Solana’s native coin ($SOL) has outpaced the two market leaders by flying colours this last year, despite the fact that its fortune is often closely pegged to the price movements of Bitcoin ($BTC) and Ethereum ($ETH).
Looking at this week’s performance, Solana appears to be struggling. In the last 24 hours, the token dropped 5%.
At its current price of $143, $SOL is 6% cheaper than it was 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 Solana more than quadrupled that.
Hardcore loyalists have increased their bags by a sweltering 514% this last year.
Will Solana’s $SOL Make Millionaires This Year?
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.
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, which should give $SOL a firm foothold on $160 to climb to a higher leg.
Solana’s Meme Coin-Driven $SOL 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, $SOL is not the token to invest in to capitalise on the meme coin gold rush. As a network token, its more stable than meme coins, which means its price movements closely track those of Bitcoin.
However, over in the up-and-coming world of token presales, investors are diversifying their portfolios with innovative new protocol tokens that are adding new utility and generating rich rewards for meme coin holders.
One such project—a unified staking protocol for meme coin fans—is Crypto All-Stars ($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% 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
The post Can Solana’s Surge Make Millionaires in 2024? SOL Price Analysis appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
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