The Solana price has gained by 5.5% in the past 24 hours, rising to $36.71 as the cryptocurrency market as a whole barely moves today.
SOL has now risen by an incredibly impressive 16% in a week, as well as by 58% in a month.
This makes it one of the best-performing cryptocurrencies across such periods, while SOL has also achieved a 260% increase since the beginning of the year.
And with Solana continuing to recover traction as a layer-one blockchain network, it’s likely that SOL will only increase further over the next few weeks.
Solana Price Prediction as Weekly Gain Hits 16%: Are Investors Flocking to SOL?
There’s no mistake that SOL has been rallying for the past few weeks, with its indicators all showing strong buying momentum.
Its 30-day average (yellow) has risen substantially above its 200-day average (blue), a clear sign of a breakout from a previous, lower level.
Just as impressively, SOL’s relative strength index (purple) has risen again to 80, barely a week or so after it had last been at this strong level.
More cautious traders may conclude that these signals suggest SOL’s rally is close to peaking, which may be the case.
However, it will be interesting to see if the altcoin can crack either $37 or $38.
If it can, we may see additional rises in the next few days, with SOL unlikely to fall back down to its levels from the start of October.
— InvestAnswers (@invest_answers) October 30, 2023
Nothing has happened in recent weeks in terms of big news to set off a Solana rally, with the altcoin also benefitting from market-wide positivity related to likely Bitcoin ETF approvals.
That said, Solana has been steadily rebuilding and recovering as a layer-one blockchain in 2023, with demand for SOL rising as a result.
For example, its total value locked in has risen from $210 million at the start of the year to $399 million as of writing, representing a 90% gain.
I am overjoyed that SOL is gaining so much traction!
As a critic of ETH’s scaling roadmap; I see SOL’s success as a direct consequence of ETH’s failure to scale
A harsh lesson in free market economics that I hope the community will acknowledge
Because ETH has to evolve or die!
— Justin Bons (@Justin_Bons) October 30, 2023
And after a 2022 marked by several damaging outages, updates have enabled Solana to mark 100% uptime for over seven months.
As such, SOL is likely to continue rising over the next couple of months, potentially hitting $40 in a few weeks and $75 in the first couple of months of 2024.
Quicker Gains With Newer Altcoins
For those traders who worry that the current SOL rally may have peaked, there are plenty of promising alternatives to consider.
Possibly the most promising of all right now is TG.Casino (TGC), a decentralized gambling platform that has raised more than $1.5 million in its ongoing presale.
Can’t believe we hit $1.5 million raised in presale👏 👏
— TG Casino (@TGCasino_) October 26, 2023
What sets TG.Casino apart from the crowd is that it has delivered an interesting and unique take on the online casino format, with its own casino operating largely on popular social messaging app Telegram.
What this means is that games are announced and played over Telegram, which TG.Casino is tapping into in order to grow its community and userbase quickly.
Indeed, its Telegram channel already has more than 5,000 members, a positive sign of things to come.
It’s also significant that its platform has actually already launched, with the TG.Casino experience boasting a comprehensive array of gambling experiences, from traditional card games to sports betting markets.
— TG Casino (@TGCasino_) October 30, 2023
The platform pays out winnings in its native token TGC, which users can stake for a regular passive income.
And while TGC hasn’t listed yet, investors can acquire some early – and cheaply – by going to the official TG.Casino website.
1 TGC currently costs $0.1375, although this will rise in only a few hours, so interested parties should act quickly.
Yet as a reward they could likely make some big profits once the sale ends and TGC lists on exchanges, which it’s due to do in the next few weeks.
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.