By Solana Price Prediction as $500 Million Trading Volume Comes In Amid Sam Bankman-Fried Trial – Which Way Will SOL Go?
The price of Solana (SOL) has dropped to $23.26 today, with the altcoin falling by 1% in 24 hours as the market as a whole barely moves.
SOL’s dip also comes as Sam Bankman-Fried’s fraud trial begins in New York, with the conviction of the former FTX CEO potentially having implications for SOL, given that FTX currently holds a substantial sum of the cryptocurrency.
Yet SOL has done well in the past few weeks as a result of Solana’s ongoing growth, with the altcoin having risen by 21% in a week and 19% in a month, as well as by over 130% since January 1.
And given that FTX’s Solana-based holdings are mostly locked for the next couple of years, it’s more likely that SOL will continue to rise in the next few weeks.
Solana Price Prediction as $500 Million Trading Volume Comes In Amid Sam Bankman-Fried Trial – Which Way Will SOL Go?
SOL remains in a strong position, even with today’s dip.
Its relative strength index (purple) has stopped falling after the previous week’s declines and looks like it will hit 70 once again, implying that the coin could be in line for gains in the coming days.
It’s a similar story with its 30-day moving average (yellow), which is moving decisively towards its 200-day (blue) and could continue until it passes the latter by some distance.
This means that SOL may rise up to $24 or $25 in the next week or so, depending on overall market sentiment.
It does at least seem that it won’t be falling any further for the foreseeable future, given that it had been sold heavily since August and that its support level (green) has been rising in recent weeks.
Of course, some traders may be concerned by developments in the aforementioned trial, as well as by the fact that FTX is sitting on SOL and Solana-based holdings worth around $1.2 billion.
However, much of this Solana tokenage is either staked or locked up, so it’s unlikely that FTX will be offloading it en masse.
Traders should, therefore be relaxed enough to look at SOL on its own merits, and at the moment it remains one of the strongest tokens in the market.
Not only is Solana the fifth-biggest layer-one platform in terms of total value locked in, but it also attracts significant adoption, with Visa recently adding it to its stablecoin trials.
It has also had a very good 2023 in terms of development and upgrades, with its blockchain marking 100% uptime for over seven months, after a 2022 plagued by outages.
For this reason, SOL can be expected to continue growing steadily over the next few months, with the altcoin potentially on course to reach $30 by the end of the year.
Alternative Alts For Market-Beating Gains
While SOL continues to look promising overall, the FTX holdings do remain a long-term concern, while some traders may be frustrated by its gradual, moderate growth.
If so, many may be advised to look towards newer altcoins, with presale tokens in particular often having the ability to rise strongly when listing on exchanges for the first time.
The next candidate in line to do this is arguably Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that will enable ordinary investors to mine Bitcoin simply by staking its native token.
A mark of just how promising it is has already been provided by the fact that its sale has raised more than $500,000, despite it being open for only a couple of weeks.
This indicates how optimistic investors are becoming in relation to the platform, which will enable users to stake their Ethereum-based BTCMTX tokens in order to mine actual Bitcoin.
Bitcoin Minetrix’s platform works by converting staked BTCMTX into tokenized mining credits, which essentially reserve holders the right to claim a portion of mined Bitcoin.
Such a system is set to open up Bitcoin mining to a wider pool of participants, making it more decentralized and open.
This accounts for why Bitcoin Minetrix’s presale is accelerating quickly through the milestones, with new investors able to join the offering by going to the official Bitcoin Minetrix website, where 1 BTCMTX currently sets you back only $0.011.
The presale has been allocated 1.4 billion BTCMTX tokens, out of a total maximum supply of 4 billion.
It will have ten stages in total, with the final stage pushing the price of BTCMTX up to $0.01190.
This means that buyers should act quickly if they want to grab some of the promising new token at its lowest price, because it has a good chance of rallying big once it lists on exchanges later in the year.
Visit Bitcoin Minetrix Now
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.
