The Solana price has gained by 5.5% in the past 24 hours, rising to $43.31 as the cryptocurrency market as a whole moves by only 0.5%.
SOL is now up by 12% in a week and by a whopping 89% in the last 30 days, making it comfortably the best-performing top-100 coin over this period.
And with the altcoin having increased by just over 330% since the start of the year, it seems that its momentum isn’t running out anytime soon, and that more gains may be incoming.
Solana Price Prediction as SOL Approaches $50 – Here are Key Levels to Watch Next
Solana’s chart continues to show considerable strength, with its indicators remaining bullish and showing no signs of falling just yet.
In particular, its RSI (purple) is creeping towards 80, having been above 70 since the last couple of weeks of October.
Some analysts may be inclined to think that SOL is due to correct downwards soon, yet the fact that the RSI is rising again is an encouraging sign.
So to is the fact that the coin’s 30-day average (yellow) is rising even more aggressively beyond its 200-day average (blue), a clear sign that SOL is consolidating to new higher levels.
The coin’s support also reinforces the impression, especially when SOL’s few dips over the past couple of weeks have been only very brief and slight.
It’s also highly bullish that SOL’s 24-hour trading volume is now so elevated, having risen from around $300 million a month ago to around $1.75 billion today.
This signals ongoing strong interest in the coin, although recent data suggests that some whales may be preparing to sell SOL, now that it has risen so impressively.
249,999 #SOL (10,815,476 USD) transferred from unknown wallet to #Binancehttps://t.co/WOQXZkwFoY
— Whale Alert (@whale_alert) November 8, 2023
But as noted above, any dips are likely to be minor and brief, especially when SOL is largely making up for heavy losses in 2022.
Indeed, Solana had a bad 2022, suffering a number of high-profile outages, damaging its reputation in the process.
Yet it seems that updates have really changed things for its blockchain, which has now enjoyed eight months of continuous uptime.
Furthermore, it has consistently exhibited 100% uptime since March 2023. pic.twitter.com/eExwvpEnG7
— Sol Bulletin
(@SolBulletin) November 6, 2023
This has helped restore faith in Solana, and along with positive adoption news, it has lead to a situation where the Solana price has been recovering strongly.
And it should continue such recovery, potentially rising to $50 in the next few weeks.
Other Altcoins With High-Return Potential
While some traders may be concerned that SOL could be close to peaking, there are other coins in the market right now that are primed to rally.
This includes a number of promising presale coins, which can often surge when listing on exchanges for the first time, particularly if their sales had been successful.
One coin likely to enjoy a big opening is Meme Kombat (MK), an ERC-20 cryptocurrency that has already raised over $1.3 million.
Just a picture of the #MemeKombat community absolutely demolishing the $1.2 million milestone
pic.twitter.com/YQQMgzSfza
— Meme Kombat (@Meme_Kombat) November 5, 2023
Meme Kombat has been able to attract investors by virtue of its unique offering, with its platform enabling users to place bets on AI-generated meme battles.
This stands as a fun and novel concept, one which will capitalize on the market’s growing appetite for memes and meme tokens.
Its platform will launch in the next few months, with Meme Kombat staging randomized – and fully visualized – battles which users will be able to watch.
Users will also be able to bet against each other or against the game itself, with the platform paying out winnings in the form of MK.
As a token, MK will have a hard cap of 120 million, and with 50% of this going to the presale and another 30% to staking and battle rewards.
Joining its presale is straightforward: investors simply need to go to Meme Kombat’s official website and connect their wallets.
1 MK is selling at $0.183, a price which may end up seeming incredibly cheap soon enough.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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