He price of Solana (SOL) it has fallen 6% in the last 24 hours, with its drop to $25.61 as the cryptocurrency market as a whole falls 1% in the same period.
SOL is still up 16% in a week and 64% in the last 30 days, and the altcoin is also up an impressive 150% since the beginning of the year.
As with other altcoins, SOL has benefited greatly from the positive outcome of Ripple’s case with the SEC, and with its trading volume still hovering around $1 billion, it could see more gains in the near future.
Solana Price Prediction as $1 Billion Trade Volume Enters: Are the Whales Buying?
The Solana chart suggests that the altcoin may be correcting after a very vigorous rally towards the end of last week, with its indicators poised for further declines.
Its Relative Strength Index (purple) has dipped below 50 after spending much of the weekend near 80, meaning the SOL could drop further as the RSI moves towards 30 or 20.
At the same time, SOL’s 30-day moving average (red) may have peaked relative to its 200-day moving average (blue), implying that it should turn down and bring the altcoin price with it.
In fact, the price of SOL seems to be heading down towards the support level (green) that it had established before the general rally of the market at the end of the week, which means that it could see a price of around $23 before it starts to go down. go up again.
Still, things are looking brighter for Solana on a fundamental level, as the cryptocurrency has rebounded nicely this year after a 2022 marred by a series of damaging network outages.
This has been greatly helped by the fact that Solana has been able to record close to 100% uptime since its last outage in 2022, while it also ranks third for blockchains in terms of NFT sales volumes.
Because of all this, SOL is likely to continue to make a profit for the rest of the year, even if it has to drop in the coming days.
From $25, it could hit $30 in the coming weeks or months, before welcoming 2024 at around $40.
New altcoins with solid fundamentals
It should be added that SOL gains from now on may be gradual, which means that traders looking for quick above-average gains may prefer to look elsewhere.
One promising source of quick returns is pre-sale, which can often see tokens rally strongly after being listed on exchanges for the first time.
A good example of a presale token is yPredict.ai, a Polygon-based platform that leverages artificial intelligence and advanced algorithms to provide users with various business intelligence tools.
It launched the pre-sale of its native YPRED token last month and has already raised over $3 million.
In addition to this, yPredict.ai has already released several of its features in the past few months, including its first AI predictive model.
In the coming months it will also launch additional AI-powered prediction tools, including transaction and sentiment analysis, buy/sell signals and also its own sophisticated trading terminal.
These features will be available through yPredict’s own marketplace, allowing developers to sell their models and other products directly to merchants.
Within this ecosystem, YPRED will be used to pay for subscriptions to such models, as well as for participation purposes and to gain access to platform analytics.
YPRED’s utility means it is likely to grow in value in proportion to the growth of yPredict.ai as a platform, something that has clearly made many investors bullish.
New investors can join the pre-sale ahead of time by going to the official yPredict.ai website and connecting their software wallets, with 1 YPRED currently costing $0.1.
This will increase to $0.12 when the sale ends, although exchange listings could increase this price even higher soon.
Visit andPredict 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 your capital.
