Solana has jumped by 10% in the past 24 hours, rising to $153 on a day when the crypto market as a a whole has recovered by 4%.
This lift now means that SOL is at an all-time high against Ethereum, having hit approximately 0.061 ETH earlier this morning.
And while it’s still down by 15% in the past week, it retains a 10% gain in a month and an impressive 570% return in a year.
Such percentages will give it plenty of momentum as we head into the final months of the year, in which it could pass $200.
Solana Reaches All-Time High Against Ethereum: What’s Next for SOL?
Solana is now regaining strength, with a wave of buyers returning to the coin in the past couple of days in order to take advantage of discounts.
Its indicators would suggest that it’s getting close to the top of its comeback, with its RSI (purple) touching 70 today.
This would indicate that SOL is actually entering overbought territory, although its 30-period moving average (orange) still hasn’t climbed over its 200-period average (blue) yet.
In other words, Solana could rise for one or two more days yet before correcting a little again.
It has recovered more strongly from Monday’s selloff than many other major alts, with its out-performance enabling it to reach the aforementioned ATH against ETH.
This record highlights the trajectory Solana has been on for much of the year, helped along by its blockchain’s status as the platform of choice for meme tokens.
🚨 🚨 206,002 #SOL (31,671,365 USD) transferred from unknown wallet to #Coinbasehttps://t.co/BcftFv3jha
— Whale Alert (@whale_alert) August 7, 2024
Demand for the token remains strong, although the latest whale transfers would indicate that a dip may be coming once SOL’s indicators peak.
Yet in the medium- and long-term, things look very promising for Solana.
On the one hand, the market is already recovering nicely from this week’s downturn, with the arrival of Fed rate cuts in September likely to boost things further.
On the other hand, Solana’s fundamentals will mean that it will benefit more than most other coins from an improved environment.
Its total value locked in has risen by over 230% since the start of 2024, with its transaction volume increasingly steadily in recent months.
This bodes well for its future, with the Solana price likely to return to $200 in the next couple of months.
It could then reach $250 by the end of the year, before breaking its ATH in the New Year.
New Meme Tokens for New Rallies
Solana is likely to see some real gains later this year, yet it won’t be the only alt making profits for traders.
Small-cap tokens will also be doing well, with many of these often posting exponential gains, especially when they begin listing.
There are plenty of such coins to choose from right now, but one of the best is The Meme Games (MGMES), an ERC-20 cryptocurrency that has recently opened its presale.
It has already raised over $340,000, with this figure suggesting that investors are quickly becoming very excited about the token.
Teacher: No job pays you to do nothing
Olympic Lifeguards:#Paris2024 #PEPE #WIF #TURBO pic.twitter.com/fjSrGnjHDZ
— The Meme Games (@MemeGames2024) August 6, 2024
The main reason for this is exciting is that The Meme Games is more than another meme token, with the coin revolving around a social betting element.
It will host automated competitions between various meme characters, with holders able to stake their MGMES tokens on particular memes.
If they pick the winning memes, they’ll receive a 10% bonus on top of their usual staking rewards.
This provides a strong incentive to buy and hold MGMES, with the coin already accumulating an impressive following online.
Indeed, its official X account already boasting over 14,000 followers, which provides some sign of how big it could become in the future.
As a token, MGMES will have a total supply of 2.024 billion, with 38% of this going to the presale, 10% going to staking and 9.3% going to games winnings.
Its presale will end in the next few weeks, but newcomers can join by going to the official Meme Games website and linking their crypto wallets.
They can currently buy MGMES at a price of $0.0092 per token, a price which may end up seeming very cheap once it lists on exchanges.
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.
