Solana Price Prediction as SOL rebounds 11% from recent low – is the selloff over?

Last updated: March 21, 2024, 11:14 a.m. EDT | 3 minutes of reading

SOL gained 9% in the last 24 hours, with Solana price hitting $189 on a day when the broader crypto market rallied 6.5%.

The altcoin is now up 11% from its seven-day low, while also remaining up 71% in a month and 730% in a year.

Such gains highlight how SOL retains mid-to-long term momentum, which is still strong enough to push its price further higher in the days and weeks to come.

And when combined with the possibility of an increasingly bullish market, SOL could reach new highs in the months to come.

Solana Price Prediction as SOL rebounds 11% from recent low – is the selloff over?

SOL’s chart suggests that the recent short-term sell-off has already run its course, with its indicators showing a resurgence of momentum.

From just under 30 a few days ago to 60 today, SOL’s Relative Strength Index (purple) signals an increase in buying pressure, which could further drive the coin’s price higher in the coming days.

Source: TradingView

Likewise, Solana’s 30-day average (yellow) has risen back above the 200-day average (blue) after briefly falling below it yesterday, a sign that it may have entered a new bullish phase.

It is particularly encouraging in this regard that SOL’s 24-hour trading volume has surpassed $8 billion, a figure up almost 200% from a month ago.

The transfer data suggests that whales are still moving SOL onto exchanges, so the price could fall again in the short term before stabilizing.

Still, it is likely to return to growth sooner or later, given that SOL currently remains one of the most in-demand alternatives.

Indeed, CoinShares data places it as the second largest altcoin (behind ETH) in the market in terms of assets held by funds, suggesting strong demand from large investors and whales.

This is a trend that will only increase as the market grows this year, with the next Bitcoin halving – And rate cuts – potentially helping to spark an unfettered bull market.

On top of this, Solana has seen considerable growth over the past few months, with its blockchain increasingly used as a platform for NFTs and even parts.

So, depending on the current context and the fundamentals of the corner, the price of Solana could reach $250 by summer.

New Altcoins with high potential

As strong as SOL may seem, it is not the only promising alt on the market, with several newer and smaller-cap tokens also showing good potential.

One of the most exciting is Green Bitcoin (GBTC)an ERC-20 token that raised over $7 million during its extremely successful presale.

Green Bitcoin is interesting because it offers an environmentally friendly version of Bitcoin (BTC).

It combines a hard cap of 21 million tokens with a more environmentally friendly network, given that it runs on the proof-of-stake Ethereum blockchain.

Also optimistic is the fact that GBTC is introducing an innovative earnings-predictive staking model.

This model offers greater rewards to investors who correctly predict future Bitcoin prices, while also rewarding longer-term stakes.

When added to its hard cap, such staking could cause a squeeze in the supply of GBTC, thereby driving up its price.

Its sale is about to end, but new investors can still join it. the official website of Green Bitcoin.

They can purchase GBTC in exchange for USDT, ETH, or fiat currency, with 1 GBTC costing $1.1062.

And given how popular it is for sale, there is every chance that this price will increase once the token is listed.

Visit Green Bitcoin Now

Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.

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