The Solana price continues to dominate the crypto headlines, thanks to another strong performance on Wednesday which resulted in the Sol price USD soaring to $68 – hitting a new yearly high.
Solana has once again flipped USDC to become the 6th largest cryptocurrency with a market capitalization of $27.3 billion, data from CoinMarketCap reveals. Considering that it has been significantly outpacing XRP and BNB this year, SOL climbing to the 4th spot remains a strong possibility.
The Solana crypto price has corrected since Wednesday’s high and is currently trading at $65. Nevertheless, the token remains up 10% in the daily time frame, bringing its monthly gains to over 186%. Since the start of 2023, SOL has skyrocketed over 550% year-to-date, which is the 5th best performance of any top 100 cryptocurrency.
Why Is Solana Pumping?
Solana has undoubtedly been the most bullish big-cap cryptocurrency in the market this year, despite being labeled as an unregistered security by the SEC and its troubling ties with bankrupt crypto exchange FTX.
The cryptocurrency has received a strong boost due to the rapid technological advancements taking place on the Solana network, along with its high scalability. Ark Invest CEO Cathie Wood praised Solana’s network speed and cost-effectiveness, comparing it favorably against Bitcoin and Ethereum in a November 15th CNBC interview.
Wood’s comments have also led to some analysts speculating about the possibility of a spot SOL ETF, considering that Ark Invest is one of the biggest players in the crypto ETF market.
Solana’s high scalability is one of the biggest reasons why Web 2.0 companies such as Visa and Shopify have integrated it into their payment solutions. The CEO of Helius Labs @0xMert_ further breaks down SOL’s superiority, highlighting that Solana transactions per second have regularly exceeded 700 TPS, while Ethereum hovers around 12 TPS.
The decentralized applications on the Solana network are also thriving. Jeremy Allaire, the CEO of USDC-issuer Circle, praised Solana-based Jupiter exchange yesterday, which recently announced its own native token. Similarly, liquid staking pools such as Jito and NFTs such as Mad Lads are also gaining traction.
Consequently, Solana’s Total Value Locked has hit a new yearly high of $808 million, surpassing the $800 million mark for the first time since the FTX crash.
Solana Price Prediction
However, sidelined investors now face difficult questions – How high will Solana go and is it too late to buy the crypto? Fortunately for them, most experts are in consensus that the token still has substantial upside.
In the long-term, trader @invest_answers, who has close to 150k X followers, believes that the crypto has only breached the first layer of its upside, revealing a Solana price target of over $200 in the coming months. Eventually, he expects Solana to hit a new all time high.
Similarly, in the short-term, analyst @CryptoTony__, who has over 350k subscribers on X, believes that the Solana price will hit the $75 mark before facing any substantial resistance, which would represent another 10% rally from Wednesday’s $68 high.
Indeed, experts are preparing for another SOL bull rally in the coming days. While the Solana RSI may have hit a value of 81 – thus giving a “Sell” signal – in a bull market, it is often the indicator of another explosive bullish leg.
Investors Also Bullish On New GambleFi Cryptocurrency TG.Casino
Aside from Solana, experts believe that GambleFi cryptocurrencies could display strong performances during the next crypto bull run, with $TGC emerging as one such token.
$TGC is the native token of TG.Casino – an innovative Telegram-based crypto casino and gambling platform that offers anonymous services without the burden of any KYC verification or account setup. Owing to this unique value proposition, $TGC is in high demand, having already raised over $2 million in its presale.
TG.Casino’s integration with Telegram offers its several key advantages. Users can enjoy hundreds of games and sports books, without even the need of downloading any additional software. They are also protected by Telegram’s end-to-end encryption, a cutting-edge security and data privacy tool.
More importantly, Telegram has over a billion users, many of whom are crypto and gambling enthusiasts, which could lead to high $TGC user adoption.
The project’s whitepaper describes TGC as a “value-driven component” of the TG.Casino ecosystem. Indeed, players betting with the token get a 25% cash back on all their losses, while some exciting games are only accessible through it.
The project has also announced a buy and burn mechanism, in which a portion of the casino profits will be used to purchase $TGC in the open market, 40% of which will be burned to create a deflationary supply. The remaining 60% of the tokens will be distributed as staking rewards – the TG.Casino staking pool is currently offering an APY of over 255%.
