The Solana price has dropped to $22.81 today, representing a 2.5% fall in the past 24 hours as the wider market slips by 0.5% in the same amount of time.
SOL’s fall comes as its underlying blockchain introduces a new update that enables confidential transactions between users, enhancing the privacy the network provides.
And while SOL is down by 6% in the past week, it remains up by 17% in the last 30 days and by 129% since the beginning of the year, making it one of the best-performing cryptocurrency over this period.
Such performance is likely to continue as 2023 draws to a close, with the overselling of SOL in the past week likely to result in a rebound soon enough.
Solana Price Prediction as New Blockchain Update Provides Native Support for Private Transactions – Time to Buy?
SOL’s indicators continue to look good even with today’s slip, implying that the losses of the past 24 hours may not be extended much further.
Importantly, SOL’s 30-day exponential moving average (yellow) has just risen above its 200-day average (blue), suggesting that a breakout may be about to occur.
And while the altcoin’s relative strength index (purple) has dropped from 75 at the start of the month to about 60 now, it still remains comfortably above 50, in a sign that the momentum is still with the buyers.
This is also suggested by the fact that SOL’s support level (green) has risen substantially since the beginning of the September, providing another sign that the altcoin has been consolidating around ever-higher bases.
SOL’s rises have been helped this year by Solana’s development as a blockchain network, with its most notable achievement being its ability to run with 100% uptime for over seven months now.
Its most recent piece of developmental news involves the aforementioned privacy update, something which Solana supporters would suggest makes SOL as useful as any other major privacy-enabling cryptocurrency.
Coming on top of Solana’s utility as a base layer for NFTs and other applications, such privacy features should help its network attract more users and more apps, which in turn should help boost SOL’s price in the long run.
What’s encouraging about SOL’s recent growth is that, despite the token’s price gains, Solana’s total value locked in still remains at a relatively low level.
Yes, it is the fifth-biggest layer-one network in terms of total value locked in, but at only $315 million, its current TVL is only 3.15% of what it used to be in November 2021, at the peak of the last bull cycle.
As such, Solana has plenty of recovering left to do, something which could see SOL eventually reach such levels as $100, $200 or higher.
Diversification With Newer Alts
While SOL looks as though it has bigger gains on the horizon, it isn’t the only high-potential altcoin in the market right now, with traders also advised to diversify into newer, smaller cap alts that could rally big when they list on exchanges.
One good example of this is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that launched its presale only a few weeks ago and has already raised $800,000.
This figure suggests that the market is quickly voting with its proverbial feet for the new platform, which will enable users to mine Bitcoin by staking its native BTCMTX token.
This system works by converting staked BTCMTX into tokenized mining credits, which are then used to purchase hashpower on the Bitcoin blockchain.
Holders who stake enough BTCMTX will therefore receive actual BTC as a reward for their contributions, while they will also receive BTCMTX itself as direct staking rewards.
This could make the token very profitable for holders, which perhaps explains why its presale has raised more than many other sales happening at the moment.
Investors can begin participating in the sale by going to the official Bitcoin Minetrix website, where they can connect their crypto wallets and buy BTCMTX at a price of $0.011.
This will eventually rise to $0.01190 by the time of the sale’s tenth and final stage, which will end with the token listing on trading platforms, where it could make early investors a considerable profit.
Visit Bitcoin Minetrix Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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