Solana Price Up 4% While Other Altcoins Falter; Is It Too Late to Buy SOL?

11 months ago 3

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The post Solana Price Up 4% While Other Altcoins Falter; Is It Too Late to Buy SOL? appeared first on Coinpedia Fintech News

Solana (SOL) has been one of the few bright spots in the crypto market over the past few days.

While major altcoins have declined, SOL has posted gains of over 4% and is now trading above $102.

This article takes a closer look at Solana’s recent price action and discusses whether or not it’s too late for investors to get involved in the token’s rally.

Solana Price Action Defies Broader Crypto Market Weakness

SOL’s 4% gain makes it one of the best-performing established altcoins this week, ahead of rivals like XRP (XRP) and Cardano (ADA).

The token is up 8% in the past seven days – even outpacing Ethereum’s (ETH) growth over the same time frame.

Since yesterday, trading volumes are up 37%, making SOL the 6^th most-traded cryptocurrency globally.

This bullish uptick is at odds with the bearish sentiment in the broader crypto market following the launch of spot Bitcoin ETFs two weeks ago.

Although the launch of these ETFs was meant to be a positive catalyst for investors, the reaction has been underwhelming so far.

Bitcoin has plunged to $42,600, and most altcoins have struggled to remain in the green.

Yet Solana has powered higher this week despite the poor conditions.

Moreover, SOL seems to have rejected the $90 level as support – hinting that further upside could be on the cards.

Is It Too Late to Buy SOL After the Recent Price Rally?

As Solana keeps finding momentum amid the altcoin selloff, investors may wonder if the opportunity to buy SOL at a reasonable price has already passed or if there is still potential upside.

On the one hand, SOL is now up 475% since September and has already seen massive gains.

With the token’s price above $100 once more, SOL may now seem expensive compared to its lows below $18 last year.

Some traders likely took profits during this week’s surge, leading to the question of whether the token is overextended.

However, when analyzing SOL’s potential, it’s clear there are still catalysts on the horizon that could fuel further upside.

For example, Solana continues to see surging developer activity, a sign of growing adoption.

A recent report from the Solana Foundation highlighted that the network has more than 2,500 monthly active developers – sometimes reaching as high as 3,000.

So, while Solana has already posted meteoric gains, there may still be an opportunity for investors who missed out on the token’s rally this week.

Which Other Altcoins Are Performing Well This Week?

While Solana has been one of the top performers, a handful of other altcoins have also generated positive momentum.

One such altcoin is Bitcoin Minetrix (BTCMTX), a presale project that has recently passed the $8.6 million funding milestone.

Bitcoin Minetrix Continues Impressive Presale Momentum Ahead of Looming Exchange Listings

While the broader market has slumped recently, Bitcoin Minetrix has continued gaining ground, raising hundreds of thousands this week alone.

Investors worldwide have been taking part in the Bitcoin Minetrix presale, a limited-time event where the native BTCMTX token is available at a discount.

At the time of writing, BTCMTX tokens are on offer for $0.0129 – although this price point will rise in the next stage, which is due to start in three days.

Once the Bitcoin Minetrix presale ends, the developers plan to list BTCMTX on several exchanges to offer broader access.

Members of the Bitcoin Minetrix community are already speculating that these listings could be the key to unlocking enormous price growth for BTCMTX.

These features all revolve around streamlining the crypto-mining process through a mechanism called Stake-to-Mine, which removes the need for expensive computing hardware.

Given that the global crypto mining market is projected to grow by almost 8% per year between now and 2029, Bitcoin Minetrix’s setup could be in high demand.