The Solana price has dropped by 6% in the past 24 hours, slipping to $87.69 as the cryptocurrency market as a whole falls by 2.5% today.
After having a very strong December, SOL is now down by 8% in a week and by 8.5% in the last 30 days.
However, the altcoin – the fifth-biggest cryptocurrency by market cap – remains up by an impressive 250% in a year.
And with stablecoin transfers on the Solana blockchain already passing $300 billion in total this month, it seems that rising adoption will help the SOL price rise again soon.
Solana Price Prediction as Stablecoin Transfers Hit Monthly Record of $300 Billion – SOL Adoption Rising?
It definitely seems like SOL is in the middle of a medium-term correction, and may fall further before righting itself.
Its relative strength index (purple) has dropped from 50 last week to nearly 40 today, while it’s also down from 80 as recently as the end of December.
This signifies a loss of momentum and growing selling pressure, as does SOL’s 30-day average (yellow), which is beginning to flatten out.
Just as tellingly, the Solana price has actually just dropped below the 30-day average, a classic indicator of a bearish turn.
And it’s possible that both the current price and the 30-day will fall towards the 200-day average (blue), meaning that further losses are to come in the next few weeks.
Indeed, last night’s drop has pushed SOL’s current support level (green) significantly lower than it had been in recent weeks.
It’s also significant that the coin’s trading volume is falling away, down from $5 billion around Christmas to about $1.2 billion today.
This indicates a loss of interest in the token, with few big transfers or buys involving whales in recent days.
However, it’s arguable that SOL is losing simply because recent buyers have decided to take profits following the recent Bitcoin ETF-related spike, with the coin’s longer term prognosis looking very good.
🚨 BREAKING BIG: Solana surpasses $300 billion in monthly stablecoin transfer volume – an all time high. pic.twitter.com/HJpp7xMql2
— SolanaFloor | Powered by Step Finance (@SolanaFloor) January 21, 2024
As noted above, Solana has already racked up $300 billion in stablecoin transfers in January, which hasn’t even finished yet.
This puts it ahead of every layer-one blockchain network expect for Ethereum, providing an indication of just how much it has grown in recent months.
And with it, the Solana price is likely to recover once the current correction plays out, reaching $150 by the end of spring.
Alternative High-Potential Alts to Consider
Given that SOL appears to be experiencing a medium-term correction, traders may be better off looking at newer alts in the meantime.
There’s currently a wide variety of promising new alts and presale tokens available in the market, many of which may rally big in the coming weeks.
Probably the most promising is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised just over $9 million in its highly successful presale.
— Bitcoinminetrix (@bitcoinminetrix) January 22, 2024
Set for launch in the next couple of months, Bitcoin Minetrix will enable users to mine BTC by staking the platform’s native token, BTCMTX.
By staking BTCMTX, users receive mining credit tokens, which they can then spend on purchasing Bitcoin hashing power.
This means they will earn a share of mined BTC, while stakers will also receive newly issued BTCMTX.
On top of this, Bitcoin Minetrix promises to have a streamlined and easy-to-use interface, making it accessible to pretty much any cryptocurrency investors.
1 BTCMTX is currently selling for $0.0130 in its sale, which investors can still join by going to the official Bitcoin Minetrix website.
However, the sale will lend soon, so investors are advised to get in quickly before it closes, at which point the coin will list and potentially surge.
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.