Solana Price Prediction - With Dip Back To $40, Is It Too Late To Buy $SOL?
Major cryptocurrencies are back to their bullish ways, with the Bitcoin price today finally breaching the $35k mark before a dip. The global crypto market capitalization surged by 2% on Thursday and is currently at just under $1.3 trillion.
However, Solana is once again grabbing all the headlines, with the Solana price hitting a fourteen-month high of $46.25 before correcting slightly to trade near the $40 mark. The $SOL price is now up approximately 30% this week and 65% over the past month.
No major altcoin has been as bullish as Solana since the start of 2023, with the token now up 330% year-to-date. According to CoinMarketCap, SOL’s market capitalization is now above the $16.8 billion mark - at its highest point since May of 2022.
Despite the bullish price action, the Solana price could face selling pressure in the coming days, considering that the popular crypto is facing crucial resistances in the weekly-time frame.
The bankrupt crypto exchange FTX is also looking to dump its Solana holdings - reports reveal that the FTX cold storage redeemed $67 million worth of $SOL from its staking program on Wednesday. The question now emerges - is it too late to buy $SOL?
Is It Too Late To Buy Solana? Price Forecast
In November of 2022, Solana saw a major correction after FTX filed for its bankruptcy, with the price hitting as low as $9 in the aftermath. Back in June of this year, the US Securities and Exchange Commission deemed SOL to be a security, which also led to a massive sell-off.
And yet, Solana has displayed extreme bullish strength this year - according to CoinGecko, SOL started the year just below the $10 mark and has since skyrocketed to hit the $46 high.
The token’s explosive price action this year could be attributed to the rapid innovation in its ecosystem, along with mainstream adoption. Two giant corporations - Shopify and Visa - both integrated Solana into their payment solution, which provided a major boost to its price.
Similarly, On-chain data firm LookOnChain also reveals that Wednesday’s bull rally could largely be attributed to the ongoing Solana Breakout conference. This event provided a massive boost to the Solana price in 2021 and 2022 as well.
After all, the event showcases the massive development taking place on the Solana network. For instance, the Solana-based Jupiter Exchange has announced its own native token - $JUP, which it will airdrop to 955k users. After the announcement, Jupiter’s perpetual pool reached its maximum asset-under-management capacity, highlighting the strong hype for the new token.
Experts believe that Solana’s bull rally is not even close to being done, with popular trader @CryptoTony__ predicting the Solana price to hit the $70 - $75 range in the coming months.
Even Arthur Hayes, the co-founder of BitMEX and a long-time critic of Solana, has announced that he has recently purchased $SOL, as its price action is so bullish.
Is It Too Late To Buy Solana?
Despite its recent bullishness, the Solana price could face some short-term correction, partially due to the fact that investors could engage in profit-taking.
More importantly, SOL is facing some strong resistances that it has not been able to breach, such as the 100-week Simple Moving Average at $46.15 and the 100-week Exponential Moving Average at $52.40. Even @CryptoTony__, despite his bullish Solana price prediction, cautions investors against “FOMO buying”, revealing that the token needs to breach the $48 mark for a continuation.
Furthermore, FTX’s enormous Solana holding - worth close to $1 billion - continues to create hesitancy in the minds of investors, even though most of those tokens will be unlocked only in 2024 and 2025.
Indeed, since hitting the $46 price mark, Solana has depreciated 10% to fall below the $41 level and could plunge below $40 in the coming days.
Experts Bullish On Solana Alternative TG.Casino
While Solana faces enormous selling pressure in the coming days, smart money traders are purchasing a new cryptocurrency - TGC. It is the native token of TG.Casino, an innovative Telegram-based crypto casino and anonymous gambling platform.
For instance, the admin of the Crypto Whale Pumps group on Telegram - which has over 25k subscribers - has recently made a sizable investment into $TGC, as has Cilinix Crypto, a popular trader with over 33k subscribers on YouTube. After all, experts believe that the Gamble niche is set to explode in the next crypto bull market, which provides the perfect backdrop for $TGC to rally.
Thanks to this robust demand, the TG.Casino presale has raised over $1.6 million in just over a month.
TG.Casino’s platform architecture is creating quite a buzz amongst GambleFi enthusiasts, considering it offers access to hundreds of games and sports books, without the burden of any KYC verification or account setup. Players can also compete with each other in live casino events, where they can also enjoy a generous 150% bonus up to $30,000 and 500 free spins.
TG.Casino’s integration with Telegram also offers several key advantages - for instance, players are protected by Telegram’s end-to-end encryption, an excellent security and data privacy tool. Similarly, Telegram’s messaging app is the home of millions of GambleFi enthusiasts, which could lead to higher user adoption of the $TGC token.
The TG.Casino project has also announced a buy-and-burn scheme, under which a portion of the profits from the casino will be used to purchase $TGC in the open market, 40% of which will be burned to create a deflationary supply. The remaining 60% will be distributed as staking rewards - the $TGC staking pool is currently offering an APY of 312%. Read our full review of this potential Solana alternative here, and find the whitepaper at the official site below.
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