SOL rose 5% in the last 24 hours, with the Solana price reaching $134 on a day when the cryptocurrency market actually lost 0.5%.
SOL is also up an impressive 32% in a week and up 34% in a month, with the altcoin also up 490% in the past year.
These gains have now pushed Solana into fifth place in the market in terms of capital, with the coin only $3 billion away from overtaking BNB.
And given the huge momentum it and its platform have enjoyed in recent weeks and months, it has every chance of leapfrogging BNB and further rising in value.
Solana Price Prediction As SOL Almost Overtakes Binance Coin In Ranking, Eyes Ethereum’s Next Place
SOL’s indicators continue to paint a bullish picture, even if more cautious traders are likely to conclude that the coin will have to correct (at least a bit) soon.
Its relative strength index (purple) is close to 80, which means that the coin has basically entered overbought territory.
Also, SOL’s 30-day moving average (yellow) has been above its 200-day (blue) for so long that a correction is likely in order, but the 30-day has actually started to rise more sharply in recent days.
This additional momentum resulted from an increase in trading volume, which for SOL reached $8 billion a few days ago and still stands at around $6.5 billion.
Given such growth, traders can expect SOL to rise further, at least in the near term, before it takes a haircut.
🚨 86,938 #SOL (11,139,986 USD) transferred from unknown wallet to #Binancehttps://t.co/V5PC4Hea8J
— Whale Alert (@whale_alert) February 29, 2024
It’s likely to drop sooner rather than later, with whales looking set to take profits in the near future.
Still, the bigger picture remains overwhelmingly positive for SOL, both in terms of the coin itself and in terms of its place in a market that appears to be experiencing a bull year.
The crypto market seems to be riding a bull run until the next Bitcoin halving, which is likely to happen at some point in April.
From there, it could correct downward amid profit-taking, but Solana’s fundamentals should help inform it well into the future.
🔗 Solana Foundation partners with Abu Dhabi Free Zone for Web3 Push
Abu Dhabi Global Market (ADGM) and Solana Foundation announced an agreement to explore blockchain ecosystem development. #CryptoNews #AbuDhabihttps://t.co/nWPmY8ohjU
— Cryptonews.com (@cryptonews) February 8, 2024
Its total value has now reached $2.5 billion, amid an increase in meme coins and NFT usage, not to mention an increase in mainstream adoption.
As such, the Solana price is likely to reach $150 soon, before moving towards $200 after the summer.
New small cap meme tokens for big rallies
With SOL already looking overbought, some traders may prefer to turn to other alts already, including newer, smaller coins that could rise big as they list on new exchanges.
To take one of the best examples, Sponge (SPONSE) is An ERC-20 cryptocurrency that launched the second version of its token last month.
SPONGE has risen impressively by over 160% since listing on Uniswap in early February, with the coin maintaining its early gains.
SPONGE outperformed most other new tokens for a variety of core reasons, with the first being that, having launched the first version of its coin in 2023, it is already an established presence.
Moreover, SPONG is V2 introduces two core improvements, with the first being a new strike model that offers a minimum return of 40% APY.
40% is already high enough, but the return can move into triple digits depending on how many stakers and staked tokens there are.
This encourages long-term holding, which in turn should increase the coin’s price over time.
Second, so will SPONG V2 be the native sign of an upcoming P2E racing game, which will be launched in the next few weeks.
This game will allow players to compete against each other and rank on a global leaderboard, while also providing SPONGE with a clear use case.
Combined with its bullish strike system, this use case should mean SPONGE appreciates consistently over time.
Traders can trade the token at Uniswap or the official Sponge website, with upcoming listings likely to increase the price even further.
Buy Sponge V2 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!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
