Top trader predicts heavy buying of SOL this year, wonders if it can reach $1,000.

The Solana price has decreased by 0.5% in the past 24 hours, falling to $19.44 amid a 2.5% decline for the cryptocurrency market as a whole today.

SOL remains up by 4% in a week and by 16% in the last 14 days, with the altcoin having risen by an impressive 95% since the start of the year.

Such growth has been posted on the back of steady development and progress for Solana as a blockchain and ecosystem, with its network recently marking nine months of uptime, helping it to restore its reputation after its 2022 and 2021 was marred by a number of high-profile outages.

• Elon Musk accuses Mark Zuckerberg of cheating on Twitter vs. Threads.
• Sega’s COO finds blockchain gaming boring, leading to a reevaluation of their GameFi plans, according to Bloomberg.
• Shibarium Blockchain, based on Shiba Inu, launching in August.

And given the steady expansion of its ecosystem, it remains probable that SOL will see further gains before 2024, particularly when high-profile traders such as Pentoshi have publicly declared they’ll buy the altcoin “heavily” this year.

Solana Price Prediction as Top Trader Says He Will Buy SOL ‘Heavily This Year’ At These Levels – Can SOL Reach $1,000?

SOL’s chart remains positive, even with today’s slight stumble, with the token’s indicators still in positions where they could resume climbing.

Its 30-day moving average (yellow) continues to rise above its 200-day (blue), indicating ongoing buying momentum and potential rallies.

And even though SOL’s relative strength index (purple) has declined from 70 in the past day, it remains above 50 and has leveled out, suggesting that today’s drop may soon turn into growth.

The coin’s support level (green) also reinforces the belief that today’s decline won’t be prolonged, as it has consistently increased since mid-June.

As such, technicals point towards further increases for SOL in the near future, with the altcoin potentially reaching $20 again before the end of the weekend, and potentially reaching $25 in the next one or two weeks.

This optimism is supported by remarks from various high-profile traders and analysts, with @Pentosh1 tweeting yesterday that SOL is now showing “pretty promising signs of life” and that they plan “to buy [it] heavily this year,” with the coin being one of their “strongest conviction bets for the bull run.”

At the same time, Solana’s fundamentals are definitely improving, following a disappointing 2022 in which its network suffered multiple outages in fairly quick succession.

For one, recent updates have meant that it has gone more than nine months without any further disruptions, which has been crucial in rejuvenating development on its platform.

Such development is evident in the emergence of new apps on Solana, such as Underdog Protocol, Monstrè Pay, Solarplex.xyz, and Boom Army.

Thanks to the emergence of such platforms, Solana can expect its usage to steadily increase in the medium and long term, which will only boost its price.

Because of this, SOL’s prospects for the future are very good, with the coin potentially returning to $30 or $40 by the end of the year.

And if 2024 brings a new bull market, it could easily reach triple figures, with the goal of regaining its all-time high of $259.96.

Presale Token Rallies

While Solana’s fundamentals indicate that it will enjoy steady gains throughout the rest of the year, it’s unlikely to witness any single massive rally.

Traders may, therefore, prefer looking towards newer altcoins for short-term surges, with presale tokens, in particular, offering the potential for significant rallies when they list on exchanges.

One of the most promising presale coins at the moment is Thug Life Token (THUG), an ERC-20 meme token that has adopted the iconography and stylings of gangsta rap in an attempt to attract a following from online hip-hop communities.

This strategy seems to be working, with its presale already raising $600,000 after going live over a week ago.

In contrast to many other meme tokens, THUG will be appreciably decentralized, with 70% of its total supply of 4.20 billion being allocated to the presale.

Such a large allocation will help it assemble a strong community, with its holders likely to feel more invested in the token than they would with other new meme tokens that directly list (and that are likely majority-owned by their issuers).

However, Thug Life Token’s presale will have only one stage and will end in just under 10 days, so anyone interested in joining the sale will now have to move quickly before it sells out.

New buyers can grab some THUG by going to the official Thug Life Token website and connecting their software wallets, with 1 THUG costing $0.0007.

This price is likely to seem very cheap once the sale ends in ten days, and THUG lists on exchanges.

Visit Thug Life Token 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.