Solana has risen by 2% in the past 24 hours, moving to $153 as the SOL/BTC price climbs to 0.00246 today.
This is its highest level for over a month, signalling an increase in momentum for Solana, which has outperformed the wider cryptocurrency market today.
It’s also up by 7% in a week and by 20% in a month, with the altcoin – the fifth-biggest token in the market – up by a very impressive 620% in a year.
Such percentages highlight Solana’s promising short- and long-term momentum, with the coin likely to have a strong end to 2024.
SOL/BTC Pair Signals Bullish Momentum – Will Solana Hit $1,000 Soon?
A SOL/BTC rise means that Solana has outperformed Bitcoin today, with the alt continuing to ride the benefits of Solana being the hub for meme tokens.
After dropping as low as 0.0021458 BTC on September 18, the SOL/BTC price has risen by 14.5% and looks good for further gains in the near term.
This is evident from Solana’s USD chart, which has been showing strong momentum over the past week.
And SOL may have just begun a short-term rally that could last one or two days yet, with its RSI (purple) rising above 50 today.
Source: TradingView
Its 30-period moving average (orange) has also renewed its climb beyond the 200-period average (blue), another sign of expansion.
Its volume also remains strong at around $2.5 billion, after having a weak first half of September.
Indeed, last month saw several whales offload SOL, pushing its price down.
But the increase in the SOL/BTC price shows that it has begun recovering after overselling, with investors beginning to feel more bullish about the alt.
This is for several reasons, with the first being that Solana-based meme coins continue to attract traders, which all feeds into the Solana ecosystem.
Secondly, Solana continues to grow and evolve as a network, with Jump Crypto recently releasing the test version of its long-awaited Firedancer validator client.
This will help to improve Solana’s scalability and stability, which in turn will boost confidence and attract adopters.
As such, it’s easy to be bullish about Solana’s future, with the coin likely to touch $250 before 2024 is done.
High-Growth Alternatives
It’s hard to see Solana being anything other than a top-performing coin for the foreseeable future, yet traders should consider diversifying into small-cap tokens as well.
Smaller coins can often outperform the market, given that they start from such a low base and can therefore rally exponentially.
This is especially the case with some of the best presale tokens, with new layer-two project Pepe Unchained (PEPU) raising over $16.5 million in its sale, for instance.
Pepe Unchained is set to launch a L2 network for Ethereum, through which it will provide traders with instant transactions and competitively low fees.
It aims to become a major ecosystem for meme tokens, with the platform enticing adopters by offering double the usual staking rewards.
It can provide greater rewards than it would have as a layer-one token because of its improved scalability, with its superior throughput meaning that it can issue tokens at a faster rate.
And given that PEPU will serve as a the utility token for the L2 network, demand for the coin could be high.
It has a max supply of 8 billion PEPU, with its protocol allocating 30% to staking and 20% to its presale.
What’s also bullish is that Pepe Unlimited now has a sizeable online community, with its official X account boasting over 24,000 followers.
Read More: Pepe Unchained Price Prediction
Investors can join PEPU’s sale at the coin’s official website, where they can buy PEPU using either ETH, BNB, USDT or fiat currency.
It’s now selling at $0.0099 per token, with this price rising in just under two days.
Given its increasing popularity, it could dramatically exceed this price once it lists on exchanges.
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Read More from Simon Chandler on cryptonews.com