With Bitcoin on the rise again, it’s time to look for the altcoins with the biggest potential for gains. Layer 1 chain Solana struggled since the collapse of FTX, but is now seeing significant growth, with many experts predicting that this is just the start of a larger rally.
In this article, we’ll dive into the predictions and reasons for the current pump so that you can decide if now is the right time to buy SOL.
If you’ve been in the crypto space for a while, you’ll know that there are two great ways to time the market. One is to take a currency like Solana that is pumping, and catch it as it continues to go up. Just be sure to sell before the whales take profit!
Another way is to find new coins with big potential as this allows you to ride the upside all the way to the top. We’ll discuss a hidden gem like this further down!
Why Is Solana Rising Dramatically?
At the height of the last bull market, Solana was trading at around $260 a coin, with many viewing the chain as the Ethereum killer. But as Solana was heavily invested in the now-defunct centralized exchange FTX, and vice versa, SOL crashed as FTX burned.
This brought Solana down to historically low levels – under the $10 mark – and this may be why traders began to accumulate the token, causing it to rise by an astonishing 460% since the beginning of this year.
Sam Bankman-Fried, the founder of FTX, has now been brought to justice. However, this made people nervous about the potential of SOL. Why? Because the FTX estate held over $1.6 billion worth of SOL and this is now being sold off.
However as @Bluntz_Capital pointed out, the FTX estate consistently sold between 250,000 to 700,000 SOL per day over the past weeks, and yet the price has remained steady or increased. Essentially the market has efficiently absorbed these sales.
He predicted a pump while the price was at $42, and is still bullish now that the price is at $56.
So How Can You Profit From This News?
The best time to buy Solana was at the start of the year. And the second best time was a few weeks ago. Since all the layer 1 and 2 chains are now pumping, and the fear of the FTX sell pressure is receding, there is still good potential upside for Solana. According to Binance’s Vikas Jangra, Solana has the potential to hit the $80 mark very soon.
But there’s also our second strategy – finding the next big thing.
Which Crypto Is The Next Hidden Gem?
So if the experts are correct, there is still time to ride the green candles of Solana. But another thing you can do is to find a coin that is just beginning, and seek your own potential profits of 450% or more.
Here’s where alpha comes into play. A new project has arisen, called Meme Moguls. It’s a play-to-earn game and meme-based stock market and exchange. Essentially it allows people to trade meme coins, make connections and friends, hone their trading skills, and win big through various $10,000 giveaways.
But wait – there’s more. Meme Moguls has its very own token – $MGLS. By participating in the Meme Moguls ecosystem you can earn $MGLS, and even stake them to receive even more coin!
And it gets even better. Because the token is in the first stage of presale, meaning that it is guaranteed to rise as the stages proceed.
What’s The Takeaway?
The best thing in crypto is to be early. And the second best is to ride a wave that looks set to continue. Just make sure to have an exit point in mind, because the longer-term holders will be looking to cash out at some point. If you aren’t sure what that is, consider getting into $MGLS which is at the beginning of its journey. That way you can be the early bird that profits without fear of sell pressure!