Solana Price Forecast As Stablecoin Transfers Hit $300 Billion Monthly Record – SOL Adoption Rising?

The Solana price has fallen 6% in the last 24 hours to $87.69 as the cryptocurrency market as a whole is down 2.5% today.

After a very strong December, SOL is now up 8% in a week and up 8.5% in the last 30 days.

However, the altcoin – the fifth largest cryptocurrency by market capitalization – remains up an impressive 250% in a year.

And with stablecoin transfers on the Solana blockchain already surpassing $300 billion in total this month, it appears that rising adoption will help the SOL price rise again soon.

Solana Price Forecast As Stablecoin Transfers Hit $300 Billion Monthly Record – SOL Adoption Rising?

SOL certainly appears to be in the midst of a medium-term correction, and may fall further before correcting itself.

Its relative strength index (press) has fallen from 50 last week to almost 40 today, while as recently as the end of December it is also down from 80.

This indicates a loss of momentum and growing selling pressure, as well as SOL’s 30-day moving average (yellow), which is starting to flatten.

Just as telling, the Solana price actually only dipped below the 30-day moving average, a classic indicator of a bearish turn.

And it is possible that both the current price and the 30-day will drop to the 200-day moving average (blue), meaning further losses will come in the next few weeks.

Indeed, last night’s drop pushed SOL’s current support level (green) significantly lower than it has been in recent weeks.

It is also significant that the coin’s trading volume is falling, down from $5 billion around Christmas to around $1.2 billion today.

This indicates a loss of interest in the token, with few large transfers or purchases involving whales in recent days.

However, it is arguable that SOL is losing simply because recent buyers decided to take profits after the recent Bitcoin ETF-related rally, with the coin’s long-term prognosis looking very good.

🚨 BIG BREAK: Solana surpasses $300 billion in monthly stablecoin transfer volume – an all-time high. pic.twitter.com/HJpp7xMql2

— SolanaFloor | Powered by Step Finance (@SolanaFloor) January 21, 2024

As mentioned above, Solana already racked up $300 billion in stablecoin transfers in January, which isn’t even finished yet.

This puts it ahead of every layer-one blockchain network expected for Ethereum, giving an indication of how much it has grown in recent months.

And with that, the Solana price is likely to recover once the current correction plays out, reaching $150 by late spring.

Alternative high-potential alts to consider

Since SOL appears to be experiencing a medium-term correction, traders may be better off looking at newer alts in the meantime.

There are a wide variety of promising new alts and presale tokens available in the market right now, many of which could go up big in the coming weeks.

Probably the most promising Bitcoin Minetrix (BTCMTX)‘a Ethereum-based stake-to-mine platform that raised just over $9 million in its highly successful presale.

Big announcement! 🌐#BitcoinMinetrix reaches remarkable milestone, raising over $9,000,000! pic.twitter.com/9rUOkm7Hb7

— Bitcoinminetrix (@bitcoinminetrix) January 22, 2024

Set to launch in the next few months, Bitcoin Minetrix will allow users to mine BTC by leveraging the platform’s native token, BTCMTX.

By depositing into BTCMTX, users receive mining credit tokens, which they can then spend on purchasing Bitcoin hash power.

This means that they will earn a share of mined BTC, while stakeholders will also receive newly issued BTCMTX.

Additionally, Bitcoin Minetrix promises to have a streamlined and easy-to-use interface, making it accessible to almost any cryptocurrency investor.

1 BTCMTX is currently selling for $0.0130 in its sale, which investors can still join by going to the official Bitcoin Minetrix website.

However, the sale will soon expire, so investors are advised to get in quickly before it closes, at which point the coin will list and potentially rise.

Visit Bitcoin Minetrix now

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.