Solana Price Prediction: As SOL Dominates Crypto Product Inflows, Analyst Says It'll Soar To $363 And This Bitcoin Cloud Mining Phenomenon Closes On $5.5 Million

Solana Price Prediction: As SOL Dominates Crypto Product Inflows, Analyst Says It’ll Soar To $363 And This Bitcoin Cloud Mining Phenomenon Closes On $5.5 Million

BySteven Walgenbach

Updated: 18 December 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The Solana price was up more than 6% on the weekly timeframe as of 9:35 AM EST as investors maintain a bullish outlook for the cryptocurrency..

Analyst Expects The Solana Price To Rise To $363

In a new YouTube video update, the host of InvestAnswers told his 458,000 subscribers that the Solana price still has a huge amount of upside potential. This analysis comes even after the altcoin has soared 477% in a year.

“Regarding the Solana dominance so far this year, [what] blew me away is we’re at nearly 2.2%,” he said. “The all-time high for Solana on dominance was like 2.5% or something, so again we are so early yet the dominance of Solana is going through the roof.”

He went on to calculate SOL’s potential price. In his calculation, he factored in variables such as a $5 trillion total crypto market cap and a 3% dominance rating for Solana. Using these estimates, the analyst estimated that the Solana price could rise to $363.

The Solana Price Is Resting At A Crucial Point

Daily chart for SOL/USDT (Source: TradingView)

The Solana price has pulled back to the lower barrier of a medium-term ascending price channel. A break below this positive price could put the altcoin at risk of retesting the closest support level at $57.50. Falling below this significant mark could lead to the Solana price dropping to as low as $45 in the short term.

This bearish thesis may not materialize if the Solana price manages to remain within the price channel for the next 48 hours. In this alternative scenario, the cryptocurrency may attempt to flip the $80 resistance level into support. Continued buy pressure at this point may then boost SOL’s value to $110 throughout the course of the following week.

Technical indicators on SOL’s daily chart supported a short-term bearish outlook. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators suggest the Solana price will drop in the next 48 hours.

A Bearish Shift In Momentum Could Lead To A Drop In The Solana Price

Over the past 24 hours, the MACD line crossed below the MACD Signal line. Traders generally see this as a sign that a cryptocurrency’s negative trend may continue in the following few days. In addition to this, the RSI line was positioned below the RSI Simple Moving Average (SMA) line. The orientation of these two lines suggests that sellers currently have the upper hand against buyers on SOL’s chart.

While the Solana price stands the risk of falling out of a positive price channel, Bitcoin Minetrix is nearing the $5.5 million mark in its presale.

Overcoming The Current Obstacles In The Cloud Mining Sector

#BitcoinMinetrix seeks to revolutionize #Bitcoin Cloud Mining by deploying a Stake-to-Mine system driven by smart contracts. 🚀

Envisioning a secure, effective ecosystem across #Blockchains, overcoming the limitations of typical cloud mining. 🌍 pic.twitter.com/9bC9yL9QUE

— Bitcoinminetrix (@bitcoinminetrix) December 17, 2023

Bitcoin Minetrix is an innovative cloud mining platform that aims to address some of the current obstacles and risks in the cloud mining space. Through decentralization, the project is able to reduce the threat of scammers.

Bitcoin Minetrix also removes the barrier to entry for anyone looking to get started with Bitcoin cloud mining. To utilize the platform, investors will simply need to buy and stake the project’s native token, BTCMTX. Holders receive gas tokens in return for staking tokens. They must then burn these tokens to claim their share of Bitcoin Minetrix’s cloud mining power.

Nearing The $5.5 Million Mark

Bitcoin Minetrix’s presale has attracted investors from all over the globe, and is close to reaching the $5.5 million fundraising mark.

Anyone looking to buy into this promising project can purchase BTCMTX using Ether (ETH), Tether (USDT) or bank card. The token is selling for $0.0123, but investors will want to hurry as its price is set to increase in less than 4 days.