In the current positive crypto market, Solana is making headlines by reaching $30 for the first time since November 2022. Additionally, newer cryptocurrencies like Bitcoin Minetrix are also showing strong potential.
After facing significant selling pressure during the bear market, Solana, a popular layer one blockchain project, is now experiencing a remarkable surge. It has become the best-performing cryptocurrency among the top 40 coins by market cap this week.
Solana’s Impressive Price Rise
Solana’s journey started on Sunday, October 15, when it was worth $21.9. Since then, it has been steadily climbing, going up by 33% over the week and 4% in the last day. Currently, it sits at $29.2.
For context, Solana briefly touched $30 earlier today before edging back a bit. This achievement is noteworthy because the last time it hit this price was back in November 2022 during the FTX crisis.
If you check the Solana price chart, you’ll notice that the most recent daily closing was higher than any previous closing. This is a positive sign, indicating an upward trend in the price.
Furthermore, according to data from Santiment, there has been a significant increase in Solana’s social presence, reflecting the growing enthusiasm within the community.
This surge in social dominance suggests that more people are getting excited and engaged with Solana in online discussions and social media.
Lastly, data from DeFiLlama indicates that Solana’s total value locked (TVL) is on the rise, and its trading volume has also seen a recent increase.
When trading volume is increasing alongside an uptrend, it’s seen as a positive sign in the crypto market. This suggests that more people are interested in Solana, even as its price continues to go up.
A well-known member of the Solana community, 0xGumshoe, recently tweeted about the current state of Solana. In his analysis, he stated, “Solana is performing 10 times better at $28 than it was at $250.”
Additionally, economist and investment strategist Raoul Pal expressed his strong bullish sentiment for Solana throughout the year. In a recent chart analysis posted by Pal, it was noted that Solana has broken out against Ethereum (ETH) and Bitcoin (BTC) and is looking to break a long-term downtrend against the U.S. Dollar.
Since 20th October, Solana has broken above the trendline against the U.S. Dollar that began in November 2022.
Mixed Views on Solana’s Future
Opinions about Solana’s prospects differ among investors. One user, in response to 0xGumshoe’s tweet, expressed concern that Solana might not receive the same level of buying support in the next bull market. This skepticism arises from the past influence of FTX on Solana’s price.
Nonetheless, the overall sentiment surrounding Solana remains positive. However, it still grapples with a negative reputation among certain crypto investors due to its significant decline in the last bull market and frequent network outages.
While Solana is making progress, there are other projects with strong potential that lack Solana’s troubled history. These alternatives could prove to be lucrative investments as the market continues to rise.
3 Top Tokens To Buy, But Why?
While established tokens like Solana are experiencing price growth, some new coins are also gaining attention due to their high potential.
1. Bitcoin Minetrix
This is a new platform that lets users mine Bitcoin by staking $BTCMTX tokens. The process is straightforward, and you only need a MetaMask or an Ethereum-compatible wallet. No expensive hardware or upfront costs are required.
Bitcoin Minetrix has had a highly successful presale, raising nearly $2 million in under a month. Investors can buy $BTCMTX for $0.0111, but the price is set to increase by 10% in 24 hours, with seven more 10% increases planned before the presale ends. This presents a significant upside potential for early buyers.
The project’s success is driven by its innovative use case and strong tokenomics. Once the token launches on the open market, the demand for staking to mine Bitcoin, coupled with limited supply, could lead to substantial price increases. You can purchase Bitcoin Minetrix tokens during the presale on the project’s website.
2. Meme Kombat
This is a new staking coin that allows users to gamble on AI-generated meme battles using the $MK token. The platform also offers a staking mechanism with a 112% annual percentage yield, further boosting demand and limiting supply.
Meme Kombat has seen a successful presale, raising $630K in less than a month. Investors can buy $MK for $0.1667, but the presale round is ending soon. The project aims for a community-owned approach, with 50% of tokens allocated to the presale, 10% to DEX liquidity, 30% to staking and battle rewards, and 10% to community rewards.
The roadmap includes plans for different seasons with new features and expansions to maintain community interest. The team is fully transparent, adding to the long-term potential of Meme Kombat. With its presale success and appeal as a viral meme coin, it could experience rapid growth once it launches on exchanges.
3. TG Casino Presale Soars to $1.4 Million with 25% Cashback
Rollbit, a crypto casino, recently achieved a $500 million market cap, and a new presale called TG Casino is also making impressive strides. TG Casino reached $1.4 million after announcing a 25% cashback on all losses for those using the $TGC token.
However, the $TGC token offers more than just cashback. Holders enjoy various benefits, including rewards, exclusive access to rooms and games, a 370% staking APY, and significant potential for price growth.
The project has a buyback mechanism that uses a portion of the casino’s revenue to repurchase tokens, with 60% going to staking rewards and 40% being burned. This mechanism strengthens the supply and demand dynamics.
TG Casino stands out as a Telegram-based casino, offering a faster and more convenient way to start gambling. It provides a smoother user experience compared to other crypto casinos, and its end-to-end encryption ensures users can bet from anywhere globally.
What sets TG Casino apart is its full licensing, making it a regulated option, unlike Rollbit, which often faces criticism for its lack of regulation. The $TGC token is currently available for purchase at $0.1375, but the presale price is set to increase in 9 days.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
