As the crypto market prepares for the next bull run, the most analyzed cryptocurrencies by analysts are Shiba Inu (SHIB) and Solana (SOL), as both of them recently experienced major price upswings. Each network offers its own set of appeal and distinctive features that have historically appealed to the Web3 community. Today, we will be diving deeper into the on-chart data of both Shiba Inu and Solana to determine if they can lead the next wave of gains within the market.
Shiba Inu’s (SHIB) Future Outlook
The Shiba Inu (SHIB) cryptocurrency has increased in value to $0.00000822, marking a notable 12.2% increase during the past month. During the past week, the Shiba Inu price saw movement up from $0.00000780 to a maximum point of $0.00000899. The current on-chart data also suggests that the Shiba Inu market cap is at $4,849,738,580, placing it as the 20th largest crypto.
SHIB’s indicators now remain fairly subdued, undermining any calm that a rally is imminent for the crypto. The RSI is currently under 50, which is a sign that the crypto is leaning more towards buying pressure at the moment. The SHIB 30-day average stalled and now sits close to the 200-day mark, which it can dip below soon.
With the SHIB trading volume remaining at $104,368,648, it’s notably higher than competing altcoins. The Japanese exchange BitTrade also expanded its support to include lending services for SHIB. According to the Shiba Inu price prediction, it can spike to $0.000013 by the start of 2024.
Solana (SOL) and Its Current Market Momentum
Solana (SOL) recently saw a major increase in appeal following the rapid increase it experienced during the past month. Solana is a high-speed, single-layer blockchain that initially took the Web3 space by storm by introducing the fastest throughput with the implementation of its timestamp system called Proof-of-History (PoH).
Since then, the ecosystem has evolved, and a lot of apps and services now operate on the network, such as Hivemapper, Helium, Teleport, and Render Network, which have chosen the network to scale infrastructure networks affordably.
During the previous month, the Solana crypto increased in value by 86.2%. In the past year, the crypto increased 306.6%. Last week, the value of SOL increased from $52.21 to $61.47. Based on the current on-chart data, the Solana price prediction puts its value at $84.91 by the start of 2024.
Diversifying a Portfolio That Can Explode in Value
As enthusiasts look to diversify their holdings and jump into newer projects alongside the aforementioned two coins, Meme Moguls is also picking up some attention as it offers a meme-backed stock exchange/market that rewards users for the time they commit.
The platform has high-growth potential, especially with its Meme Moguls Fantasy Trader P2E game and the Moguls Exchange Trading Platform offering, and represents an excellent alternative. These features can make it appealing to newbies and veterans of the industry, who find appeal in meme-backed assets.