Major crypto prices are soaring once again, with the global crypto market cap appreciating by 1.3% today. While the Bitcoin price has only rallied by 1.5% to breach the $35,000 level, altcoins such as Chainlink, The Graph and IMX have all skyrocketed by over 10%.
Despite the market capital rotating from Bitcoin to the altcoins, the Solana price has not displayed any sustainable upside today – in fact, SOL has experienced a 1.3% pull back over the past 24 hours.
Solana has been one of the most bullish cryptocurrencies in 2023, surging a staggering 318% year-to-date. Injective, Conflux and Render are the only 3 cryptocurrencies that have posted higher gains since the start of the year.
However, SOL’s lack of bullish strength today has led many investors to wonder if the Solana bull rally is over.
Meanwhile, a new GambleFi token $TGC has emerged as an excellent alternative investment, having already raised over $1.7 million in its ICO.
Solana Price Prediction Turns Bearish – Is $50 Still Possible?
The Solana price is facing an unexpected resistance at the $42 price mark, considering that SOL has been unable to flip it into a support this week. Even today, the token initially soared to the $42.8 price mark, before witnessing a sharp decline back to $41.35.
Solana’s market capitalization is now on the cusp of falling below $17 billion, instead of the $19 billion it hit earlier this week. The token’s 24-hour trading volume has also decreased by 36%, which will make any upside move that much more difficult.
TradingView, a technical analysis platform, also reveals that SOL could see more selling pressure in the coming days. The token is underperforming a number of key moving averages in the lower time frames.
Even in the higher daily time frame, the Solana RSI has hit a value of over 76, indicating that the token could witness more sell-offs in the short term. Furthermore, the 100-Week Simple Moving Average at $46.13 and the 100-week Exponential Moving Average at $52 are also acting as strong resistances.
On-chain data firm LookOnChain reveals that the Solana price hitting the $46 mark was likely due to the recently-concluded Breakpoint event. However, LookOnChain also highlights that SOL hit a local top during the Breakpoint events in 2021 and 2022, followed by a steep correction.
Consequently, there is a strong discrepancy between experts’ long-term and short-term Solana price predictions. Trader @CryptoTony__, who has close to 350k followers on X, predicts Solana price to hit the $70 – $75 range in the coming months. However, he has also warned sidelined investors against “FOMO buying” unless SOL breaches the $48 mark – especially since FTX continues to sell its crypto holdings.
Similarly, trader @CryptoGodJohn, who has over 500k followers on X, revealed that he has closed his SOL long positions, now moving his capital to Arbitrum ($ARB).
On a separate note, he also believes that GambleFi tokens could be the revelation of the next crypto bull run. $TGC is one such token that is gaining major traction in its presale phase.
TGC Token Also Turning Heads as Presale Raises $1.7 Million
$TGC is the native token of the TG.Casino platform, an innovative Telegram-based crypto casino that offers anonymous gambling services, without the burden of any KYC verification or account setup.
TG.Casino’s integration with Telegram offers several key advantages. Players can bet on hundreds of games and sports books such as NBA, NFL, MLB, etc, without even downloading any additional application. Players are also protected by Telegram’s end-to-end encryption, a vital security and data privacy tool.
Moreover, Telegram is the home of a billion users, many of whom are crypto and gambling enthusiasts, which could lead to higher user adoption of $TGC. For instance, the Crypto Whale Pumps group on Telegram, which has over 25k subscribers, is buzzing about the token’s price potential. The admin of the group recently announced that he has purchased 10 ETH worth of $TGC in the ICO itself.
After all, the token offers high utility within the TG.Casino ecosystem. For instance, all players betting with $TGC will receive a 25% cash back on all their losses, while some exciting games will only be accessible with the token.
Investors can also choose to stake their tokens in the presale itself and earn attractive passive income, currently at an APY of over 300%, which is much higher than the industry standard 5% to 7%.
Due to $TGC’s utility, the TG.Casino presale has already raised over $1.7 million in just over a month.