After displaying temporary bearishness earlier this week, large-cap altcoin Solana is back to its bullish ways.
The Solana price has appreciated 6% over the past 24 hours, climbing as high as $79.21 before retracing marginally to currently trade at the $76.20 price point.
$SOL is now up 19% from this week’s low of $64.81, boasting a market capitalization of over $33 billion, thanks to a 33% surge in its daily trading volume.
Solana continues to be one of the most bullish cryptocurrencies on the market, skyrocketing 26% over the past two weeks alone.
The token’s strength is even more impressive, when comparing it to other large caps. For instance, the SOL/BTC trading pair reclaimed its pre-FTX level highs today, while the SOL/ETH chart has been climbing up ever since July.
Solana also gained 216k new active wallets over the past 24 hours, while also flipping Arbitrum in the 24-hour DEX volume. The ripple effect of its rally is also giving a boost to other SOL-based tokens such as Bonk and Orca.
Why Is The Solana Price Up Today?
$SOL’s bullish trajectory today could be due to the hype surrounding Solana crypto phone – Saga. The phone comes with an airdrop of 30 million $BONK tokens, which is an excellent arbitrage opportunity for the buyers.
The Bonk meme coin has surged over 600% in the past two weeks after getting listed on Coinbase. As a result, buyers of the Solana phone are currently in significant profit – in essence, they are currently being paid to buy the phone. The Saga phones have already sold out in the USA, with only 5000 pieces remaining in Europe.
Best Crypto To Buy Now? Solana Price Prediction
The Solana price perfectly retested the upper trend line of its ascending-triangle, which led to a massive bounce today. The significance of holding above this triangle is enormous, considering that $SOL was ranging inside it over the past month.
Now after a picturesque retest, analyst CryptoJelleNL believes that the Solana price is primed to hit the $88 mark, which would represent another 14% rally. However, $SOL may have to secure a weekly close above the $75 level before its next leg up.
The Solana technical analysis from TradingView also gives a “Strong Buy” signal to the token, considering that it is outperforming every crucial moving average indicator in the daily, weekly and monthly time frames.
$SOL could also receive a strong push from the broader crypto market sentiment in the coming weeks. TradFi giant BlackRock believes that the Federal Reserve gave a green light to investors after choosing to pause its interest rate hike once again. The CME FedWatch tool is already signaling the likelihood of the Fed cutting its benchmark rates, which would be an extremely bullish signal for the crypto market.
Moreover, once the spot Bitcoin ETF is officially approved, the crypto market should witness another bull rally, which could potentially catapult Solana to the $100 mark.
Could The New GambleFi Cryptocurrency $TGC Also Skyrocket?
Solana and Bonk’s bull rallies over the past week highlight that the crypto market volatility is extremely high at the moment, providing the ideal backdrop for new cryptocurrencies to break out, especially if they also offer exciting utility.
For instance, crypto whales have been stocking up on the new GambleFi token $TGC – the native cryptocurrency of the TG.Casino ecosystem. One crypto whale recently sold a significant portion of its Rollbit Coin holdings, flipping it for $150k worth of $TGC.
As a result of such financial endorsements, the TG.Casino presale has raised over $4 million in just over two months.
TG.Casino is an innovative crypto casino and gambling platform that provides anonymous access to thousands of games and sports books, all on the popular messaging app Telegram. This Telegram-native approach has certainly impressed investors, considering that it leads to protection by end-to-end encryption, seamless UI and higher user-adoption.
Moreover, players do not even have to worry about any KYC verification or account setup, which is a significant improvement over other similar platforms such as Rollbit. Crypto millionaire Erik Stevens goes as far as to predict that TG.Casino could capture a significant portion of Rollbit’s market capitalization and become one of the best cryptos in the GambleFi sector.
A part of the reason behind Stevens’s optimism is TG.Casino’s high security standards. The platform has been licensed by the Curaçao gaming agency and has been KYC’ed by AssureDeFi. Moreover, the TGC smart contract has been audited by Coinsult, which did not reveal any major vulnerability.
$TGC holders also have the opportunity to earn passive income by staking their tokens, currently at an APY of over 150%. Moreover, if they bet on TG.Casino using $TGC, they will also receive a 25% cash back on all their losses.
