Solana has risen by 1% today, with the SOL price moving to $215.81 as the cryptocurrency market consolidates the big gains it has made over the past week.
SOL is now up by an impressive 15% in a week and 40% in a month, with the altcoin also sitting on a 305% increase in the past year.
Its movements today see its trading volume reach $13.5 billion, representing a 130% increase in only a week.
This highlights the big surge in demand cryptocurrencies are witnessing right now, and with Solana remaining one of the strongest in terms of fundamentals, it’s more than well positioned to end the year on a big high.
SOL Price Set for Parabolic Rise as Daily Volume Surpasses $13 Billion – Can Solana Overtake Ethereum?
It seems that the market is having some downtime in between rallies, with Solana’s chart today reflecting a stalemate between bulls and bears.
Its indicators suggest that it may correct a little further before rising again, with its relative strength index (purple) dipping below 50 in the past hour or so.
This signals an increase in selling pressure, with SOL’s 30-period average (orange) also flattening out today, in a sign that bullishness has waned in the near term.
But while Solana could dip a little in the next day or so, its high trading volumes would suggest that it will recover very quickly, potentially by the weekend.
In the longer term it’s likely to continue performing well, with the alt having outperformed most top-100 alts this year.
Solana has drastically outperformed Ethereum since I sold ETH for SOL last year.
Good reminder to avoid marrying your bags and constantly revisit your thesis. pic.twitter.com/tXhM51cdVq
— Anthony Pompliano
(@APompliano) November 13, 2024
This has largely come as a result of Solana’s growth as a layer-one network, with the platform dominating the data this year in terms of token launches.
In fact, data from Dune Analytics suggests that Solana generally has double the daily token issuance rate as Ethereum, an indicator of its greater speed and efficiency.
So based on Solana’s strong fundamental position, it’s likely to be a big winner in the developing bull market.
While it would be rash to conclude that it will flip Ethereum at some point, the arrival of a new Trump administration should help it rise substantially.
We may see Solana ETFs before long, especially if the SEC experiences a change of leadership, and in such a case the SOL price could surge.
It may set a new ATH in only a few weeks, before ending the year at just over $300.
New High-Potential Meme Tokens Show Momentum
As strong as SOL remains, traders should always keep a diversified portfolio, so as to widen exposure to potential rallies and reduce exposure to potential selloffs.
This means buying into other alts, large- and small-cap alike, while also looking into some of the better presale tokens, which can often do very well when they list.
One of the most impressive presale coins at the moment is Crypto All-Stars (STARS), a new Ethereum-based token that has raised over $3.6 million in its offering.
Crypto All-Stars is the first token in the market to provide a ‘MemeVault’, in which users can stake – and earn a yield from – any and every meme token.
By making use of the ERC-1155 multi-token standard, Crypto All-Stars can even tokenize coins that aren’t actually running on Ethereum.
And what’s particularly bullish for STARS is that, by holding the platform’s native token, users will earn additional rewards for staking other meme coins.
We could therefore see lots of investors buying up STARS so as to earn more from staking their other meme tokens, with STARS having a max supply of 42.069 billion.
20% of this will go to its presale and 20% to staking, while another 25% will be dedicated to the MemeVault ecosystem.
Investors can participate in the STARS sale by going to the official Crypto All-Stars website, where they can buy the coin at a price of $0.0015618 per token.
This price will rise in just under a day, so anyone wanting to buy STARS at the cheapest possible level should act quickly, especially if the coin ends up rallying when it lists.
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#PriceAnalysis #Altcoins #PricePrediction #Solana [Source: CryptoNews]