Solana Price Prediction It has turned bullish at $22.45 after gaining nearly 35% in 24 hours and nearly 70% in the past seven days. This jump in Solana price can be attributed to the growing demand for decentralized finance (DeFi) projects and the growing popularity of the Solana blockchain network.
Solana provides a high-speed, low-cost platform for blockchain developers to build decentralized applications (DApps). Its scalability, speed and affordability make it an attractive option for DeFi projects that need to process large volumes of transactions quickly and at low cost.
With the recent jump in prices, many investors are now viewing Solana as an attractive investment opportunity.
On-chain analytics firm Sentiment speculates that the “short squeeze” may have contributed to Solana’s meteoric price rise. In layman’s terms, a “short squeeze” is a sudden jump in the price of an asset, mostly due to heavy short selling.
Sentiment noted“Solana has broken the $22 mark and nearly tripled from its low of $8 two weeks ago, with shorts further fueling the surge.”
According to the on-chain analytics firm, traders on Binance have consistently shown a bearish bias towards Solana since the beginning of this month. The article mentions that as the price of SOL bottomed on December 30, an even larger proportion of SOL shorts began to open. Since its low, SOL has gained 170% in price.
Blockchain activity on Solana Network is showing no signs of slowing down
Despite the fact that an estimated 50 million Solana coins are stuck in the Chapter 11 proceedings of cryptocurrency exchange FTX, Citi Research reported on Thursday that activity on the Solana blockchain is still high. According to the analysis, this has drastically reduced the available crypto and increased the level of skepticism about the future of blockchain.
Analysts at Citi Research, led by Joseph Ayyub, noted that “several key measures” such as “active addresses” and “daily non-fungible-token (NFT) volumes” were back to pre-FTX-collapse levels, possibly taking comfort from some users. were indicating. Chain.
After a week of inactivity on the blockchain, Citi claims developers are back with an airdrop of BONK tokens to Solana holders. To encourage wider use of a new digital currency, “airdrops” occur when a certain number of its tokens are distributed free of charge to certain wallet addresses.
Solana’s largest NFT collection, DeGods, left the chain last month due to uncertainty about its future, and the memo identifies retaining users and developers as a primary concern of the network.
Solana’s coin was a “slow burn lower” towards the end of the year, plunging 20% on December 29. The price of SOL doubled in the weeks after Ethereum inventor Vitalik Buterin liquidated about $550 million worth of shorts on the blockchain. According to the report, the same time frame.
Solana Price Prediction
The current price of Solana is $22, with a 24-hour trading volume of $3 billion. There has been an increase of about 35 per cent in SOL in the last 24 hours. coinmarket cap Now ranked #11 with a live market cap of $8 billion.
So far, Solana has completed a 50% Fibonacci retracement level at $23.65, and candle closing below this level signals that the bullish trend may be exhausting. That being said, if SOL fails to overcome the $23.65 level, it could experience a slight decline towards the next support at $19.50 or $17.50.
The SOL/USD pair is trading above the 50-day moving average with support near $15. Alternatively, a sustained rise in SOL could get cut below the $23.65 level, which could bring SOL price towards the $27.56 or $32.45 levels.
Buy these coins now for further 3x profit
The market is experiencing risk-on sentiment, which is driving the overall cryptocurrency market up. Consequently, in addition to Solanas, it is worth paying attention to the following coins.
Meta Masters Guild (MEMAG)
meta masters guild, a mobile-focused gaming guild that will create a combination of Web3 and play-and-earn games, has started its pre-sales. Its Ethereum-based games will feature playable NFTs as well as incentives, which can be swapped for MEMAG, the company’s native token, which can then be staked and sold.
It will be issued in seven tranches, the first of which will deliver one MEMAG for $0.007. This price would eventually rise to $0.023, representing a 228.5% increase for early investors even before MEMAG went public.
The Meta Masters Guild is projected to grow exponentially when the platform’s first game (Meta Kart Racers) is released in the second quarter of this year. Also, if the world market and economy improves, the native coin can make huge gains.
Visit the Meta Masters Guild now
Fightout (FGHT)
to fight (FGHT) platform functions similarly to a personal trainer, with the exception that workout time is pre-paid using FGHT tokens. All activities are tracked and can be used to improve the metrics of one’s Metaverse avatar.
FGHT pre-sales are going well, with almost $2.90 million raised so far. The current selling price of 60.06 FGHT for $1 (FGHT can be bought using ETH or USDT) is expected to increase as sales increase.
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