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The Solana price soared 13% in the last 24 hours to trade at $183.06 as of 4 a.m. EST on trading volume that skyrocketed 188% to $8.38 billion.
The SOL price surge fired the token past Binance Coin (BNB) to become the fourth-largest cryptocurrency by market capitalization. Solana’s market cap now sits at $86.5 billion, compared to BNB’s $83.6 billion.
The crypto markets were buoyed by news that Donald Trump had won the US presidency. Trump has vowed to be ”crypto president” and is seen ushering in a more crypto-friendly regulatory environment.
Solana Price Prediction
There are already signals that suggest that the current correction is only a temporary setback. For example, Solana saw its Bollinger bands suddenly narrow over the past few hours, with the price dropping from the upper band to the lower one.
But, it has already started growing again, separating itself from the bottom band and returning to the middle area between the two lines at the time of writing. Not only that, but there is a strong chance that it will make a full recovery, and possibly continue to push further up.
This comes from observing the performance of another metric — Solana’s Relative Strength Index (RSI). The metric previously skyrocketed deep into the overbought zone, nearly reaching the value of 90. Typically, traders start selling as soon as the RSI hits 70, which is where the overbought zone starts.
The fact that it went to nearly 90 only a few hours ago suggests an overwhelming amount of investment in the popular Ethereum alternative. Since then, however, traders have started selling to make a profit from the increase, and in doing so, they knocked the price down to its current value, while the RSI itself dropped to the neutral zone at around 50.
The overwhelming bullish sentiment caused traders to move back in and start buying SOL again before the RSI dropped to the oversold zone, and so the surge of the RSI value is already starting again. The price is mirroring it, as well, meaning that Solana is likely to go back up in the hours to come.
Given his pro-crypto stance, Trump’s potential victory could kick off an even greater surge, as the former president made promises to secure a positive future for the crypto industry if he gets elected.
Promising Alternative To Solana
While Solana has brought big gains to its holders, there are many promising alternatives to consider that are still in presale, one of them being the new vote-to-earn (V2E) project Flockerz (FLOCK).
This project has figured out a simple, efficient way to maintain community involvement and ensure decentralization.
To do this, it created a new model called V2E, which essentially rewards users who vote on various decisions concerning the project.
Simply put, Flockerz wants the community to be active in terms of project governance, and in doing so, maintain high decentralization. Many other decentralized projects have seen their communities lose interest, leaving all the decision-making in the hands of a small group, which leads to centralization
With rewards for voting, Flockerz will make sure that its token holders will have a reason to keep coming back.
Not only that, but the project also offers massive rewards to those who stake its token, with the current Annual Percentage Yield sitting at 1,317%.
All of this and more caused many to join its ICO, firing funds raised past $1.2 million so far. The project has even caught the eye of TodayTrader, a YouTuber with more than 12k subscribers who believes FLOCK has 10x potential.
If you wish to be a part of the project, you can join its ICO right now and buy FLOCK early for $0.0059571.
The project will see its next price increase in slightly less than 3 days, leaving you with plenty of time to do your research and make an educated decision.
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