Crypto analysts widely expected 2024 to be the year of Ethereum, considering that BlackRock – along with several other TradFi and Web3 giants – have filed spot ETH ETF applications. However, it is the cryptocurrency often termed as “the Ethereum killer” that is stealing the spotlight.
Solana appears to be back in its 2023 form, printing long green candles on a daily basis. After a downside move to $79.18 earlier this week, the Solana price has exploded by 20% to trade as high as $99 – just shy of the $100 mark. Close to $5 million worth of short positions were liquidated on Sunday as the $SOL price broke above the $97 price point.
According to the data from CoinMarketCap, the $SOL market capitalization has reclaimed the $42 billion mark – currently at $42.5 billion – after being as low as $34 billion on Tuesday.
The Solana bull rally has also given fresh legs to several other smaller altcoins, including the SOL-based meme coin $WEN and a new crypto mining token Bitcoin Minetrix. While $WEN has witnessed 25% growth, Bitcoin Minetrix has raised close to $10 million in its ICO.
Solana Price On The Verge of $100 – How High Can It Go?
The Solana price is currently trading at $97.50 – up 6% over the past 24 hours – and appears poised to hit the $100 mark.
According to the Solana technical analysis from TradingView, $SOL is currently outperforming every key moving average indicator, earning a “Buy” signal in the daily, weekly and monthly time frames.
Analysts are confident that the Solana bull rally is nowhere near done, with popular trader Jelle, who has close to 50k followers on X, predicting $SOL to hit the $200 mark in the coming days. He highlights that Solana is also showing extreme strength against Bitcoin and Ethereum, which is contributing towards the ongoing price rally.
Popular crypto analyst Ninja, who has over 212k followers on X, reveals that the $SOL price is currently within an ascending parallel channel, which means that the token could witness a significant correction near the $100 price mark. Indeed, Solana has corrected to $97 after surging above $99 earlier today. However, if $SOL manages to breach the upper trend line, it could display an explosive bullish continuation in the coming days.
It should also receive a significant boost from the broader market outlook. While crypto prices plummeted in the aftermath of spot Bitcoin ETF approval, Bitcoin and other large-cap altcoins appear to be making a comeback, with $BTC now back above $42,000.
Furthermore, the upcoming FOMC meeting – scheduled to take place on the 31st of January – should also push crypto prices higher. The CME FedWatch tool is showing a 96% probability that the Federal Reserve will continue to pause its monetary tightening in the upcoming FOMC. More importantly, it is showing close to a 50% chance of the Fed starting to cut its interest rates in the March FOMC.
The Federal Reserve finally switching to quantitative easing could be what triggers the 2024 crypto bull run, which could push the Solana price to its new all-time high.
Bitcoin Minetrix Nears $10 Million In Presale – Why Analysts Believe It Will 10x
Solana is not the cryptocurrency smart-money traders are investing in for the upcoming bull market. Low-cap gems such as Bitcoin Minetrix are also in high demand, thanks to their price potential and relevant utility.
Bitcoin Minetrix is a cloud mining project that makes $BTC mining rewards accessible to everyday investors, despite the existing corporate monopoly in the industry. Minetrix mines Bitcoin on behalf of its investors, distributing the collected rewards back to them in proportion to their initial investments.
$BTCMTX – the native cryptocurrency of the Bitcoin Minetrix ecosystem – is still in its presale phase in which it has already raised close to $10 million, signalling robust demand for its utility.
After all, the crypto mining industry is set to turn extremely profitable during the upcoming bull market. However, due to the high capital investment and technical expertise required to run a successful mining operation, small-scale investors often miss out on the profits.
With Bitcoin Minetrix, they simply need to purchase $BTCMTX tokens – preferably during the ongoing presale for maximum profits – and stake them. The Minetrix stake-to-mine dashboard makes the entire process as simple as clicking a few buttons. Furthermore, this tokenized approach is significantly more transparent than other cloud mining platforms that require burdensome, long-term contracts.
In addition to the aforementioned BTC mining rewards, Minetrix investors can also earn staking rewards at an APY much higher than the industry standard.