Solana blockchain has already become the talk of the town in the cryptocurrency space, with its high throughput and low fees taken as a real Ethereum dominance challenger. As the industry approaches 2024, industry experts are very bullish on the prospects of SOL, its native token, for which some already think it could rise past the $400 level from current trading prices.
A new rise of popularity came with the adoption paths of meme coins based on Solana, such as Jeo Boden and Donald Tremp. Named after the former US Presidents Joe Biden and Donald Trump, these tokens really managed to help push trading volumes on SOL to new records last week, with the volume surmounting Ethereum. This activity has served as a live stress test for the Solana network, proving its resilience and ability to handle high transaction loads.
Solana’s Price Prediction To $400
One such optimist is Ryan McMillin, chief investment officer of crypto fund manager Merkle Tree Capital. He thinks the price of SOL could be at $400 by Nov 2024, when the US presidential election arrives. For McMillin, the memecoins driving trading activity are just the tip of the iceberg and will continue to drive interest and liquidity into the Solana ecosystem throughout the bull market.
Sloana’s $400 price prediction is not just a mere hype of memecoins. McMillin, amongst some others, looks into some other reasons as well that might be cooked up to support the rise in Solana. First of all, the rise in trading activity increases the confidence in the Solana blockchain, tainted by outages and scalability issues in the past. The way it has handled burst volume over the past couple of years, without any major incident, has just shown that Solana is a resilient project with gigantic potential.
The second is that high-risk assets such as cryptocurrencies would continue to enjoy tailwinds from further liquidity injections into markets through economic stimulus from the US Treasury. So therefore, when there’s more capital, then investors might feel much more comfortable making allocations within such capital down to hopes for future price gains in promising projects such as Solana.
The Debate Surrounding Solana’s ETF Potential
Beyond just predicting the price, there is speculation that SOL really could be one of those coins to potentially challenge Ethereum’s dominance in the overall cryptocurrency ecosystem. Just today on CNBC’s “Fast Money” show, crypto investor and trader Brian Kelly mentioned that SOL could soon be the next cryptocurrency to get approval for a spot exchange traded fund in the United States.
While there is some debate within the industry after Kelly’s prediction, the likelihood of a Solana ETF until regularity hurdles are cleared, the fact that such a possibility could exist speaks volumes to the growing prominence of Solana.
Some believe that a Solana ETF would change the game, as institutional investors would finally be able to get exposure to what many have viewed as the fastest-growing blockchain by adoption. This incoming tsunami of capital might spark further adoption of SOL and, in its wake, drive up the price to potentially become a strong rival against Ethereum’s dominance.
Algotech’s Presale Rasies $5.5M, Announces $250,000 Giveaway
Amidst the excitement surrounding Solana’s potential, another project within the ecosystem is making waves. Algotech (ALGT) is a decentralized algo crypto trading platform with an innovation that has caught global attention toward automated trading strategies combined with cutting-edge technologies.
Algotech presale has already raised over $5.3 million, with the ROI for early investors standing at a staggering 1200%. The project gained a significant following: over 23,000 members up to this point. Now, it is in its fourth presale stage, with each token costing $0.10.
In addition to its impressive presale performance, Algotech has also launched an exciting giveaway, offering a chance to win a share of $250,000. In total, 10 winners are going to win $25,000 worth of ALGT, the native cryptocurrency that is used on the platform. In order to participate, one must invest a minimum of $100 through presale on Algotech.
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