The Resurgence of Solana (SOL) Bulls
The Solana (SOL) bulls are regaining control as trading volumes start picking up again at the start of 2024.
According to data presented by Yahoo Finance, $2.2 billion in spot SOL/USD trading volumes changed hands on Monday, up sharply from the low volumes of around $1.7 and $1.8 billion seen over the past two days. SOL’s price is pushing back towards $110, with the latest price recorded at around $108, up approximately 4% in the past 24 hours, as per CoinMarketCap. The cryptocurrency is eyeing a run back towards December’s multi-quarter highs at $125.
Solana was a star performer in December, gaining over 70% amid a surge in meme coin trading and airdrop hunting on the blockchain. This surge helped pump bullish narratives around the blockchain’s ability to rival Ethereum, thanks to its innovative technology, super-fast transactions, and low fees.
Solana traders, like broader cryptocurrency market participants, will be monitoring themes such as the potential approval in the US of spot Bitcoin ETFs, upcoming US macro data (namely the December jobs report out on Friday), and keeping an eye on Solana on-chain metrics to see whether the latest growth in activity is showing any signs of slowing.
Solana Price Prediction – Can SOL Overtake Binance Coin (BNB)?
Solana currently has a market cap of just under $47 billion, versus Binance Coin (BNB)’s market cap of around $47.5 billion. That’s a very meager gap to close, and one that Solana, prior to last week’s pullback from multi-quarter highs, has already closed in recent memory.
Indeed, Solana briefly became the fourth largest cryptocurrency in the world last week, behind only Bitcoin (BTC), Ether (ETH), and Tether USD (USDT) as its price peaked around $125. Solana stands a very good chance of overtaking BNB once again, given the former strong bullish momentum and the latter’s very weak momentum.
BNB was a laggard in 2023, gaining less than 30% over the course of the year versus Bitcoin’s gain of over 160%, Ether’s gain of around 100%, and Solana’s stunning gain of around 1,000%.
The aforementioned bullish narratives surrounding Solana’s use case and potential to rival the likes of Ethereum and Bitcoin are likely to continue contributing to growing interest in the blockchain, at a time when BNB is struggling to benefit from any bullish narratives of its own.
Many crypto enthusiasts have long been skeptical of BNB’s reliance on crypto exchange Binance (who developed and launched it and has been marred by legal issues in 2023), while some have derided its lack of innovation. Perhaps BNB is overdue a catch-up to the rest of the market, but the momentum is with Solana, which remains odds-on to steal the number four spot in the crypto rankings.
Solana price predictions are likely to remain bullish as traders eye a retest of April 2022 highs in the $140s.
SOL Alternative to Consider – Meme Kombat ($MK)
While Solana (SOL) could offer good upside prospects for the months ahead, traders should always look to diversify their crypto holdings.
For those with a strong risk tolerance, investing in promising up-and-coming web3 projects by buying into their token presales is one good way to generate potential quick exponential gains.
Cryptonews.com spends a lot of time analyzing which presales have potential, and one such project that they are big fans of is an exciting new project called Meme Kombat. Meme Kombat blends together the world of crypto gaming and gambling with its exciting platform where users are able to bet on the outcomes of exciting battles between characters based on some of the crypto world’s most popular meme coins.
Early $MK investors can also benefit from generous staking rewards, which are currently more than 100% annually. The project has already raised close to $5.25 million, despite launching just weeks ago.
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