Solana Price Holds Steady Despite Volume Dip
The price of Solana (SOL) has increased by 0.5% in the past 24 hours, reaching $97.79. This rise is in line with the overall crypto market, which has also seen a 0.5% increase today. SOL has shown steady growth, rising by 12% in two weeks, 3% in a month, and an impressive 300% in the last year.
Despite a recent dip in volume, Solana still maintains medium-term momentum that could pick up again soon. Its indicators are starting to show signs of recovery and further price gains may be on the horizon.
Solana Price Prediction: Bulls Eyeing $120 Retest?
SOL’s chart indicates potential for a momentum recovery, with indicators such as the relative strength index (RSI) bouncing off the 50 level and showing signs of rising again. The current price is also about to move away from its 30-day average and may surpass the longer-term 200-day average.
Furthermore, SOL’s healthy support level suggests resistance to significant dips. Although volume has decreased recently, it remains at $1.5 billion, indicating continued interest in the token.
Whales Accumulating SOL as Bull Market Approaches
Data shows that whales are still buying and accumulating SOL in large quantities, expecting steady growth in the coming months. With strong fundamentals and the upcoming Bitcoin halving in April, there is reason to believe that SOL will continue to perform well.
Solana’s blockchain platform is also thriving, with its network’s total value locked increasing by 530% in the past year. As NFTs and Web3 gain traction on the Solana network, there is potential for further expansion and price growth, possibly reaching $150 in the near future.
Alternative Alts with High Potential
In addition to SOL, it is advisable to diversify portfolios and allocate some funds to lower cap coins that show potential for a significant rally. One example is Sponge (SPONGE), an ERC-20 cryptocurrency set to launch its second version, SPONGE V2. The new token will feature an improved staking model and serve as the native token of a play-to-earn racing game.
Investors can migrate their SPONGE V1 tokens to V2 or purchase SPONGE V2 outright. Holding the new token allows for staking and earning annual yields of up to 245% APY. With a dedicated community, SPONGE V2 has the potential for a substantial rally.
Hot Take: Solana Price Holds Steady Amidst Volume Dip
The Solana price has shown resilience despite a dip in trading volume. With indicators suggesting a potential momentum recovery and ongoing interest from whales, SOL’s future looks promising. As Solana’s blockchain platform continues to grow and NFTs gain popularity on its network, there is room for further expansion and price appreciation. While SOL may face some challenges due to its aggressive rise in the past year, diversifying portfolios with high-potential altcoins like Sponge can offer additional opportunities for significant gains.