Following a massive 90% price rally, Solana recently hit a peak of around $45, before pulling back to $43. This explosive upside move was driven by hype surrounding Solana’s annual Breakpoint conference from November 1-4.
However, now that the conference euphoria is fading, analysts are questioning whether Solana can sustain its mega rally.
According to on-chain analytics firm Lookonchain, the recent 80% monthly gain in SOL appears directly tied to speculative pumping ahead of Breakpoint. Their data shows SOL historically pumps leading into the conference, hitting a peak price around the event dates, before declining afterwards. This pattern seems to be playing out once again.
Lookonchain also highlighted potential insider selling activity. Recent reports indicate crypto exchange FTX had been steadily offloading its SOL reserves, transferring 2.14 million SOL worth $94 million over the past 10 days. Speculation is that insiders could be artificially inflating prices before unloading holdings.
FTX currently holds around 4.8 million SOL worth $211 million. With only 850,645 SOL worth $37 million left in their wallet and 3.96 million SOL worth $174 million still staked, it’s clear this major holder has been systematically selling off substantial supply. This selling pressure makes SOL’s rally look increasingly unsustainable.
Following the over-extended 90% breakout, Solana is now overbought with an RSI around 70 and the SOL price is stalling near strong resistance at $45. Given the evidence of insider distribution, post-conference exhaustion, and overbought conditions, a sizable pullback seems likely.
While the long-term blockchain fundamentals remain strong, SOL’s parabolic move has likely run too far, too fast. Once the hype and insider manipulation recede, gravity will likely bring SOL back down to earth in the near-term.
As Solana loses momentum, here are 3 ultra-bullish cryptos poised to massively outperform SOL:
The red-hot BTCMTX token has already raised over $3.5 million in its presale and continues surging. With its innovative decentralized cloud mining concept allowing staking for Bitcoin rewards, BTCMTX is positioned to explosively outperform Solana.
BTCMTX lets users stake tokens to earn mining credits redeemable for Bitcoin cloud mining slots. This groundbreaking model makes Bitcoin mining accessible to everyday investors, avoiding high hardware costs and scam risks.
Those buying into the current presale price at bitcoinminetrix.com of just $0.0114 per token are maximizing profits, as each new stage sees a 10% price hike. Already in Stage 5, the window is closing fast on the lowest possible entry point.
With staking rewards of over 150% APY, BTCMTX backers are further turbocharging returns before mining even activates. BTCMTX’s disruptive technology and ultra-low entry point make it primed to massively outpace both sinking Solana and sideways-trading Bitcoin.
While Solana exploded 90% in its unsustainable hype rally, Bitcoin has seen much tamer 30% monthly gains. Following a decisive breakout over $30K resistance, BTC pushed above $35K before pulling back due to overbought RSI conditions.
This technical correction seems healthy for Bitcoin to consolidate gains and prepare its next leg up. Investors are looking for a pullback for another swing entry opportunity. Where could the price pull back to? Nearest Fibonacci retracement levels are $33K (23.6%) and $32K (38.80%, according to altFINS.
The key driver on everyone’s mind is the prospect of a spot Bitcoin ETF approval in early 2024. If the SEC greenlights this, analysts foresee an influx of institutional capital that could rocket BTC’s price upwards.
While some believe a spot ETF is already priced in, approval would likely still spark significant upside. Without the ETF catalyst, Bitcoin’s price progress may significantly lag. But either way, BTC remains solidly out of its bear market downtrend.
With less downside risk and more sustainable upside potential, the prudent Bitcoin is poised to decidedly outperform the over-extended Solana in coming months.
This unique meme-powered crypto gaming platform has raised over $1.25 million at ICO as investors buy in early. Blending staking, gambling, and Play2Earn gaming in a meme battle setting, Meme Kombat leverages proven trends to disrupt both crypto gaming and meme coins.
Users can bet on meme battle outcomes while staking and earning 112% APY on $MK tokens. The presale price already increased from $0.15 to $0.183, with just 2 days left until the next price round at memekombat.io. With explosive buzz and flawless tokenomics, $MK is projected to ascend the meme coin ranks.
Meme Kombat allows staking MK to bet on meme battles, with chances to win more tokens or prizes. Its meme-powered metaverse creates endless engagement opportunities, while the 112% staking APY enables earnings even before gaming activates.
By merging high-yield staking with interactive gaming, gambling, and meme culture, Meme Kombat may be primed to generate high returns and outperform other sectors – already catching the attention of some of the top crypto Twitter traders.
New presale i am bring some awareness too .. Legends at @Meme_Kombat who are an innovative new gaming platform designed for hardcore gamers.
– Doxxed team ✅
– $100,000 raised already ✅
– Passive staking ✅
– AD / NFA / DYOR ✅
– Presale link : https://t.co/TWAEnq5WG0
– TG :… pic.twitter.com/r6xtdbBmeX
— Crypto Tony (@CryptoTony__) September 28, 2023
With Solana flashing warning signs of an imminent comedown from its overheated rally, savvy investors are eyeing projects equipped to outpace SOL’s gains sustainably. Bitcoin Minetrix, Bitcoin, and Meme Kombat represent three high-upside cryptos ideally positioned to deliver outstanding returns as Solana falters.
Their rock-solid fundamentals, ideal timing, and tremendous growth trajectories point to huge outperformance potential ahead.