulated from dramatic declines.
It is also encouraging that its trading volume remains above $3 billion, indicating that interest in SOL has certainly not dried up.
🚨 🚨 🚨 575,000 #SOL (55,794,217 USD) transferred from unknown wallet to unknown wallethttps://t.co/7EXn0RD9Zl
— Whale Alert (@whale_alert) January 16, 2024
A number of recent transfers also highlight such interest, with whales still largely holding on to their SOL, even as it has also suffered from the sell-off post-Bitcoin ETF approval.
And it is possible that more whales and institutions will come to SOL soon, given the aforementioned comments from Franklin Templeton.
Publishing a series of posts on X about digital assets, the firm – which manages nearly $1.5 trillion in assets – described SOL as having “massive potential” in one tweet, while also noting how it was impressed by recent Solana activities that NFTs, DeFi, meme tokens and DePIN (decentralized physical infrastructure networks).
On Solana, we see Anatoly’s vision of a single atomic state machine as a powerful use case of decentralized blockchains, lowering information asymmetry. And we are impressed by all the activity seen on Solana in Q4 2023-DePIN-DeFi-Meme-Coins-NFT-Innovation-Firedancer
— Franklin Templeton (@FTI_US) January 17, 2024
Such comments could eventually be early signs of Templeton opening a SOL-based ETF and/or investing in SOL himself.
If so, it is clear that the long-term trajectory of the Solana price is only up.
And with the market likely to become more bullish in the next few months, SOL could soon reach $200.
Newer high-potential alts
Because SOL is already a well-established coin that had a very big 2023, there is a chance that it will not gain as aggressively in 2024.
If so, traders may be inclined to look at newer alts, especially coins at the beginning of their life cycle and thus have not yet had their initial growth spurts.
This includes pre-sale tokens, which can often go up big when they first list, as their sales help them build momentum.
And one new coin that is currently generating great momentum is Bitcoin Minetrix (BTCMTX), a Ethereum-based stake-to-mine platform that raised just over $8.7 million in its token offering.
Big achievement for #BitcoinMinetrix!
Surpass the $8,600,000 Milestone! 🌐 pic.twitter.com/r3i9wdtSbg
— Bitcoinminetrix (@bitcoinminetrix) January 17, 2024
Launching within the next few weeks, Bitcoin Minetrix will allow users to mine BTC by leveraging the platform’s native token, BTCMTX.
By doing so, users receive tokenized mining credits, which they then use to purchase Bitcoin hash power.
In turn, Bitcoin hash power will give them a stake in newly mined Bitcoin (BTC).
They will also earn a passive input income in the form of BTCMTX tokens, making Bitcoin Minetrix potentially very beneficial.
The sale is currently in its 20th year stage, with investors able to join the official Bitcoin Minetrix website.
They can buy BTCMTX at a cost of $0.0129 per token, with this price rising to $0.0130 in a few days.
Visit Bitcoin Minetrix NowDisclaimer: 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.
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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.
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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.
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