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The Solana price has surged by 77% in the past month, following a prediction by Van Eck that suggests SOL could see a 100x price increase by 2030.
As of 1:22 a.m. EST, SOL is trading at $38.95, marking a 5.6% increase in the past 24 hours. The increase in price can be linked to the 9.8% boost in Solana’s trading volume, which has now reached $1.7 billion.
Solana Price Pushes Above $33.19 Level: Is the Bull Run Valid?
The SOL cryptocurrency has shown a notable surge, evident in its sustained and consistent upward trajectory on the price chart.
This surge was initiated by forming a head and shoulders pattern near the $17.53 support zone, indicating a shift in the bullish trend and presenting an opportunity for bullish traders and investors.
Based on the chart, the bulls successfully overcame the $24.93 barrier, which had initially triggered a double top pattern, indicating a potential shift in the price trend toward bearish territory.
Nonetheless, the bulls established a base at the $21.30 level, coinciding with the 200-day simple moving average (SMA), which now serves as immediate support for the price, helping the bulls to fly higher before facing a rejection at $33.91.
This particular point also forms the right shoulder of the previously formed head and shoulders pattern.
Additionally, the price has successfully breached the 50-day and 200-day moving averages, strengthening the bullish trend. The confirmed crossover of the 50-day SMA over the 200-day SMA could attract more buyers.
Solana Price Prediction: Bull Rally May Reach $48
At the time of writing, the price has successfully breached the $33.91 resistance level where the bulls had encountered rejection, leading to a slight correction in price by the sellers.
Looking ahead, SOL has the potential to reach the $45 mark in the coming weeks. This is supported by the relative strength index (RSI), which demonstrates upward momentum as it rebounds from the 50-level to 82. This signifies substantial buying pressure in the price range of $21.42 to $33.19.
The bullish momentum persists, with buyers showing unwavering dedication to recouping their losses. This determination fuels their drive to elevate the price, aiming to reach fresh highs of around $45 and $48 in 2023.
Bearish traders may, however, see the correction as a chance to reduce their losses, which could exert downward pressure on the price, targeting the $29.08 support zone.
Meanwhile, the BTCMTX Bitcoin cloud mining platform is attracting substantial interest from early investors, who have acquired 77% of the total token supply through its presale project and stake-to-mine program.
BTCMTX: Price Increase in Less Than 24 Hours
Currently, the BTCMTX presale has secured more than $2.9 million in funding, reaching $2,913,542.
As the presale nears its fourth stage, take advantage of the chance to invest in BTCMTX tokens at the current price of $0.0113 per token. As the presale advances toward its soft cap goal of $3.385 million, the token’s price will rise. It’s important to note that the maximum fundraising target for this project is capped at $15 million.
Another great milestone unlocked by #BitcoinMinetrix!
More than $2,800,000 raised! 🪙 pic.twitter.com/PoH28Wjd7x
— Bitcoinminetrix (@bitcoinminetrix) October 31, 2023
BTCMTX has a total token supply of 4 billion, with 42.5% allocated to fund Bitcoin mining endeavors in the first phase of its roadmap. 35 percent is designated for launching the Bitcoin Minetrix platform and related initiatives.
A 15% portion is reserved for rewarding community participation, and 8% is allocated for BTCMTX staking rewards until the full development of the Bitcoin Minetrix cloud mining platform is achieved.
Get the Chance to Win $30,000 Minedrop Airdrop
BTCMTX has introduced an innovative stake-to-mine strategy, combining cloud mining with token staking. Currently, there are 207 million tokens staked, offering an impressive Annual Percentage Yield (APY) of 201%. Each block currently yields a reward of 158.5 tokens.
#BitcoinMinetrix envisions a rejuvenated cloud mining environment that aligns stakeholding and cloud mining.
With transparency, autonomy, and security, #BitcoinMinetrix aims to pioneer tokenized cloud mining, offering a dependable $BTC mining avenue for all. 🪙⛏️ pic.twitter.com/4Vh03aonId
— Bitcoinminetrix (@bitcoinminetrix) October 30, 2023
Moreover, you can increase your BTCMTX token holdings by staking for mining credits. Once the app is launched, these credits will be available, enabling you to enhance your earnings from Bitcoin cloud mining by utilizing your staked tokens.
Don’t miss out on the exciting BTCMTX $30,000 Minedrop airdrop competition, where ten lucky winners will each receive $3,000 worth of BTCMTX tokens.
Cilinix Crypto, a popular YouTube reviewer with 34.2k subscribers, provides insights into how to purchase and stake BTCMTX tokens. He is actively invested in this presale opportunity.
You can use ETH, USDT, BNB, or a bank card to buy BTCMTX and participate in the presale and stake-to-mine program.
Simply connect your wallet to the BTCMTX website, purchase, and ensure you have enough ETH or BNB to cover the associated gas fees.
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