Solana price falls – what to expect for investors in 2024 and what alternatives to consider

1 måned siden 0 20

Solana

Recently, Solana (SOL) continues to show negative dynamics. The CoinMarketCap website has information that the coin has fallen in price by 4.31% over the day, and by more than 10% over the week. Now it has reached the mark of $93, despite the fact that there are quite positive trends in the market.

Against the background of such a fall, many traders are afraid of making large investments in a destabilized asset and start looking for benefits in other projects that have a favorable value and demonstrate excellent results on the presale. We will talk more about some of them in this article.

Solana alternatives that could grow 100 times in 2024

Below is a selection of coins that are able to show hundredfold growth and gain a long-lasting foothold in the market due to their functionality:

SMOG – a new token on the Solana blockchain, whose developers are organizing one of the largest airdrops in the entire network.
Meme Kombat – an online platform with an embedded gaming ecosystem and a steaking mechanism for active and passive cryptocurrency earning.
eTukTuk – a startup aimed at transforming the usual transportation infrastructure and popularizing electric cars.

SMOG

After the huge success of Bonk and other coins on the Solana blockchain, the new meme coin Smog (SMOG) aims to attract crypto-enthusiasts through a generous airdrop. The project team has allocated 35% of the total 1.4 billion tokens for the giveaway. One way to get free coins is to participate in ecosystem quests and earn points before airdrop.

First, you need to buy SMOG tokens, you can do this on the Birdeye exchange (link provided on the website). All you need is a wallet compatible with the Solana network, such as Phantom, Solflare or Backpack, and some SOL coins to pay transaction fees. Then you need to store assets and connect to the Zealy site to complete tasks and earn points. When the time comes, the team will distribute SMOG tokens to all participants.

ByBit

5020 $
Bonus til nye brugere!

9.8

BESØG Læs anmeldelse

ByBit giver bekvemme og sikre betingelser for handel med kryptovaluta, tilbyder lave provisioner, højt likviditetsniveau og moderne værktøjer til markedsanalyse. Den understøtter spot- og gearet handel og hjælper begyndere og professionelle handlere med en intuitiv grænseflade og vejledninger.

Binance

Optjen en 100 $-bonus

for nye brugere!

9.5

BESØG Læs anmeldelse

Den største kryptobørs, hvor du hurtigt og sikkert kan starte din rejse i kryptovalutaernes verden. Platformen tilbyder hundredvis af populære aktiver, lave provisioner og avancerede værktøjer til handel og investering. Nem registrering, høj transaktionshastighed og pålidelig beskyttelse af midler gør Binance til et godt valg for handlere på alle niveauer!

Smog tokens are solely for the development of the project, as the developers have not kept any coins for themselves. So, in addition to airdrop, the tokens are reserved for listings on centralized and decentralized exchanges, and 50% of the coins will be used for marketing initiatives. It’s not surprising that half of the offering is earmarked for promotion, given that SMOG is a true meme coin, and hype is the main catalyst for the price increase. Additional perks:

The coin will be able to be sent to staking to generate passive income.
Largest Airdrop on the SOL Network.
Transparent coin sales are conducted, which increases the legitimacy of the project.

Meme Kombat

Meme Kombat is not only a way to earn passive income, but also a fun game where users can engage in “battles” with each other. During the entire course of the presale, this interactive platform with early-staking and artificial intelligence support raised over $8.2 million, and the value of the coin reached $0.279.

The main feature of the project is not only the presence of AI, responsible for the fascination of “fights”, but also the presence of early steaking. Everyone who bought coins at the presale can earn now and not wait for the release of the token on exchanges.

The platform also offers several game modes and mods that will be added as the platform develops. Now the final stage of the presale is coming to a close, so investors do not have much time left to buy coins at a profit. Features:

At the moment there are more than 11 thousand participants in the staking.
For participants in the final stage of the presale, the APY will be113%.
Users have already received over 7 million tokens as a reward for blockchain coins.

eTukTuk

With the help of eTukTuk investors can participate in the “greening” of the transportation industry and contribute to the early transition to electric cars. In addition, the project offers an early-staking system to increase the income level of coin owners and artificial intelligence technology. All this makes the startup quite successful and helps to increase the presale rate: at the moment, more than $805 thousand has been raised with a coin value of $0.02625.

The developers have also added a P2E game to the project’s ecosystem, which will also allow earning more $TUK tokens. Players will need to drive a car and pick up passengers to take them to the right point. At the same time, the faster the electric car goes, the higher the final reward.

In total, eTukTuk has 26 presale stages planned, and at each stage the token will gradually rise in price until it reaches $0.0330. Features:

Sponsorship of green transportation research.
The first token to be used to develop transportation systems.
Can be purchased with ETH, BNB, USDT or bank card.

Solana price forecast for 2024 – is it worth investing now?

As mentioned, Solana (SOL) is under a lot of pressure and is rapidly losing value. This is surprising when you consider that the cryptocurrency market as a whole is showing a desire for growth. Obviously, traders and investors have been very optimistic about the launch of ETF funds for bitcoin. This event has the potential to lead to wider distribution and acceptance first of BTC itself and then of other digital assets. At least, that’s what most analysts believe today.

Meanwhile, Solana, which supports smart contracts and provides opportunities for the development of dApps, does not react to the positive background and continues to fall. Some experts attribute this to the massive sales of bitcoin and Ethereum – over the past 24 hours, the amounts of such transactions have crossed the threshold of several million dollars. It turns out that the sharp decline in SOL is noted due to the unstable behavior of “whales”. Due to their large-scale sales, some assets have demonstrated a high degree of volatility, and their prices have fallen.

As a result, the market capitalization of Solana fell by 3.91% to $40 billion, and the token itself is still 64% cheaper than its record high ($259), which was recorded in the fall of 2021.

However, this does not mean that the coin has no chance of recovery. Already at the time of writing this article, its trading volume has increased by almost 5% and amounted to $1.5 billion. Experts suggest that with the general rise of the market, the asset is able to move up again. Also, further growth (up to $100 and beyond) may be influenced by the new extension for SPL tokens, which was launched 2 weeks ago, as well as the release of its own smartphone.

Technical indicators now suggest that a bearish trend is prevailing. However, if the asset overcomes the support level of $95, we should expect further upward movement from it. And vice versa: a fall below this mark is capable of provoking a further decline.

Completion

At a time when large cryptocurrencies are quite unstable, experts recommend turning to presales. It is on them that you can find promising projects that will not require large investments from the investor and at the same time are able to develop in accordance with their roadmaps. However, even when working with them, you should be careful not to spend more money than you can afford to lose.

Error in the text? Highlight it with your mouse and press Ctrl + Enter

Author: Saifedean Ammous, an expert in cryptocurrency economics.