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Solana (SOL) is the best-performing cryptocurrency in the top 20 by market capitalization in the past 24 hours, as per CoinGecko, with the SOL price having pumped a massive near 10% on the day.
SOL was last changing hands to the north of the $24 level, having begun the day under $22, aided by a decent pump in Bitcoin (BTC) on spot ETF optimism, as well as aided by reports that the estate belonging to bankrupt crypto exchange FTX has just staked $121 million worth of SOL tokens, easing concerns about near-term token sales.
FTX Stakes 5.5 Million SOL Tokens
The FTX estate just staked 5.5 million (worth $122 million) of SOL tokens, reported a pseudonymous crypto analyst on Friday.
Solana offers attractive annual staking yields of around 7%, around double that which investors can receive by staking Ether (ETH).
The FTX estate owns over $1 billion in SOL tokens, though most of these tokens are vested over the coming 5 years, meaning near-term mass sales that could cause of SOL price crash are impossible.
The FTX estate recently got permission to begin selling its crypto holdings in order to begin paying back its creditors (i.e. former users), but said it would strategically sell these holdings with notifying the public beforehand.
The fact that the estate just staked $121 million tokens suggests they don’t plan to sell them anytime soon, explaining the cryptocurrency’s outperformance on Monday.
Price Prediction – Where Next for Solana ($SOL)?
Solana’s technical outlook could be on the verge of turning substantially for the better.
The cryptocurrency’s latest pump has sent it rallying substantially to the north of its major moving averages.
If SOL can break to the north of its August/September highs and this would open the door to a rally back towards yearly highs at $32, meaning potential near-term gains of potentially around 35%.
The fact that SOL remains in a strong long-term uptrend from the 2022 lows is a strong sign that the recent rally has legs.
Crypto Alternatives to Consider
Solana (SOL)’s outlook is good, but the cryptocurrency remains a big risk, thanks to the SEC’s classification of it as a security.
For those looking for an even better probability of near-term gains, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 13 of what the project deems as the best crypto presales of 2023.
See the 13 Cryptocurrencies
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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