Solana’s price surges 25% as $1 billion trading volume indicates whale buying.

Solana's price surges 25% as $1 billion trading volume indicates whale buying.

The Blockchain Industry: Solana’s Rise and New Altcoins Rally

Source: TradingView

The blockchain industry is experiencing a surge in activity, with the price of Solana (SOL) increasing by 25% in the last seven days. Currently priced at $24.21, SOL has gained 6% in the past 24 hours. This remarkable growth makes SOL one of the best-performing coins in the market. The token has also seen a 23% appreciation in value within the last month and an impressive 140% increase since the beginning of the year.

The recent jump in SOL’s price is occurring amid a general market recovery, indicating the potential for further gains in the coming days and weeks. Traders and investors are particularly interested in whether SOL can break through its current resistance level, which stands at around $25. If SOL manages to surpass this threshold, a sustained breakout could occur.

Source: TradingView

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From a technical perspective, SOL exhibits strong momentum. The relative strength index (RSI) for SOL has broken through the 70 level and continues to climb towards 80. This suggests that SOL’s momentum is likely to continue in the near future. Additionally, the 30-day moving average is poised to overtake the 200-day average, signaling another potential breakout.

The trading volume for SOL has reached nearly $1 billion within a 24-hour period, indicating high levels of activity. This surge in volume suggests that whales and large investors may be accumulating SOL once again. However, there have been no significant transfers of SOL in the past couple of days, suggesting that retail investors could be driving the current spike.

Analysts are predicting a promising future for SOL, which has remained fundamentally strong despite being oversold in recent months. Solana’s total value locked-in has risen by 61% since the beginning of the year, indicating increased usage of its decentralized applications (dapps) and ecosystem. Moreover, SOL’s inclusion in Visa’s stablecoin trials, announced last month, is expected to bring further growth to the network.

Based on these factors, it is anticipated that SOL could reach $30 in the next couple of weeks and potentially reach $35 or $40 by the end of the year.

New Altcoins Bring New Rallies

While SOL remains one of the most promising major tokens in the market, several alternative cryptocurrencies are gaining attention. New presale coins are set to have significant listings in the coming weeks. Among these alternative tokens, Bitcoin Minetrix (BTCMTX) stands out due to its strong fundamentals.

Bitcoin Minetrix is a tokenized cloud mining platform that aims to make Bitcoin mining more accessible to retail investors. The project opened its presale last week and has already raised more than $300,000, demonstrating investor confidence in its unique approach to Bitcoin mining.

BTCMTX enables users to stake their Ethereum-based tokens to receive tokenized mining credits, which can be used to access Bitcoin mining hashpower. In other words, staking BTCMTX tokens allows holders to mine and earn actual BTC in return, widening access to Bitcoin hashpower and mining.

The stake-to-mine platform is scheduled to launch towards the end of 2023, with a maximum supply of 4 billion BTCMTX tokens. The presale allocation includes 1.4 billion tokens, while 15% is allocated to community rewards. These rewards incentivize participation and promote the Bitcoin Minetrix ecosystem to other investors.

During the presale, the price of 1 BTCMTX starts at $0.011, gradually increasing to $0.01190000 by the final phase. It is important to note that investors should act swiftly to secure BTCMTX at the lowest possible price, as the coin’s value could rally significantly once it lists on trading platforms in the next couple of months.

For individuals interested in participating in the presale, they can visit the official Bitcoin Minetrix website and connect their wallets to make a purchase.

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.