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Solana price is up 676% year-to-date and 9% in the last 24 hours to trade for $93.96 as of 3:35 a.m. EST time, with trading volume rising 35%.
The climb has been phenomenal, with the purported Ethereum (ETH) killer rising from the $18.00 depths following the FTX cryptocurrency exchange saga to the current market value above $90.00.
The surge has seen SOL outrank XRP token to become the fifth cryptocurrency on market capitalization metrics, and it briefly overtook BNB to take fourth place earlier before falling back.
Nevertheless, even as SOL holders hold out hope for Solana price to continue its uptrend, Santiment, advises the need for caution. According to the on-chain behavior aggregator, the surge and its associated skyrocketing social volume is a red flag, with the mainstream talk likely to inspire FOMO (fear of missing out).
🗣️ #Solana (+13%), #Stacks (+23%), and #NEARprotocol (+17%) are the top trending assets, according to rising social volumes. In each case, when there is mainstream talk at this level, #FOMO will create price tops. If holding any, take a cautious approach. https://t.co/bb3O2lFJd1 pic.twitter.com/oMnVvAI0ea
— Santiment (@santimentfeed) December 21, 2023
Santiment indicates that a massive spike in social volume often precipitates a correction as the price top is attained.
BitMex Co-founder Dumps Solana For Ethereum
Elsewhere, BitMex co-founder Arthur Hayes has dumped Solana for ETH, anticipating Ethereum price to hit $5,000 soon. Such an outcome would indicate a new all-time high for the largest altcoin by market capitalization.
Fam … I have a confession to make.
I received a msg from the Lord while meditating. He said dump that Sam coin POS, and profess your love for Archangel Vitalik.
So I dumped $SOL, and bot more $ETH.$ETH = $5,000
— Arthur Hayes (@CryptoHayes) December 22, 2023
Hayes has been a strong Solana proponent,, saying recently that it could hit $100. This was a weekend prediction inspired by Solana’s impressive rally over the past two months, to record upwards of 200% in gains since mid-October.
Who is ready for a weekend alt szn green doji piss up? Can we send $SOL over $100? Let’s do it fam 🫡🫡🫡🫡🫡🫡
— Arthur Hayes (@CryptoHayes) December 5, 2023
Nevertheless, Hayes’ bias brings to mind assertions by Solana founder Anatoly Yakovenko, who binned the narrative that SOL is an Ethereum killer. In a post on X in early December, Yakovenko urged his followers against the narrative that played during the past cycle, putting SOL against Ethereum. In his opinion, the bias “is lame.”
Don’t bring back last cycle “eth killer” bs. It’s lame. Pareto efficient technologies can have overlapping features and will compete, but that’s all ok. I don’t see a future where solana thrives and somehow eth dies. I am such a techno optimist that I am certain that…
— toly 🇺🇸| bip-420 (@aeyakovenko) December 2, 2023
He envisions a future where the Solana and Ethereum ecosystems coexist despite their overlapping features. Yakovenko was responding to statements by MakerDAO co-founder and CEO Rune Christensen who indicated plans to remove the protocol’s NewChain from Ethereum and fork it on the Solana blockchain.
The last phase of Endgame is the launch of a native blockchain for Maker with the codename NewChain
It will make the ecosystem more secure and efficient
After some research, I believe the Solana codebase should be considered as the basis for NewChainhttps://t.co/KyGxBBGlVH
— Rune (@RuneKek) September 1, 2023
The crypto community had perceived Christensen’s plans as a battle of the best between Solana and Ethereum. According to Yakovenko, putting two ecosystems against each other can only be to the ecosystem’s detriment.
Solana Price Prognosis As SOL Takes Up Fifth Place On Market Capitalization Metrics
A close look at the Relative Strength Index (RSI) reading of 75 shows that SOL is overbought. The indicator is already southbound and could soon cross below the 70 level. If this happens, it would confirm that the altcoin is ripe for selling.
The ensuing selling pressure could send Solana price south, losing the support at $92.76 or lower, slipping past the $80.00 psychological level to test the $67.26 support. In the dire case, the slump could send SOL market value below the $51.63 support, below which the prevailing bullish outlook would be invalidated.
A break and close below the $51.63 support could pave the way for an extended slump to the $28.02 level, or in the dire case, extend the fall to the $12.80 support floor.
Converse Case
On the flipside, increased buying pressure could see Solana price extend the climb, potentially going as high as the $99.50 range high.
The bulls still have a presence in the SOL market, evidenced by the position of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) in the positive territory.
As investors wonder how high Solana price can go, two new projects with high upside potential might also be worth considering. They are YPRED and LPX, both of which can help you achieve winning trades.
The tokens feature among the best crypto ICOs of 2024, with analyst Jacob Crypto Bury saying that they are packed with utility and could 10X at launch.
Promising Alternatives To Solana
Ranking for two out of the five top crypto presales of 2024, YPRED and LPX provide tempting investment opportunities for traders.
YPRED
This token powers the yPredict project, an all-in-one AI ecosystem built for developers, traders, quants, and analysts. The project gives community members real-time trading signals from innovative predictive models by the top 1% AI experts.
🚀 Dive into the exciting world of crypto trading with #yPredict! 🤖
Our cutting-edge AI and machine learning tech empowers traders with invaluable insights for better-informed decisions and increased profit potential. Plus, we open doors for AI enthusiasts to monetize their… pic.twitter.com/ZtWFZVxJV6
— yPredict.ai (@yPredict_ai) October 17, 2023
The project is in the presale stage, boasting upwards of $5.641 million in sales so far out of the target objective of $6.507 million.
🚀 Exciting News in the Crypto Space! 🌐🔮
yPredict (YPRED) presale surges past $5.5M with just $1M left to reach its $6.5M hard cap! 🚀
🤖 AI-powered trading tools
💡 Data-driven insights for traders
💰 Staking rewards up to 45%
📈 Presale price $0.11 – Listing at $0.12… pic.twitter.com/FnUxZTjJLk— yPredict.ai (@yPredict_ai) December 16, 2023
In the current eighth stage, investors are buying YPRED tokens for $0.11 per token even as the listing price of $0.12 beckons.
🚀 Exciting News in the Crypto Space! 🌐🔮
yPredict (YPRED) presale surges past $5.5M with just $1M left to reach its $6.5M hard cap! 🚀
🤖 AI-powered trading tools
💡 Data-driven insights for traders
💰 Staking rewards up to 45%
📈 Presale price $0.11 – Listing at $0.12… pic.twitter.com/FnUxZTjJLk— yPredict.ai (@yPredict_ai) December 16, 2023
Visit yPredict website to buy YPRED in the presale here.
LPX
The token is the ticker for the Launchpad XYZ ecosystem, the go-to place for investors looking for the next winning trade. It is a consumer-focused project providing insights and analytics on all Web3 sectors.
🚀 Outsmart the market with #LaunchpadXYZ's AI insights
Elevate your #Trading game! 🔥#LaunchpadKnows #Web3 #Crypto pic.twitter.com/gcZDqATf8F
— Launchpad.xyz (@launchpadlpx) November 9, 2023
The token is selling for $0.0445 with sales now reaching $2.224 million. Visit Launchpad XYZ website to buy LPX in the presale here.
Also Read:
- How to Buy yPredict Token – YPRED Presale
- How to Buy Launchpad XYZ – LPX Token Presale
- The 5 Best Crypto Launchpads To Get Early Acces In Altcoin Presales
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- SolidProof Audited - playdoge.io
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