Solana price prediction: analyst foresees triple-digit surge as Shiba Memu gains traction

November 26, 2023 03:53 PM AEDT | By Invezz
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Solana (SOL) is making waves in the cryptocurrency market with an 81% gain in the past month, reaching $58.47 at press time. Analysts predict a bullish momentum to continue, possibly concluding the year with a robust rally.

Amidst this, Shiba Memu, a new meme coin, is gaining attention with its unique blend of AI and blockchain technology. Let’s delve into the details of SOL’s current situation and explore the potential for significant growth.

Solana’s impressive rally and technical indicators

The remarkable 81% surge in the last 30 days has propelled Solana into the best-performing top 20 tokens.

Solana’s 30-day average continues to rise above its 200-day, indicating a sustained growth trend. With an RSI climbing above 60 and trading volumes consistently around $1 billion, SOL remains in an accumulation phase, hinting at possible future price increases.

The cryptocurrency’s popularity is evident in its fund inflows, surpassing even Ethereum (ETH). This robust performance suggests a continued rise for SOL in the coming weeks, potentially reaching $80 by 2024.

Analyst predicts a triple-digit rise in 2024 for Solana

According to crypto analyst Altcoin Sherpa, SOL’s current uptrend may experience a temporary correction, possibly retracing to sub-$50 levels before another upward leg.

Despite this, the analyst remains bullish on SOL, predicting a substantial surge into triple digits in 2024.

 While the exact factors influencing this prediction are not detailed, the technical indicators and current market trends seem to support the overall positive outlook for Solana’s future performance.

New potential altcoin

In the midst of Solana’s impressive rally, the emergence of Shiba Memu, a novel meme coin, adds an intriguing dynamic to the cryptocurrency landscape.

Shiba Memu integrates AI and blockchain technology to create a self-sufficient marketing powerhouse. The coin aims to generate a significant amount of content, utilizing data to fuel press releases and marketing materials. The AI technology allows direct engagement with users through a unique dashboard.

Shiba Memu is currently conducting its presale for its native token SHMU, with prices experiencing increments every few hours. At present, SHMU trades at 0.043525 USDT, with the next price hike anticipated after 12 hours.

Conclusion

Solana’s current trajectory suggests a promising outlook, with analysts predicting further gains in the coming weeks and a potential triple-digit surge in 2024.

As the crypto market continues to evolve, the entry of new players like Shiba Memu introduces innovative approaches, blending AI and blockchain technology to create engaging and self-sufficient platforms.

Investors should, however, approach these opportunities with due diligence and a thorough understanding of the dynamic cryptocurrency landscape.

The post Solana price prediction: analyst foresees triple-digit surge as Shiba Memu gains traction appeared first on Invezz


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