The Solana price has fallen to $131.74 on a bad day for the cryptocurrency market as a whole, with the alt now down by 3.5% in 24 hours and by 5.5% in the last 30 days.
September – and the end of August – have been disappointing for SOL, although the alt still holds on to a very healthy 580% increase in the past year.
And today’s misstep comes after Solana co-founder Anatoly Yakovenko caused a stir by describing Solana not only as a Bitcoin layer-two network, but as one “endorsed” by Satoshi Nakamoto.
While such claims are certainly open for dispute, it remains the case that Solana has become one of the main networks within the crypto ecosystem, and is like to stay that way for some time to come.
Could Solana’s Price Explode? SOL Founder Yakovenko’s Bitcoin Connection Sparks Speculation
It’s easy to read too much into Yakovenko’s comment, but it does at least underline his confidence that Solana has secured an important position for itself within crypto.
Solana is a bitcoin L2 endorsed but not backed by Satoshi. She just did a much better job covering her tracks this time around.
— toly
| phone salesman (@aeyakovenko) September 15, 2024
Taken literally, the tweet above would suggest that Nakamoto has gone on record as saying something positive about Solana, although the latter launched in early 2020, some nine years after the pseudonymous Bitcoin creator posted their last confirmed message.
We should therefore view Yakovenko’s comment in a more figurative light, as a claim that Solana provides an ‘indirect’ layer-two for value that may originate from Bitcoin.
More generally, it can be taken as a claim that Solana is the biggest and most promising smart contract platform in the cryptocurrency market.
Either way, his comments come as the Solana price struggles along with the rest of the market today, as indicated by the chart below.
Yet one positive is that its indicators have reached an apparent bottom, with its RSI (purple) bouncing up from 20 overnight.
Also nearing a bottom is SOL’s 30-period moving average (orange), which fell below the 200-period average (blue) earlier this morning and will stabilize soon.
One other thing that’s encouraging is that SOL’s resistance (red) and support (green) levels are rising in parallel, inviting the expectation that Solana will trade within increasingly high bands in the coming days and weeks.
This seems all the likelier given that the Federal Reserve will cut rates this week, with some analysts expecting a 0.5% decrease.
Such a cut could boost bullishness, helping to push the Solana price up in the near and more distant future.
It could hit $150 again by the end of October, before nearing $200 by the New Year.
New Meme Tokens Bring Strong Potential
As strong as SOL continues to look, traders should also consider diversifying into smaller cap tokens, which can often show more upside potential than bigger alternatives.
This includes presale coins, which often gather enough momentum during their sales to post big gains once they list on exchange.
A strong contender to do just this is Crypto All-Stars (STARS), a new Ethereum-based token that has raised over $1.2 million in its ongoing sale.
Crypto All-Stars is the first token in the market to provide a ‘MemeVault’, in which users can stake (and earn rewards from) any meme token whatsoever.
By making use of the ERC-1155 multi-token standard, Crypto All-Stars can even tokenize coins not on the Ethereum blockchain.
What’s particularly bullish for STARS is that, by holding the platform’s native token, users will earn additional rewards for staking other meme coins.
This suggests that STARS could experience very healthy demand, with the coin having a max supply of 42.069 billion.
20% of this will go to its presale and 20% to staking, while another 25% will be dedicated to the MemeVault ecosystem.
Investors can participate in the STARS sale by going to the official Crypto All-Stars website, where they can buy the coin at a price of $0.0014477 per token.
The coin will have several more price rises before its sale ends, at which point it looks on course to rally big.
Visit Crypto All-Stars Now
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