Solana Price Prediction as Trezor Wallet Adds Support for SPL Tokens – Adoption on the Rise?
Source: Dall•E 3
The Solana price has surged by 15% in the past 24 hours, rising $87.94 after Trezor announced that its wallet would support the altcoin.
Today’s rise means that SOL is now up by 20% in a week and by 56% in the last 30 days, with the token also sitting on a mightily impressive 626% increase in 12 months.
And Trezor’s recently announced support for SOL shows that the coin and its platform may have only just begun growing, with more price gains likely in the coming weeks and months.
Solana Price Prediction as Trezor Wallet Adds Support for SPL Tokens – Adoption on the Rise?
SOL’s indicators reflect the increase in momentum, while also showing that there’s still space for the altcoin to rise a little further before it needs to come down.
Its RSI (purple) has just passed 70 again after a week or so around 60, meaning that SOL’s price could continue rising in the next few days.
Source: TradingView
Likewise, SOL’s 30-day average (yellow) is still rising strongly above the 200-day average (blue), and given that it had spent so long below the latter, it and SOL’s price can afford to keep rising for a while yet.
Such optimism also sits well with the coin’s support level (green), which has climbed steadily over the past couple of months, suggesting that SOL will not fall far whenever it eases off the gas.
At the same time, the asset’s trading volume remains very healthy, having risen from around $750 million a few weeks ago to $4.5 billion today.
582,198 #SOL (50,983,065 USD) transferred from unknown wallet to unknown new wallethttps://t.co/foXyDuSJfK
— Whale Alert (@whale_alert) December 21, 2023
Indeed, it seems that whales have been trading the token quite heavily, if recent transfer alerts are anything to go by.
And as noted above, wallet provider Trezor now wants to cater to such traders, since yesterday it announced its wallet would begin support SOL and Solana-based assets.
“When Solana?”
Today is the day, Trezor supports @solana
Both the Trezor Model T and Trezor Safe 3 now support SOL as well as all SPL tokens. pic.twitter.com/ug1lGtvXwv
— Trezor (@Trezor) December 20, 2023
Given that Trezor reports serving over 1 million customers worldwide, its expansion of support to SOL could provide the altcoin with a big boost in the near and more distant future.
It has already enjoyed considerable growth this year, with its total value locked in rising from $210 million to $1.2 billion.
And with most analysts expecting a bull market in 2024, next year could see the Solana price rise even higher.
It could potentially hit $100 in a few weeks, before troubling its ATH (of $259) by the end of 2024.
Alternative Alts with Strong Fundamentals and High Potential
For those traders who worry that SOL may become overcrowded, there are other, smaller cap altcoins that also carry plenty of potential at the moment.
This includes a variety of presale tokens, which have been creating momentum en route to listings in the New Year.
The strongest of these is arguably Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised more than $5.6 million in its soon-to-be-ending sale.
Identifying the uniqueness of #BitcoinMinetrix!
1⃣ ERC-20 #Tokens replace conventional currencies.
2⃣ Complete authority and oversight.
3⃣ Secure, decentralized allocations via #Ethereum smart contracts.
Witnessing an unparalleled cloud mining journey! pic.twitter.com/jDTCizv8Ot
— Bitcoinminetrix (@bitcoinminetrix) December 19, 2023
What’s interesting about Bitcoin Minetrix is that it aims to make Bitcoin mining accessible to anyone with an Ethereum-compatible wallet.
By staking its native BTCMTX token, its users will receive tokenized mining credits, which they can then spend to buy Bitcoin hashing power.
Doing this earns them newly mined Bitcoin (BTC), while the staking of BTCMTX also provides a passive staking income (in BTCMTX).
Not only does this make Bitcoin Minetrix a potentially highly profitable platform, but it also removes many of the barriers that have prevented people from entering Bitcoin mining up until now.
They will no longer need expensive mining, with Bitcoin Minetrix’s streamlined interface making it easy for even crypto beginners to participate in mining.
Such features could make Bitcoin Minetrix one of the biggest new platforms of 2024, with investors able to join its sale at the Bitcoin Minetrix official website.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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