Can Solana’s Surge Make Millionaires in 2024? SOL Price Analysis
Meme Coins
Presale
Solana
While $SOL is underperforming relative to the market leaders, its price chart suggests the token could be in line for some further upward action this week.
Last updated:
October 8, 2024 13:47 EDT
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Tim Hakki
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Tim Hakki
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Last updated:
October 8, 2024 13:47 EDT
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The SOL price
has outpaced the two market leaders by a wide margin this past year despite its fortune being often closely pegged to the price movements of
Bitcoin ($BTC)
and
Ethereum ($ETH)
.
Looking at this week’s performance, Solana appears to be struggling. The token dropped 5% in the last 24 hours.
At its current price of $143, $SOL is 6% cheaper than seven days ago.
These losses are steeper than those recorded by Bitcoin, which fell 3% overnight and 0.6% over the last seven days to change hands at $62,705 as of this writing.
Ethereum holders also felt their bags deflate 3% overnight but around 5% over the seven days to trade at $2,432.
However, when we compare the three biggest coins over the course of a year, we get a very different story.
Diamond-handed Ethereum holders are only up 49% from this time last October.
Bitcoin HODLers post a chunkier 124%, but the SOL price more than quadrupled that.
Hardcore loyalists have increased their bags by 514% this last year.
Will Solana Make Millionaires This Year?
While $SOL is underperforming relative to the market leaders, its price chart suggests the token could be in line for further upward action this week.
Solana is currently trading about $15 short of its $160 resistance level, which it has failed to capture three times since August began.
Steady rising support for the token (as indicated by the diagonal green line), together with a rising relative strength index (RSI) of 45, suggest the dip may lose steam overnight.
Source: TradingView
If Bitcoin begins to post green candles again, Solana will likely follow it, giving the SOL price a firm foothold on $160 to climb to a higher leg.
Solana’s Meme Coin-Driven SOL Price Surge And Crypto All-Stars
Solana has seen a lot of development over the last year.
The launch of meme coin minting protocol Pump.fun has made Solana a new hub for meme coins.
So much so that Solana now corners nearly
$10 billion
of the
$50 billion
sector.
However, $SOL is not the token to invest in to capitalize on the meme coin gold rush. As a network token, it’s more stable than meme coins, which means its price movements closely track Bitcoin’s.
However, in the up-and-coming world of token presales, investors are diversifying their portfolios with innovative new protocol tokens that add new utility and generate rich rewards for meme coin holders.
One such project—a unified staking protocol for meme coin fans—is Crypto All-Stars ($STARS), a revolutionary platform that brings together the most celebrated meme coins in one place.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them in the MemeVault and earn passive income in the form of $STARS with a rewards rate currently set at 709%.
The team will integrate more meme coins later.
The team has allocated 20% of the tokens for its presale; the other 25% is for presale staking, 20% for marketing, 10% for CEX/DEX listing, and the remaining 25% for the MemeVault ecosystem.
The project has gained so much popularity that its presale has already raised over $2 million.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the
website
to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media –
X (Twitter)
|
Telegram
to stay up-to-date on all the developments.
Visit the Crypto All-Stars Presale Website Here
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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.
