Solana (SOL) price dropped by 6% to $68.30 over the past 24 hours. The overall cryptocurrency market declined by 2% on the same day.
Modest Short-Term Dip Amidst Long-Term Growth
While SOL saw a modest single-day decline, the cryptocurrency is still up by 6% over the past two weeks and 20.5% in the last 30 days. It has gained 448% in the past year, indicating SOL’s strong long-term prospects.
Solana’s 24-hour trading volume is at $1.8 billion, showing strong market activity. However, the Relative Strength Index (RSI) for SOL is trending towards 50, implying a potential loss in momentum.
The 30-day average price of SOL is still significantly higher than the 200-day average, though no decline is evident yet. SOL’s support level has been consistent, with only sporadic brief dips. High trading volume suggests sustained interest in Solana.
Investor Interest Remains Strong
A significant amount of Solana tokens were transferred from Kraken to an unknown wallet, as reported by Whale Alert on Twitter. This could imply that investors are purchasing SOL during the price dip.
Solana had a strong year thanks to its blockchain platform’s growth and resurgence. The network has seen a sharp increase in new NFTs minted.
SOL Price Predictions Remain Positive
Price predictions suggest Solana could reach $80 in the coming weeks and potentially exceed $100 by the end of January. New altcoins, including presale tokens, are showing promise for future gains.
Bitcoin ETF Token (BTCETF) has raised over $4.5 million in its presale, nearing its $5 million target. BTCETF is a deflationary token planning to burn 25% of its supply at key milestones, currently priced at $0.0068 per token. BTCETF is expected to list in the New Year, with predictions of a price rally upon listing.
Disclaimer: This article is for informational purposes only and should not be considered investment advice.