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Solana's Price Prediction: Daily Trading Volume Surges Past $1.7B 🚀🐳

Solana’s Price Prediction: Daily Trading Volume Surges Past $1.7B 🚀🐳

Solana Price Prediction: Whales Are Buying as Daily Trading Volume Surges Past $1.7 Billion

The price of Solana (SOL) has experienced a slight 0.3% decrease in the last 24 hours, falling to $111.96. However, the overall crypto market has seen a 1.5% increase today. Despite the recent dip, SOL has gained 7% in the past week, 22.5% in the last month, and an impressive 370% over the past year. With its trading volume reaching $1.7 billion in recent days, SOL seems to be regaining momentum for further gains.

Rebound Potential for SOL Price

After a recent decline, it is possible that SOL will rebound in the first half of this week. The relative strength index (RSI) has increased from close to 55 over the weekend to 60, indicating that some traders are taking advantage of the lower price to buy SOL at a relative discount.

In addition, SOL’s 30-day moving average continues to rise above its 200-day moving average, signaling an expansionary phase for the token and suggesting a positive medium- and long-term trajectory.

Data also shows that SOL remains one of the most popular altcoins among institutional funds, with CoinShares’ Digital Asset Fund Flows report revealing that these funds currently manage $838 million in SOL.

Potential for Solana’s Growth and Price

Solana’s growth as a platform is expected to contribute to price gains. The blockchain network has been experiencing consistently rising transaction volumes due to demand for SOL-based NFTs. Despite a temporary outage a few weeks ago, developers quickly resolved the situation and stability has been restored.

Considering the overall upward trajectory of the market, driven by rising Bitcoin ETF volumes and the upcoming Bitcoin halving, it is highly likely that the Solana price will continue to see gains. It is anticipated that the SOL price may reach $150 in the next couple of months and potentially surpass $200 during the summer.

Alternative High-Potential Alts

While SOL’s performance in 2024 may be more modest compared to its stellar performance in 2023, traders can consider diversifying into smaller cap altcoins that have the potential for significant rallies as they list on new exchanges. One example is Sponge (SPONGE), an ERC-20 cryptocurrency that recently launched its second version. Since listing on Uniswap, SPONGE has already gained over 150%, with further gains expected upon listing on other platforms.

SPONGE V2 introduces new features such as a staking model that offers high rewards, encouraging long-term holding and boosting its price. It is also the native token for an upcoming P2E Sponge-themed racing game, which will further drive demand for the token.

Investors can acquire SPONGE by trading on Uniswap or visiting the official Sponge website. The token has already attracted over $10.5 million in staked value.

Hot Take: SOL Price Continues to Rise Amidst Growing Trading Volume

The Solana price is showing resilience despite a slight decrease in the past 24 hours. With its trading volume surpassing $1.7 billion and signs of whale accumulation, SOL is poised for further gains. The rebound potential, institutional support, and Solana’s growth as a platform all contribute to a positive outlook for the SOL price.

Additionally, considering alternative high-potential altcoins like SPONGE can provide diversification opportunities and the potential for significant returns. As these altcoins list on new exchanges and introduce innovative features, they have the potential to rally and generate substantial profits.

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Solana's Price Prediction: Daily Trading Volume Surges Past $1.7B 🚀🐳