The Solana price is witnessing another bullish breakout today, skyrocketing as high as 10% over the past day. After trading below the $39 price mark on Friday, SOL has jumped back above $41.5 at the time of publishing.
This is a strong recovery from Solana, considering that it plummeted 17% from this week’s high of $46.25. According to CoinMarketCap, Solana’s market capitalization is currently at $17.8 billion and is on the cusp of re-hitting the $18 billion mark.
A wide range of factors are contributing to SOL’s bullish strength, including Bitcoin’s upward trajectory, the Federal Reserve pausing its monetary tightening and the rapid innovation in the Solana ecosystem.
However, the question remains whether the Solana price could hit the $50 mark, considering that it is still facing some strong resistances in the weekly time frame. Furthermore, the bankrupt FTX crypto exchange continues to unstake and sell its SOL holdings, which is also acting as a barrier towards a sustained rally.
Solana Price Prediction – Is $50 On The Cards?
Solana has been the most bullish major cryptocurrency since the start of the year, surging a staggering 323% over the period.
SOL’s performance is even more impressive when considering its close ties with FTX and the exchange’s disgraced founder Sam Bankman-Fried. Indeed, the Solana price was trading below the $9 price mark after FTX filed for its bankruptcy in November of 2022.
Furthermore, in its lawsuit against Coinbase and Binance, the US Securities and Exchange Commission labeled Solana as an unregistered security, which also led to the token suffering significant losses back in June of this year.
And yet, Solana continues to impress investors with its explosive price action, posting the second-highest gains of any top 100 cryptocurrency over the past month. The Solana price has appreciated over 30% over the past week alone.
According to Messari’s State of Solana report, the token’s growing ecosystem is playing a key role in its surging price. The report highlights strong performance by liquid staking tokens, lending protocols, derivatives and consumer apps on Solana.
Solana’s recently concluded Breakpoint event also highlighted the rapid innovation on the network. For instance, the Jupiter Exchange on Solana launched a new native token $JUP, which led to enormous hype. After the announcement, the number of unique wallets on Jupiter crossed 1 million.
In fact, LookOnChain suggests that Solana’s bull rally earlier this week was likely due to the Breakpoint event, a phenomenon that was also observed during the event in 2021 and 2022.
However, the token will need an enormous boost to hit the $50 mark in the short-term, especially as FTX continues to sell its holdings. According to LookOnChain, FTX sold $42.35 million worth of $SOL on Friday alone, with another $102 million worth of token remaining.
More importantly, the 100-week Simple Moving Average at $46.13 is acting as a strong resistance, which could be hard for the Solana price to breach.
Nevertheless, traders are bullish on Sol in the long run, with the @MartiniGuyYT, who has over 510k followers on X, predicting the Solana price to hit $1000 in the next bull run. Even Arthur Hayes, the founder of BitMEX and a long-term critic of Solana, recently announced that he purchased $SOL, highlighting its price potential.
Experts Also Bullish On New Bitcoin Minetrix as Presale Surges Past $3 Million
Solana is not the only cryptocurrency that is set to explode during the next bull run. Experts such as Michael Wrubel are also backing the $BTCMTX token to display a strong bull rally after its launch.
$BTCMTX is the native token of Bitcoin Minetrix, an innovative cloud mining platform that makes it easy for retail investors to earn passive BTC mining rewards.
Investors can simply purchase $BTCMTX tokens and stake them to receive mining credits, which can be burned for cloud mining time or a percentage of the yields, both options leading to BTC rewards.
The platform’s stake-to-mine dashboard makes the entire process as simple as clicking a few buttons.
With the traditional crypto mining industry becoming increasingly competitive, Bitcoin Minetrix could see high user adoption – especially during the next bull run when Bitcoin mining becomes highly profitable.
Minetrix’s tokenized approach also offers significant improvement over other centralized cloud mining platforms. For instance, investors can choose to unstake and sell their tokens at any point of time, unlike the long-term cash-based contracts required by other platforms.
Thanks to this unique value proposition, the Bitcoin Minetrix presale has raised over $3.2 million in just over a month. Investors purchasing the token can start to earn staking rewards in the presale itself, currently at an APY of 180%.
