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Simon Chandler
Author
Simon Chandler
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Solana has dipped by 0.5% in the past 24 hours, with the SOL price moving to $174.94 as the cryptocurrency market corrects by 2% today.
Despite this loss, SOL is up by 1% in a week and by 11% in a month, with the altcoin also sitting on a nice 375% increase in a year.
Its gains over the past couple of weeks have come largely as a result of growing optimism surrounding next week’s US election, which could result in a more crypto-friendly Trump administration.
And today also brings the news that Solana has formed a bullish golden cross on its one-day chart, a move which often portends big returns.
Solana Hits Bullish Golden Cross – Is a SOL Price Surge Next?
Solana’s one-day chart formed the golden cross on Tuesday, with its 50-day average (orange) climbing above the 200-day (blue) for the first time since October 2023.
Back then, the SOL price proceeded to rise from about $30 to $121 by mid-December.
In other words, a golden cross on an asset’s one-day chart is usually a very bullish sign, and does tend to indicate the beginning of a bullish phase.
What’s also exciting about SOL’s one-day chart is that its relative strength index (purple) has now risen towards 70, having begun a climb from under 40 in early September.
We also see the coin’s medium-term resistance (red) and support (green) levels converging towards each other, which again points towards a big movement.
These technical indicators are all coinciding with an increasingly bullish period for the cryptocurrency market on a more fundamental level, with many investors coming to expect a Trump victory in next week’s presidential election.
Given that Trump has carved himself a position as the more pro-crypto candidate, many seem to believe that a win for him would result in very good things for the cryptocurrency market.
And recent polls have moved in a more favorable direction for Trump in recent days, with even mainstream polling suggesting that things are very close.
It’s arguable that a Trump administration would clear the way for Solana ETFs, which some asset managers have working on in recent months.
This is because another Trump presidency would result in a change of personnel at the SEC, which up until has been blocking a Solana ETF insofar as it deems SOL a security.
As such, a Trump win could see the SOL price rise to $200 in a few weeks.
High-Potential Alternatives
SOL remains one of the best ‘bets’ in the crypto market, but it won’t be the only alt likely to surge as we end 2024.
We’re also likely to see numerous small-cap alts do well, including presale tokens that list on trading platforms for the first time.
One token with lots of potential in this respect is Crypto All-Stars (STARS), an ERC-20 coin that has raised a very impressive $2.9 million in its sale.
Crypto All-Stars is the market’s first token to offer a ‘MemeVault’, a protocol with which you can stake any and every meme coin.
The token’s protocol employs the ERC-1155 multi-token standard, which enables tokenization of other coins, including tokens not on Ethereum.
Its staking mechanism invites investors to stake their meme coins and, by holding STARS, earn extra rewards.
The more STARS tokens a user holds, the greater rewards they’ll receive for staking other coins.
STARS will have a capped supply of 42.069 billion, with 20% going to its presale and 20% to staking.
Investors can join the STARS sale by going to the official Crypto All-Stars website, where they can buy it at a price of $0.0015371 per token.
This will rise incrementally with each new stage of the sale, so traders should act quickly.
What’s also very bullish is that Crypto All-Stars has managed to build a sizeable community already, with its X account having over 17,000 followers, for instance.
This bodes well for its future listings, with the coin having the potential to become one of the biggest new alts of 2025.
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.
