The Solana price has dropped by 6% in the past 24 hours, falling to $54.43 on a day when the cryptocurrency market as a whole slips by 1.5%.
However, SOL remains up by an impressive 32% in a week and 147% in a month, with today’s losses mostly being about profit-taking from some holders.
Yet in a year when Solana has risen by more than 400% since January, it’s likely to regain its momentum soon enough.
This is particularly the case when Grayscale’s Solana Trust is now trading at an almost 1,000% premium to spot SOL, indicating high demand from institutions.
Solana Price Prediction as Grayscale’s SOL Trust Trades at Nearly 1,000% Premium – Can SOL Reach $1,000?
It’s a sign of Solana’s strength right now that it continues to look very promising even after falling by 6% today.
Its indicators continue to point towards further gains, and while it may near overbought territory very soon, it could sustain its gains for several weeks yet.
Source: TradingView
Its RSI (purple) is rising again after falling nearly to 70, a sign that investors want to take the opportunity to buy any dips.
Likewise, SOL’s 30-day average (yellow) continues to climb higher above its 200-day (blue), another sign that buying pressure is increasing for the token, and that it should continue posting gains.
Possibly the most bullish signal available right now resides in SOL’s support level (green), which has risen aggressively in the past couple of weeks.
If nothing else, this suggests that any dips and selloffs are likely to be minor, simply affording new buyers the opportunity to acquire some SOL at a relative discount.
It’s also worth pointing out that the coin’s 24-hour trading volume stands at around $3 billion, up from only $200 million in mid-October.
This spike is indicative of the growth in interest from larger traders, with the aforementioned Grayscale Solana Trust now selling at roughly an 896% premium over the spot Solana price.
Grayscale’s Solana Trust is on fire, trading at a massive 869% premium! Big institutions are streaming in for SOL.
The premium increase happened because CME Group, a big financial company, surpassed Binance in the crypto derivatives market.
This shows that more institutions… pic.twitter.com/IEGPQodN6x
— Sumit Kapoor (@moneygurusumit) November 13, 2023
Such institutional interest largely accounts for why SOL has risen so dramatically in the past few weeks, with the approval of Bitcoin (and then altcoin) ETFs likely to boost bullishness further.
Solana also remains a fundamentally strong token, with the platform attracting interest from Visa in the past few months, for instance.
It’s likely to attracting growing usage over the next few months, which will translate into further price gains.
So from $55, it could easily make it to $80 or $90 by the end of the year.
Diversification With New High-Potential Alts
Because SOL may be relatively close to peaking, some traders may prefer to look towards newer alts that haven’t yet had big breakout rallies.
Such alts include presale tokens, which can often surge when exchanges add them for trading for the first time.
One promising new cryptocurrency in this respect is TG.Casino (TGC), a decentralized casino that has raised $2 million since opening its presale just over a month ago.
2 MILLION
We have raised $2 million in presale so far. A major milestone for TG Casino!
Thank you everyone! LFG! pic.twitter.com/CBTkUojo6f
— TG Casino (@TGCasino_) November 14, 2023
As the initials in its name imply, TG.Casino is an online casino that operates on popular social messaging app Telegram.
It announces and conducts games on Telegram, which it is also harnessing to help it quickly grow its community of users and holders.
In fact, TG.Casino’s Telegram channel now counts over 6,000 members, most of whom are already using the casino, which launched a few weeks ago.
That TG.Casino has already launched is another bullish feature, with its platform offering a wide selection of gambling experiences, from traditional card games to sports betting.
This helps to account for the ongoing success of the TGC presale, with investors able to join by heading over to the official TG.Casino website.
1 TGC costs $0.155, a price which will rise in under three days, and which could rocket once the token lists on exchanges towards the end of 2023.
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.
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